BTSDAO was started at March 2021 by some members from China BTS community, the initial idea is to create a liquidity mining project that base on the AMM feature of BTS5.0, to incentivize the liquidity provider and lead BTS to join the trend of DeFi. As BTS blockchain does not support smart contract, BTSDAO team find some ways for governance and distributing rewards, DEFI, the reward token, was fully issued at the beginning, and the total 900M DEFI were put into a unspecified vesting balance and is automatically released 800K everyday as the upper limit of rewards. Everyday the program takes snapshot at random time and calculate how much rewards one LP account deserve，and submits proposal for airdrop.
BTSDAO committee is the manager of the project, the committee member is voted based on his/her DEFI balance, btsdao, a multi-signature account that is controlled by BTSDAO committee, is the main account of the project, btsdao.escrow manage the vesting balance and execute airdrop, the released DEFI token which were not used for airdrop will be transferred to btsdao.reserve for later use.
At May 2021, GDEX and BTSDAO team agreed to cooperate to make BTSDAO a continuable liquidity mining project, the cooperation was named “Plan Surfing”, up to now GDEX.USDT, GDEX.BTC, GDEX.ETH and GDEX.EOS have joined this plan, take GDEX.ETH as an example, BTS/GDEX.ETH and DEFI/GDEX.ETH pools are created as “class B” pools, which means 40K DEFI will be airdroped to the liquidity providers of each pool everyday according to current rules. In 1 year after the airdrop begin, all the asset owner income of GDEX.ETH will be used to buy back DEFI and mine DEFI, and the LP asset generated in this progress will be locked for ever.
The current rules is as follows: all the pools are classified as class A and class B, only DEFI/BTS pool belong to class A and will be airdrop 80K DEFI everyday, class B pools include DEFI/CNY、 DEFI/USD、DEFI/GDEX.BTC、 DEFI/GDEX.ETH、DEFI/GDEX.USDT、DEFI/GDEX.EOS/、DEFI/GAT、BTS/CNY、BTS/USD、BTS/EUR、BTS/GDEX.BTC、BTS/GDEX.ETH、 BTS/GDEX.USDT and BTS/GDEX.EOS, each will be airdrop 40K DEFI everyday.
At Aug 21 2021, BTSDAO committee passed the airdrop reduction plan, the purpose is to reduce the airdrop quantity step by step, to avoid the suddenly coming “airdrop disappearance”, stabilize the liquidity and ensure the economy has enough time to grow continualy.
Details are as below:
when the released vesting balance under btsdao.escrow reach 450M, at about 2022/9/23, the daily DEFI airdrop upper limit will be reduced to 400K. When all the 900M vesting balance have been released, create a new vesting balance with most of the left DEFI balance in btsdao.reserve (BTSDAO committee will decide the ratio)，everyday DEFI will be released from the newly created vesting balance and be airdroped with the upper limit equal to 200K.
When half of the newly created vesting balance are released, daily DEFI airdrop upper limit will be reduced to 100K.
BTSDAO committee will discuss and decide how to do the reduction when each reduction time is close.
Subsequent steps will follow the same logic as described above.
Anyone that want to join the liquidity mining can download the bts++ wallet at https://btspp.io.