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· Attacked upon launch, BitStable will destroy 75% of $BSSB

· Highly anticipated $BSSB, official launch only two days

At noon today, decentralized auction platform Bounce Finance announced that the cross-chain DeFi protocol BitStable, based on Bitcoin, has officially launched its native token $BSSB. However, just two hours after its launch, $BSSB encountered "coordination attacks and DDoS attacks".

However, behind this attack incident, many experienced community members have expressed that BitStable is a "nice rug loser".

Online and immediately under attack, BitStable will destroy 75% of $BSSB

Regarding this incident, BitStable's official statement stated that an unforeseen security issue occurred, resulting in an unauthorized party obtaining the majority of available supply tokens: "This event was caused by a DDoS attack and direct interaction with the contract using multiple wallets, resulting in uneven distribution."

And in order to readjust the distribution of $BSSB and follow the strategic roadmap of DAII, BitStable "made a difficult but crucial decision: to destroy 75% of $BSSB that participated in the fixed-term auction, while the remaining 25% can still be claimed. However, considering the high gas fees and additional costs incurred, this actually increases the participation cost of relevant parties by six times.

This has also led to BitStable being accused by many users in the community of having rug suspicions.

According to BlockBeats observation, as of the time of publication, BitStable has attracted 279 participants on Bounce Finance, with a total supply of 6,300,000 BSSB tokens, while the amount of AUCTION tokens staked by users is 642,484.

Although Bounce Finance has stated that the technical issues have been resolved, BitStable is still being questioned by community members due to high expectations placed on it previously. Some users even expressed their dissatisfaction, saying "Does BitStable have two other scientists? The cost of obtaining tokens has increased by four times, and I want to protect my rights."

High expectations for $BSSB, official launch only two days

On November 27th, prior to this announcement, Bounce Finance announced that BitStable would launch its native token $BSSB on Bounce Launchpad at 12:00 on November 29th. 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%.

According to its detailed 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, the BSSB protocol will officially go live. According to the BitStable website, BitStable is a decentralized asset protocol based on the Bitcoin network, where anyone can generate $DAII stablecoins for collateralizing assets in the Bitcoin ecosystem from anywhere on the platform. BitStable has a dual-token system and cross-chain compatibility structure, with tokens being $DAII and $BSSB.

Related reading: "How to participate in the BitStable token sale for the upcoming 'Bitcoin on DeFi protocol' IDO?"

In fact, the BitStable protocol and its token emerged with the popularity of the Bitcoin ecosystem. The official Twitter account was also launched only in the past two days. Nevertheless, many members of the community are still attracted to participate due to its detailed and unique mechanism. BlockBeats reminds that there are many uncertainties in the current market, and members of the encryption industry need to choose and participate carefully.

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