Bitcoin clone rate in Ethereum network collapsed by almost 100%

Bitcoin clone rate in Ethereum network collapsed by almost 100%

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Contents

Bitcoin clone rate in Ethereum network collapsed by almost 100%
CONTENT

  • The market of decentralized finance covered with a wave of collapse of projects

  • Soft Bitcoin developers see no financial viability for the project

  • Custom SBTC tokens will eventually be converted to ETH

Bitcoin clone rate in Ethereum network collapsed by almost 100%

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The analogue of bitcoin in the Ethereum blockchain network fell in price by more than 99% in just a day due to the team’s decision to stop supporting the project

A clone of bitcoin in a price ratio of 1: 0.0001 BTC based on the Ethereum blockchain collapsed by 99% in a day. At the time of this writing, the price of the Soft Bitcoin token (SBTC) is $ 0.003323 USD (-99.48%).

Bitcoin clone rate in Ethereum network collapsed by almost 100%

Source: coinmarketcap.com

The fall happened after the development team announced the decision to stop development due to the “financial nonviability” of the project.

“The team believes that although a partial reserve system is theoretically possible, it is not viable due to the insufficient size of the fund,” the developers wrote on their Discord channel.

The Soft Bitcoin development team believes that the project idea can be picked up by the community of another cryptocurrency project – Ampleforth. Tokens unused for project marketing and staking will eventually be burned through Uniswap.

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All user assets will be converted into Ethereum cryptocurrency (ETH).

In sequence

This is not the first project in the decentralized finance (DeFi) market to crash after a short-term price pump. So, for example, a similar situation previously happened with the KIMCHI token, which in a matter of hours after launch attracted almost $ 500 million, but almost immediately collapsed by 100% in price.

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Source: coinmarketcap.com

Such a rapid fall in the price of KIMCHI even provoked law enforcement raids on the Gate.io exchange, whose users suspect the site of deliberately listing unverified tokens..

However, almost the entire DeFi market is Decentralized Finance (DeFi) – this is financial services, technology-based blockchain, which offer users access to open, efficient and … More at the time of this writing is in an unstable position. Aggressive selling amid falling bitcoin prices have plunged historical highs for many DeFi tokens. The correction led to the fact that in a few days the capitalization of the DeFi market has fallen twice from $ 13.2 billion to $ 6.3 billion.

The potential negative scenario for the development of the DeFi market was previously announced by the head of the marketing department at Messari Connor Dempsey. In his opinion, a massive misunderstanding of what is happening around DeFi is growing in the cryptocurrency market, and this misunderstanding ultimately “will not do anything good” for those who decide to invest heavily in the rapidly emerging digital finance market..

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