Home Coins Bitcoin (BTC) SBTC Plummets by 99% as Devs Announce Dissolution of Token

SBTC Plummets by 99% as Devs Announce Dissolution of Token


The price of SBTC plunged by nearly 98% in just over an hour on September 21 as devs announced the dissolution of the token. The dissolution announcement came more than a month after the token reached an all-time high of $5.07. At the time of writing, the token was quoted at $0.007 down from $0.64.

In a short announcement issued via a Discord group, the SBTC team said they are no longer proceeding with the project while thanking those that stuck with the project until the end.

SBTC Plummets by 99% as Devs Announce Dissolution of Token

According to information on Coinmarketcap, creators of the SBTC aimed to peg the token price to 0.0001 BTC or 100,000 Satoshi by utilizing the built-in smart contract token contraction & expansion algorithm, variable staking policies, and SBTC Foundation reserves. This would then ensure that one SBTC will be mathematically guaranteed to be worth 0.0001 BTC in the short/medium term regardless of circumstances.

Meanwhile, in a message left of the SBTC website the team explained the steps holders of the token had to take before receiving the ETH airdrop:

In order to receive the airdrop of ETH/ULU, you are required to hold SBTC in a wallet that you control the private key to or at an exchange that supports SBTC airdrop. Do not hold SBTC in any other form other than SBTC the very basic token, holding it via liquidity pool or via contracts will not receive the airdrop. You should have done the above before September 21st regardless of what time zone you are in.

At the time of the announcement, the SBTC team said the “best effort estimation of airdrop is still around 0.002 ETH + some ULU tokens per SBTC. You will only receive airdrop if you hold more than 30 SBTC.”

At the time of writing, the airdrop had been completed and another announcement in the discord then concludes that the “SBTC token is now useless, you should all sell it if it pays for gas and time.” The ULU airdrop “will not happen unless it becomes more worthy” adds the announcement.

What are your thoughts about the dissolution of SBTC? Tell us what you think in the comments section below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.





Source link

- Advertisement -
Mr Bitcointe
Mr Bitcointehttps://www.bitcointe.com/
“Fact You Need To Know About Cryptocurrency - The first Bitcoin purchase was for pizza.” ― Mohsin Jameel
474FansLike
76FollowersFollow
4,567FollowersFollow
5,261FollowersFollow
1,552FollowersFollow
2,230SubscribersSubscribe
USD - United States Dollar
EUR
1.18
GBP
1.31
CHF
1.11
NOK
0.11
JPY
0.01
CAD
0.76
AUD
0.71

Most Popular

Why the PayPal Rally Isn’t What It Seems, and Why That’s OK

The bigger you are, the bigger the splash when you jump in the water. And when it comes to mainstream payments companies, there are...

Bull or bear? Pros don’t care! Here’s 3 strategies every trader should know

Those new to investing might think that professional traders spend the majority of their time staring at screens day and night in order to...
bitcoin
Bitcoin (BTC) $ 13,086.85
ethereum
Ethereum (ETH) $ 408.77
ripple
XRP (XRP) $ 0.257216
tether
Tether (USDT) $ 1.00
bitcoin-cash
Bitcoin Cash (BCH) $ 272.54
bitcoin-cash-sv
Bitcoin SV (BSV) $ 183.96
litecoin
Litecoin (LTC) $ 59.20
eos
EOS (EOS) $ 2.73
binancecoin
Binance Coin (BNB) $ 30.17
okb
OKB (OKB) $ 4.60
tezos
Tezos (XTZ) $ 2.16
leo-token
LEO Token (LEO) $ 1.26
cardano
Cardano (ADA) $ 0.107176
monero
Monero (XMR) $ 132.33
stellar
Stellar (XLM) $ 0.083978
chainlink
Chainlink (LINK) $ 12.23
huobi-token
Huobi Token (HT) $ 4.45
tron
TRON (TRX) $ 0.027186
usd-coin
USD Coin (USDC) $ 0.999420
dash
Dash (DASH) $ 71.46
neo
NEO (NEO) $ 18.07
iota
IOTA (MIOTA) $ 0.280049
nem
NEM (XEM) $ 0.106673
zcash
Zcash (ZEC) $ 62.97
maker
Maker (MKR) $ 587.77
paxos-standard
Paxos Standard (PAX) $ 1.00
ethereum-classic
Ethereum Classic (ETC) $ 5.59
vechain
VeChain (VET) $ 0.011906
true-usd
TrueUSD (TUSD) $ 0.999292
ftx-token
FTX Token (FTT) $ 3.90
kucoin-shares
KuCoin Shares (KCS) $ 0.879105
waves
Waves (WAVES) $ 3.27