Bytom mainnet has been launched for 2 years, and the next-generation decentralized cross-chain Layer2 value exchange protocol MOV was launched and has successfully operated for more than one month. On the first day of the “Try Cross-chain and share millions of BTM “ event, up to 238 BTC, 1536 ETH, and 52169 USDT were successfully cross-chain transferred to MOV, and the DeFi strategy of Bytom officially kicked off.
For two years, Bytom has been insisting on and continuously innovating on the multi-bit asset interaction protocol track. At present, it has successfully implemented a decentralized stable financial platform based on a mainchain and multi-sidechains BUXTO. We will further develop reserve pool exchange and mortgage stability assets and other agreements, eventually forming a series of decentralized value exchange protocol clusters.
According to the goals of each MOV track, through the above business MOV is expected to generate 5 million USD system profit in 2020–2021, of which 50% is shared by federal nodes and ecological partners; 30% belongs to the team for daily management, development, and operation; 20% ( equal to 1 million USD) will be used to buy back BTM coins and burn these buyback coins, so that all BTM holders can share the MOV growth dividend.
Starting from May 2020, Bytom Foundation will use 20% of the MOV’s system profit to buy back BTM and burn those coins based on the public data on the chain every month. According to this, BTM worth USD 1,000,000 will be destroyed in 2020–2021.
If the development of MOV does not meet the expectations, Bytom Foundation will burn the Foundation’s BTM to fill the gap throughout the year according to the public data on the chain at the end of April 2021, to ensure that the target number of coin to be burned is achieved. If the development of MOV exceeds the expectations, there is no upper limit for the BTM coin to be burned, and the coin burning will be done according to the agreed proportion (20% of MOV’s profit ). If a profit of 100 million USD is generated annually, 20 million USD worth of BTM will be burned. Because the MOV protocol runs on the blockchain, all data is open and transparent and can be monitored by the entire community.
More details regarding BTM coin burn plan:
With the launch of the MOV decentralized value exchange protocol, the DeFi strategy of Bytom was officially announced. We will further develop other Protocols such as reserve pool exchanges, mortgage-like stable assets, and finally form a series of decentralized value exchange protocol clusters, as follows:
For different business types and products, we have set targets for each of MOV’s tracks by benchmarking some of the current products.
Through the above businesses, MOV is expected to generate 5 million USD in system profit in 2020–2021, of which 50% is used for federal nodes and ecological partners; 30% belongs to the team for daily Management, development, and operation; 20% ( equal to 1 million USD) will be used to buy back BTM coins and burn these buyback coins so that all BTM holders can share the MOV growth dividend.
BTM coin burn Plan
As planned, according to the public data on the chain every month, Bytom Foundation will use 20% of the MOV system profit to buy back and destroy BTM. The amount of the coin burn will be converted into BTM at the market price of the month (BTM / USD). Therefore, the number of BTM to be burned in 2020–2021 is:
As of the end of April 2021, Bytom is expected to buy back and burn $ 1,000,000 worth of BTM, which will further enhance the core value of Bytom in the MOV ecosystem.
If the development of MOV does not meet the expectations, Bytom Foundation will burn the Foundation’s BTM to fill the gap throughout the year according to the public data on the chain at the end of April 2021, to ensure that the target number of coin to be burned is achieved. If the development of MOV exceeds the expectations, there is no upper limit for the BTM coin to be burned, and the coin burning will be done according to the agreed proportion (20% of MOV’s profit ). If more than a profit of 100 million USD generated annually, then more than 20 million USD worth of BTM will be burned. Because the MOV protocol runs on the blockchain, all data is open and transparent and can be monitored by the entire community.
The smallest unit of BTM is Nuo(which means promise). No matter the result of the development pace or operation plan, we will always keep our promise, spare no efforts to achieve the set targets, and not disappoint the loyal Bytom community.
As long as MOV succeeds, Bytom will succeed.
