On November 27th, Bounce Finance announced that the decentralized asset protocol BitStable will launch its native token $BSSB on Bounce Launchpad on November 29th at 12:00. Users can obtain corresponding $BSSB shares by staking $AUCTION tokens or through the auction mechanism.

Within two hours of the announcement of Bounce Finance, the price of $AUCTION increased by over 15%. What is BitStable? How can one obtain BSSB tokens? BlockBeats has compiled information based on existing data.

How to obtain BSSB on Bounce Finance?

According to the information, the total supply of $BSSB is 21 million, with a total fundraising amount of $500,000. 50% of which will be distributed through Bounce Finance, and this distribution will be divided into two rounds.

60% of the allocation will be obtained through pledging Auction (obtaining corresponding $BSSB allocation through pledging AUCTION tokens);

40% of the allocation will be conducted through an auction mechanism (1 $BSSB = 0.0000233 ETH).

After the allocation of BSSB is completed, the BSSB protocol will officially go live. Currently, users can browse the protocol introduction on the BitStable official website, and other related functions are not yet available.

Users can pre-stake AUCTION. On the Bounce homepage, click Launch Token Portal to enter the AUCTION staking interface. After connecting your wallet, click Stake to start staking.

Based on Bitcoin's cross-chain DeFi protocol BitStable

According to the official website of BitStable, it is a decentralized asset protocol based on the Bitcoin network. Anyone can generate $DAII stablecoins for collateral assets in the Bitcoin ecosystem anywhere through the platform. BitStable has a dual-token system and cross-chain compatible structure, with tokens being $DAII and $BSSB.

$DAII is a stablecoin (BRC20) whose value and stability come from the robustness of assets in the Bitcoin ecosystem, including BRC20, RSK, and Lightning Network. Additionally, with its cross-chain capabilities, $DAII can also bring the Ethereum community into the Bitcoin ecosystem according to BitStable's vision. The total supply of $DAII is 1 billion.

$BSSB is the governance token of the platform, which the community uses to maintain the system and manage $DAII. BitStable also incentivizes $BSSB holders through dividends and other measures.

The total supply of $BSSB is 21 million, of which 50% will be publicly sold on Bounce Finance. The team will hold 5% of $BSSB (locked for 6 months and linearly unlocked for 15 months), airdrop quota will account for 3.5%, staking rewards will account for 36.5%, and LP will account for 5% (locked indefinitely).

DAII Module

The DAII module in the BitStable protocol is a foundational feature designed specifically for generating and managing DAII stablecoins on the Bitcoin blockchain. Given the limitations of Bitcoin in terms of smart contract functionality, the DAII module focuses on simplifying the minting and burning process using ORDI assets in the initial stages.

Cast and Redemption.

Users can use assets approved by "BSSB Governance" as collateral to mint DAII (currently only supports ORDI and MUBI). This process involves locking ORDI in the BitStable protocol on the Bitcoin blockchain.

When users need to redeem collateral on the Ethereum blockchain or USDT, they need to redeem $DAII on the BitStable platform to restore balance for $DAII.

Cross-chain and mining.

In addition, DAII minted on the Bitcoin blockchain can be bridged to Ethereum as an ERC20 token, enhancing DAII's liquidity and availability in a wider cryptocurrency ecosystem. Users who obtain $DAII on the Ethereum chain can use stablecoins such as USDT or USDC for one-to-one swaps, and then cross-chain to the Bitcoin chain to participate in economic activities.

BitStable has partnered with MultiBit Bridge for cross-chain transfers between Bitcoin, EVM, and other L1 networks.

In order to participate in mining and receive rewards, users need to use the MultiBit bridge to bridge their $DAII back to the Bitcoin blockchain. This process ensures that mining activities are securely anchored to the Bitcoin network. Rewards for mining activities are distributed in BSSB, aligning incentive measures with the governance and stability of the BitStable ecosystem.

Users can bridge their $DAII as an ERC20 token back to Ethereum. This return process is crucial for users who want to exchange DAII for USDT or participate in Ethereum DeFi protocols. On Ethereum, users can exchange their DAII for USDT, complete the cross-chain interaction loop, and provide a seamless user experience.

Overcollateralization and Liquidation

BitStable states that it will set a relatively safe and difficult-to-liquidate excess collateral ratio based on the price fluctuations of the collateral. Assuming the excess collateral ratio is 50%, this means that users can only receive 50% of the value of the collateral in $DAII. Although an excess collateral ratio is set, BitStable will still establish a liquidation plan as a safety measure and use it as a reference health factor.

Pledge and liquidation formula calculation (using collateral as an example)

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