{"id":2257,"date":"2022-06-29T05:50:37","date_gmt":"2022-06-29T04:50:37","guid":{"rendered":"https:\/\/tradersofcrypto.com\/news\/?p=2257"},"modified":"2022-06-29T05:50:37","modified_gmt":"2022-06-29T04:50:37","slug":"bittorrent-new-token-btt-token-rallies-after-migration","status":"publish","type":"post","link":"https:\/\/tradersofcrypto.com\/news\/bittorrent-new-token-btt-token-rallies-after-migration\/","title":{"rendered":"BitTorrent New Token (BTT) Token Rallies After Migration"},"content":{"rendered":"\n<p>BitTorrent Token (BTT) is migrating to a new asset, sparking an outsized rally. BitTorrent New, which now carries the BTT ticker, is up more than 15% in the past week, and above 8% in a single day.&nbsp;<\/p>\n\n\n\n<p>BTT, which is part of the <a href=\"https:\/\/tradersofcrypto.com\/coins\/tron\/\">TRON ecosystem<\/a>, but will migrate to its own BitTorrent chain. The old tokens will be unusable and will be burned upon swapping.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">\ud83d\udd2560% of 990 Billion <a href=\"https:\/\/twitter.com\/hashtag\/BTTOLD?src=hash&amp;ref_src=twsrc%5Etfw\">#BTTOLD<\/a> now burned!<br> <br>\ud83d\udca0With <a href=\"https:\/\/twitter.com\/hashtag\/BitTorrentChain?src=hash&amp;ref_src=twsrc%5Etfw\">#BitTorrentChain<\/a> and the <a href=\"https:\/\/twitter.com\/hashtag\/BTT?src=hash&amp;ref_src=twsrc%5Etfw\">#BTT<\/a> redenomination plan launched, the community participated in the <a href=\"https:\/\/twitter.com\/hashtag\/BTT?src=hash&amp;ref_src=twsrc%5Etfw\">#BTT<\/a> redenomination plan and swap(burned) 594,936,212,143 <a href=\"https:\/\/twitter.com\/hashtag\/BTTOLD?src=hash&amp;ref_src=twsrc%5Etfw\">#BTTOLD<\/a> into the new <a href=\"https:\/\/twitter.com\/search?q=%24BTT&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$BTT<\/a>.<br> <br>How to Swap <a href=\"https:\/\/twitter.com\/hashtag\/BTTOLD?src=hash&amp;ref_src=twsrc%5Etfw\">#BTTOLD<\/a>: <a href=\"https:\/\/t.co\/uU3kHOfhV6\">https:\/\/t.co\/uU3kHOfhV6<\/a> <a href=\"https:\/\/t.co\/ZhY89mCnae\">pic.twitter.com\/ZhY89mCnae<\/a><\/p>&mdash; BitTorrent Inc. (@BitTorrent) <a href=\"https:\/\/twitter.com\/BitTorrent\/status\/1540176959396712448?ref_src=twsrc%5Etfw\">June 24, 2022<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>The chief utility of BTT was to have a cryptocurrency tool for subscribing to the services of BitTorrent. The current swapping process is relatively complicated, especially for those holding BTT in custodial wallets.&nbsp;<\/p>\n\n\n\n<p>The swap requires that all BTT holders first deposit their tokens to an exchange of their choice which lists the token. <a href=\"https:\/\/tradersofcrypto.com\/exchanges\/binance\/\">BTT is present on the Binance exchange<\/a>, which carries its most liquid pair, BTT\/USDT.\u00a0<\/p>\n\n\n\n<p>Once sent to exchanges, users must then withdraw to TRONScan wallet, and only after that move to the actual swapping page. The move to exchanges may require KYC whitelisting, meaning any old BTT held will be tracked more closely.&nbsp;<\/p>\n\n\n\n<p>BTT exists on several blockchains, including Binance Smart Chain, Ethereum, TRON, and the newly created BTTChain.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>How is the TRON Ecosystem Growing<\/strong><\/h3>\n\n\n\n<p>BTT is currently held in 161,072 addresses on the TRON network, a small share of more than 100M total TRON accounts. BTT, despite its high profile, is a small part of the TRON ecosystem. In the past, BTT has gone through other migrations as well and continues to exist as a sub-penny asset. BTT remains attractive for short-term opportunities as it rallies from its extremely low price.&nbsp;<\/p>\n\n\n\n<p>The TRON ecosystem is more ambitious, especially as it aims to rebuild collaterals and DeFi after the fall of Terra LFG and LUNA, as well as the <a href=\"https:\/\/tradersofcrypto.com\/news\/is-celsius-cel-insolvent-or-illiquid\/\">liquidity problems of Celsius<\/a>.