The brand-new staking cryptocurrency BTC20 ($BTC20) has generated significant buzz in the past week, raising over $1.7 million through its presale phase.
BTC20 ($BTC20)’s presale has been an instant hit because it allows investors to buy tokens at the symbolic price of $1 – an homage to the original Bitcoin’s early days.
With the momentum around the project showing no signs of slowing, many in the crypto community are backing it to pump once it makes its open market debut in the coming weeks.
$BTC20 Offers Lucrative Staking Rewards with Energy-Efficient Setup
BTC20’s marquee feature is its staking model, which allows token holders to earn rewards over time through a vesting contract.
Inspired by the original Bitcoin’s block rewards, this contract is designed to distribute $BTC20 tokens to stakers over an estimated 120 years.
Per the BTC20 whitepaper, all unsold tokens (minimum of 14.95 million $BTC20) will be locked into the staking contract once the presale ends.
Token holders can then stake their $BTC20 to receive recurring rewards – with the more $BTC20 staked, the higher the payout.
Naturally, this staking model provides a way for investors to earn passive income by holding $BTC20 long term.
Furthermore, as this model utilizes a Proof-of-Stake (PoS) mechanism instead of Bitcoin’s Proof-of-Work (PoW), BTC20 aspires to provide a more energy-efficient and sustainable alternative to Bitcoin’s mining setup.
As noted in an article from NBC, experts believe that PoS protocols can consume up to 99.99% less energy than PoW protocols – essentially making BTC20 a “green crypto” project.
Homage to the Original Bitcoin Helps Build $BTC20 Presale Hype
BTC20’s stake-to-earn setup has played into its presale hype, which is also bolstered by the project’s strategy of paying homage to Bitcoin’s history.
Just as Bitcoin’s price was $1 in its early days, BTC20 aims to replicate that opportunity by allowing presale investors to acquire tokens at the same price point.
Many in the rapidly-growing BTC20 Telegram community believe this could prove fruitful, given the project’s potential for post-listing growth.
Moreover, BTC20 mirrors Bitcoin’s original circulating supply of 21 million tokens.
Up to 6.05 million of these tokens will be sold in the presale, split into two distinct stages.
This carefully designed tokenomics setup aims to recreate Bitcoin’s roots while benefiting from the perks associated with being built on the Ethereum blockchain.
Leveraging the Ethereum blockchain offers numerous benefits as it creates opportunities for $BTC20 to be integrated with an array of decentralized applications (dApps).
Given that Ethereum is a hub for NFT, DeFi, and metaverse activity, structuring $BTC20 as an ERC-20 token allows for immense interoperability and future utility – a factor that’s contributing to the growing presale hype.
Crypto Influencers Back BTC20 to Be the Next Bitcoin
Capitalizing on the momentum from its presale success and unique staking configuration, BTC20 has quickly gained popularity on social media.
The project’s Twitter page has swelled to over 1,700 followers at the time of writing, with new people flooding in each day.
Several notable crypto influencers have also been discussing BTC20’s potential.
Michael Wrubel, who boasts over 310,000 subscribers on YouTube, uploaded a video describing $BTC20 as “the next Bitcoin.”
Additionally, prominent crypto analyst Jacob Bury also discussed BTC20 in a recent video, speculating that it’s a “new crypto that could explode soon.”
Given this influencer backing, many BTC20 community members are already discussing how high $BTC20 may rise once it is listed on the open market after the presale concludes.
While it’s impossible to predict, if the current hype and momentum persist, $BTC20 could experience considerable appreciation from the $1 presale price, making it a token to keep an eye on in the coming weeks.
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