Pre-Genesis is Complete!
As of today, we have completed the Pre-Genesis phase and sold a total of One Million USD — certainly a significant achievement for virtually any project, big or small! It is now our pleasure to invite people to be part of the Genesis Phase!
The BTCH Genesis Period will commence at 12:00pm on Mar 09, 2022 and end at 12:00pm on Mar 23, 2022 UTC.
1.You can deposit ETH, USDC, USDT, WBTC, as well as vUSDC if you participated in pre-genesis, to acquire BTCH.
2. The amount of BTCH you will receive is determined by the target price of BTCH at the close of the Genesis phase.
3. The principal values deposited will be exchanged to USDC at the time of deposit.
4. You can choose the percentage for the principal to be allocated to the Pre-Bond portion, however, the Pre-Bond portion will not exceed 50% of the total principle.
Multiple deposits are allowed.
10% of the BTCH acquired from Genesis (excluding Pre-Bond) can be claimed at the start of the formal launch, and 90% will be linearly released over the next 180 days. The BTCH acquired in the Pre-Bond portion will be released after 7 days, with a discount. Though the Genesis portion has a longer timeline to release, you can get an extra 30% of the BTCH sent to the Reward pool which will be initiated by a bond sale and rebalance over the next 180 days from the formal launch.
If the total Pre-Bond percentage for genesis is 0%, then the discount for pre-bond will be 90%. If the total Pre-Bond percentage for genesis is 50%, then the discount for pre-bond will be 100% (i.e. no discount). The discount rate is linearly distributed between 90% ~ 100%.
What is BTCH?
BTCH is aiming to realize the return of BTC’s value through a Protocol-owned-Liquidity mechanism, thereby providing a BTC investment tool with less volatility This allows investors who seek to benefit from BTC’s value growth but are afraid of short-term fluctuations to participate. Note: The protocol will be run by its contributors.
Genesis is a very early opportunity for hodlers to participate in BTCH Protocol.
What is Genesis?
The Protocol-owned-Liquidity is the key factor for the BTCH to realize its target. To begin, the BTCH protocol needs to raise initial funds to create a protocol treasury to leverage the initial Protocol-owned-liquidity.
The BTCH protocol offers a fair launch to all the earliest BTCH Protocol adopters through Genesis. Anyone who shares the vision of a new way of HODLing can commit their crypto assets during Genesis to bootstrap BTCH Protocol-owned-Liquidity in order to get BTCH and some other benefits.
How to participate in Genesis?
Minting
During Genesis, participants can commit USDC (or other whitelisted assets) to the BTCH protocol, all of the committed crypto assets will be converted to WBTC and support the early stability of BTCH by being sent to BTCH/WBTC pair as liquidity.
The aggregate quantity of BTCH minted will be determined by the volume of the committed assets and the target price of BTCH at the end of Genesis, Genesis BTCH minted = Genesis crypto assets committed / Target Price.
Committing whitelisted crypto assets entitles participants to a pro-rata percentage of BTCH generated. Notice that commitments of crypto assets for BTCH are not directly reversible at any point.
BTCH Releasing
10% of Genesis BTCH purchased in the Genesis period will be released and auto-staked immediately at the end of Genesis. The remaining 90% of BTCH will be automatically vested through 540 epochs (180 days), and the vested part will be staked automatically at each epoch.
Why Genesis
1.You will be the first Hodlers to get BTCH
2.Genesis Reward
The Genesis Reward will automatedly mint 30% additional BTCH for Genesis participants when every BTCH goes into the Staking Reward Pool during the vesting period.
Since the BTCH generated from Genesis will not be released immediately to all the participants due to the vesting and auto-staking mechanism of BTCH protocol, Genesis Reward was therefore designed to compensate Genesis participants for their long vesting period.
3.Pre-bonding
See the explanation of Bonding here:
https://hodldao.medium.com/btch-and-hodl-daos-faq-75457f2589d
BTCH Protocol allows users to ‘pre-bond’ their Genesis allocation of BTCH for Bonds, which will be vested for only 7 days. Users can pre-bond up to 50% of their Genesis commitment. The discount for the pre-bond will be decided by the value of the pre-bond assets committed/Genesis committed, given the minimum discount is 80%.
Pre-bonding is one way for users to increase their pre-bond percentage. Also, it should be noted that the pre-bond commitment doesn’t contain a Genesis Reward due to a shorter vesting period. BTCH generated by pre-bond is vested and auto-staked at each epoch during the next 7 days post-launch.
i) For users who commits USDC, will need to sign 2 transactions.
- Permission to access your USDC
- Interaction with HODL DAO contracts ( pre-bond up to 50% of their Genesis commitment)
ii) For users who commits USDT, USDC, WBTC, ETH will need to sign 3 transactions.
- Permission to access your token
- Swap your token into USDC
- Interaction with HODL DAO contracts ( pre-bond up to 50% of their Genesis commitment)
iii) For users who participated in pre-genesis, will need to sign 1 transaction.
(Interaction with HODL DAO contracts)
*Note that all your commitments cannot be withdraw once all transactions are confirmed.
For more information feel free to contact the team at
Website: thehodl.org
Twitter: @dao_hodl
Email: team@thehodl.org
Telegram: https://t.me/theHodlDAO
