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Bitcoin DeFi Project Elastos Launches BTC-Backed Stablecoin BTCD
Summary: According to CoinDesk, the Bitcoin DeFi protocol BeL2 developer Elastos has announced the launch of the BTC-backed stablecoin BTCD. Elastos' Marketing Director Ahmed IJ stated that BTCD is backed by Bitcoin, with collateral equivalent to 160%-200% of BTCD's value. When the price of BTCD exceeds $1, holders will burn tokens to redeem BTC, reducing the ...
According to CoinDesk, the Bitcoin DeFi protocol BeL2 developer Elastos has announced the launch of the BTC-backed stablecoin BTCD. Elastos' Marketing Director Ahmed IJ stated that BTCD is backed by Bitcoin, with collateral equivalent to 160%-200% of BTCD's value. When the price of BTCD exceeds $1, holders will burn tokens to redeem BTC, reducing the supply and lowering the price; if it falls below $1, users will deposit new BTC to mint BTCD and sell, increasing supply and raising the price.
