Crypto exchange Poloniex has announced a new DeFi listing.
The Poloniex team writes in a blog post published on April 6, 2021 that they’re pleased to support BTCST in their decentralized finance or DeFi Innovation Zone, beginning today (April 6). BTCST joins more than 80 other DeFi assets on Poloniex.
As noted in the announcement by Poloniex:
“Starting now, wallets are open and you can deposit BTCST into your Poloniex account and post limit orders for BTCST/USDT. Full trading for BTCST will be enabled later today. Along with our listing, we’re holding a Bitcoin Standard Hashrate Net Deposit & Trading Competition from April 7 at 00:00 AM to April 11 at 23:59 UTC! Check out our campaign overview for more details on how to win from a total prize pool of 10,000 USDT!”
While explaining what BTCST is, the Poloniex team wrote that it’s the Bitcoin Standard Hashrate Token (BTCST) – which is collateralized by Bitcoin’s (BTC) hash rate or amount of computing power that secures the leading digital currency network.
Each BTCST token represents 0.01 TH/s of Bitcoin mining power “at an efficiency of 60 W/TH.” And “as such, miners contribute their computational power to the platform in exchange for newly minted BTCST tokens,” the Poloniex blog post noted. It also mentioned that BTCST’s main goal is to “channel liquidity to Bitcoin’s mining market.”
As explained by Poloniex, this will “allow users to get exposure to mining rewards and hash power of any size at a low cost.” The crypto exchange added that “the ultimate goal of the app is to increase the liquidity and efficiency of mining power markets as well as bridge the Bitcoin and DeFi worlds.”
You may now deposit BTCST on Poloniex and start trading.
Some key BTCST Stats shared by Poloniex are as follows:
Price: $57.12 (at the time of writing)
Market Cap: appr. $440M (at time of writing according to CoinGecko data)
24h Trading Volume: around $61.4M (according to CoinGecko)
Market Cap Rank: Top 200 Altcoins
All Time High: $66.91 (March 19, 2021)
All-Time Low: $27.98 (March 25, 2021)
In Circulation: 7,287,599 / 15,000,000 BTCST
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