\u00a0<\/p>\n\n\n\n<p>The biggest bid of TRON is the expansion of USDD, its own stablecoin that will become key in the token ecosystem. USDD now has more than 713M tokens in circulation, and its creation is limited to verified TRON DAO members.&nbsp;<\/p>\n\n\n\n<p>The biggest problem for USDD is its unstable peg, as the asset often sinks down to $0.98 &#8211; $0.97. For now, USDD manages to return close to its dollar peg, but raises concerns on generating an asset with insufficient support.&nbsp;<\/p>\n\n\n\n<p>USDD is trying to be over-collateralized, but incertain market conditions may act to undermine the stability of collateralized asset creation.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Will TRX Break Out<\/strong><\/h3>\n\n\n\n<p>TRX still trades around $0.06, relatively stable after the June 19 market crash. One of the potential paths for TRX is to rally after USDD is used to support its market price. For now, only one trading pair has been created where TRX trades against USDD.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/search?q=%24USDD&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$USDD<\/a> \/ <a href=\"https:\/\/twitter.com\/search?q=%24TRX&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$TRX<\/a> trading pair is now live on <a href=\"https:\/\/twitter.com\/hashtag\/KuCoin?src=hash&amp;ref_src=twsrc%5Etfw\">#KuCoin<\/a>!<br><br>Grab your <a href=\"https:\/\/twitter.com\/search?q=%24USDD&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$USDD<\/a> and go! <br>\u27a1\ufe0f <a href=\"https:\/\/t.co\/rIlKYck2r6\">https:\/\/t.co\/rIlKYck2r6<\/a> <a href=\"https:\/\/t.co\/MCgpcvIPPA\">pic.twitter.com\/MCgpcvIPPA<\/a><\/p>&mdash; KUCOIN (@kucoincom) <a href=\"https:\/\/twitter.com\/kucoincom\/status\/1541725239830147072?ref_src=twsrc%5Etfw\">June 28, 2022<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>The biggest warnings on the TRX market price is that the asset may be used to generate USDD, then USDD may be used to support TRON. In a similar way, UST supported LUNA before losing its $1 peg.<\/p>\n\n\n\n<p>USDD has moved down as low as $0.94, but not enough to cause wider panic. For now, TRON DAO and its USDD issuance is much smaller compared to the leverage of Terra LFG.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/search?q=%24usdd&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$usdd<\/a> depeg 0.9485. That s it you ll see now the <a href=\"https:\/\/twitter.com\/search?q=%24luna&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$luna<\/a> experience in the coming hours. <a href=\"https:\/\/twitter.com\/search?q=%24trx&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$trx<\/a> and <a href=\"https:\/\/twitter.com\/search?q=%24usdd&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$usdd<\/a> are dead and\u2026 <a href=\"https:\/\/t.co\/9xx1rueXmR\">https:\/\/t.co\/9xx1rueXmR<\/a><\/p>&mdash; Avery (@Marguer95667834) <a href=\"https:\/\/twitter.com\/Marguer95667834\/status\/1541752386506706948?ref_src=twsrc%5Etfw\">June 28, 2022<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>TRX remains a relatively stable asset, not rallying above $0.08 even during the latest bull market. TRX is also less transparent compared to other L1 solutions, and has not joined the list of mainstream projects to rally during the DeFi boom. During the past days of market turbulence, TRON DAO also had to enter the market and purchase both USDD and TRX to stabilize prices.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">To safeguard the overall blockchain industry and crypto market, TRON DAO Reserve have purchased $10,000,000 <a href=\"https:\/\/twitter.com\/hashtag\/USDD?src=hash&amp;ref_src=twsrc%5Etfw\">#USDD<\/a> and <a href=\"https:\/\/twitter.com\/hashtag\/TRX?src=hash&amp;ref_src=twsrc%5Etfw\">#TRX<\/a> as reserve.