Crypto Quill

BitTorrent Chain, the world’s leading blockchain scaling solution, has recently shared its achievements and milestones from the year 2023. The project, which is a collaboration between BitTorrent and TRON, aims to provide cross-chain service between heterogeneous blockchains, such as TRON, Ethereum, and Binance Smart Chain. In this article, we will review some of the highlights and developments of BitTorrent Chain in the past year.

BTTC: A Platform for Web3 and DeFi Developers

One of the main goals of BitTorrent Chain is to offer a quicker, more cost-efficient, and more scalable platform for Web3 and DeFi developers. BTTC is compatible with Ethereum Smart Contracts and supports the movement of assets between different blockchains. This enables users to access a variety of decentralized applications and services on BTTC, such as decentralized exchanges, lending platforms, data oracles, and more.

Some of the notable projects that have integrated with BTTC in 2023 are:

• SpookySwap: A decentralized exchange that allows users to swap tokens across multiple chains, such as Ethereum, Binance Smart Chain, and BTTC. BTTC launched the chain switcher on SpookySwap in November 2023, making it easier for users to transfer their assets across blockchains.
• Sushi: A popular decentralized exchange that offers liquidity pools, yield farming, and governance features. Sushi launched new yield farms on BTTC in February 2023, attracting more users and liquidity to the platform.
• Kyberswap: A fast and secure decentralized exchange that provides the best rates for token swaps. Kyberswap integrated with BTTC in March 2023, enabling users to swap tokens between Ethereum and BTTC with low fees and high speed.

Besides these projects, BTTC has also partnered with several other platforms in the Web3 and DeFi space, such as Pyth Network, Graph, Band Protocol, Multichain, Gnosis-Safe, and more. These partnerships are expected to launch in 2024, bringing more value and innovation to the BTTC ecosystem.

BTTC: A Stable and Secure Network

Another key achievement of BitTorrent Chain is maintaining a stable and secure network that can handle high throughput and low latency. BTTC uses a proof-of-stake consensus mechanism, which allows users to stake BTT tokens to become validators or delegators. Validators are responsible for producing and validating blocks, while delegators can delegate their tokens to validators and earn rewards. By staking BTT tokens, users can also participate in the network governance and keep the network running smoothly.

According to the latest statistics, BTTC has achieved a remarkable growth in its total value locked (TVL) and market cap in 2023. The TVL of BTTC reached a new peak of $16.06 million, with a growth of 33.61% year to date. The market cap of BTTC also remained steady, with a value of $9.8 million as of December 2023. The number of holders of BTTC tokens also increased to 199,543, indicating a strong demand and adoption of the platform.

BTTC: A Bridge for Cross-Chain Assets

One of the most innovative features of BitTorrent Chain is its ability to bridge assets across different blockchains. BTTC allows users to map tokens of other networks onto BTTC, such as USDT, USDC, BUSD, TUSD, and more. These tokens are part of the same token group and can be converted at a 1:1 ratio using the BTTC Converter. Users can also transfer their assets across blockchains using the BTTC Bridge, which is facilitated by relayers who earn rewards for their service.

In 2023, BTTC has achieved a significant milestone in terms of its cross-chain assets. The market cap of stablecoins on BTTC surpassed $11.21 million, with 5,992 holders. These stablecoins were mapped from BSC, Ethereum, and TRON, demonstrating the interoperability and flexibility of BTTC. BTTC also supported the redenomination of BTT tokens, which allowed users to swap BTTOLD for BTT at a 1:1,000 ratio. This was done to reduce the supply and increase the value of BTT tokens.

BTTC: A Future of Connecting All Chains

BitTorrent Chain has proven itself to be a leader in the blockchain scaling and cross-chain space. The project has achieved impressive results and milestones in 2023, and has laid a solid foundation for its future growth and innovation. BTTC has also established a strong community and ecosystem, with many partners and supporters from the Web3 and DeFi industry. BTTC is not only a platform for BitTorrent and TRON, but also an era of connecting all chains.