<\/p>&mdash; TRON DAO Reserve (@trondaoreserve) <a href=\"https:\/\/twitter.com\/trondaoreserve\/status\/1540514916620451840?ref_src=twsrc%5Etfw\">June 25, 2022<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>The problem is that TRON DAO is supposed to hold reserves backing USDD, and raises the question of whether the value of USDD can be safeguarded by the very same type of asset. Currently, USDD also offers worryingly high returns of up to 30%, as well as opportunities for arbitrage. In a risky and shaky DeFi market, USDD is seen as adding another source of leverage and risk.<\/p>\n\n\n\n<p>However, TRON\u2019s goal is mass adoption, especially after surpassing the milestone of 100M accounts.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/hashtag\/TRON?src=hash&amp;ref_src=twsrc%5Etfw\">#TRON<\/a> total users just surpassed 100 million. It is just a beginning of our mass adoption journey! Always remember there are 7 billion people on this planet! <a href=\"https:\/\/t.co\/TcfXL1kVbO\">pic.twitter.com\/TcfXL1kVbO<\/a><\/p>&mdash; H.E. Justin Sun \ud83c\udd63\ud83c\udf1e\ud83c\uddec\ud83c\udde9 (@justinsuntron) <a href=\"https:\/\/twitter.com\/justinsuntron\/status\/1540710298599903232?ref_src=twsrc%5Etfw\">June 25, 2022<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>There is no way to show that the number of accounts are real users. The TRON blockchain has been abused by bots and in past years, automated transaction mining and DDOS earnings models. TRON also carries high-risk, high-return financial operations, as well as gambling apps.\u00a0<\/p>\n\n\n\n<p>Despite this, TRX is one of the older and most liquid assets, still leaving entry points for Binance trading with the hope of regaining previous peaks.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">Coinmetrics\ud83d\udd0e: The Tron network &#8211; <a href=\"https:\/\/twitter.com\/search?q=%24TRX&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$TRX<\/a> is seeing a sharp increase in activity &#8211; this is against the movement trend in most cryptocurrencies at the moment. <a href=\"https:\/\/t.co\/XK84Ozia7I\">pic.twitter.com\/XK84Ozia7I<\/a><\/p>&mdash; Alt Crypto Gems (@AltCryptoGems) <a href=\"https:\/\/twitter.com\/AltCryptoGems\/status\/1541693720784998400?ref_src=twsrc%5Etfw\">June 28, 2022<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>Additionally, the TRON network sees a pickup in activity, though it may not signal immediate price action and cannot be taken as a signal that a market bottom has been reached.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>BitTorrent Token will have to go through exchanges to migrate to its new network.<\/p>\n","protected":false},"author":3,"featured_media":2259,"comment_status":"closed","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[336,335,93],"class_list":["post-2257","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorised","tag-btt","tag-tron","tag-trx","entry"],"_links":{"self":[{"href":"https:\/\/tradersofcrypto.com\/news\/wp-json\/wp\/v2\/posts\/2257","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tradersofcrypto.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tradersofcrypto.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tradersofcrypto.com\/news\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/tradersofcrypto.com\/news\/wp-json\/wp\/v2\/comments?post=2257"}],"version-history":[{"count":0,"href":"https:\/\/tradersofcrypto.com\/news\/wp-json\/wp\/v2\/posts\/2257\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tradersofcrypto.com\/news\/wp-json\/wp\/v2\/media\/2259"}],"wp:attachment":[{"href":"https:\/\/tradersofcrypto.com\/news\/wp-json\/wp\/v2\/media?parent=2257"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tradersofcrypto.com\/news\/wp-json\/wp\/v2\/categories?post=2257"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tradersofcrypto.com\/news\/wp-json\/wp\/v2\/tags?post=2257"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}