BitU Protocol is proud to announce the launch of our transparency page and yield distribution to $sBITU holders. Users can find the transparency page at app.bitu.io/transparency where they can track our reserves, historical supply of the $BITU stablecoin, yield distribution transactions, and much more. The transparency page showcases important metrics and reaffirms our commitment to building a stable and accessible onchain future.
Cryptocurrency markets currently exhibit significant volatility, with prices fluctuating rapidly due to various factors including market sentiment and regulatory developments. The volatility is further influenced by institutional acceptance, such as the introduction of crypto ETFs, alongside sell pressure from events like Mt Gox Bitcoin distributions and government sales of seized BTC. However, BitU Protocol’s stablecoin is designed to serve as a hedge against this uncertainty, aiming to maintain a steady value amidst the turbulent crypto landscape.
$sBITU holders have already received the first distribution of yield, and currently earn 10.5% APY. Each distribution can now be tracked on the transparency page under the sBITU Yield Distribution section. Yield is delivered to sBITU holders as BITU tokens in proportion to their staked tokens. The yield is sourced from our partner LTP, APAC’s top prime broker for digital assets, deploying mirrored capital to lending and delta neutral strategies. Users can check their onchain addresses or through the distribution transaction hash on the transparency page.
We're also pleased to announce that despite recent market turbulence, the $BITU peg has remained robust, with our protocol maintaining a substantial $23M in total value locked. This stability underscores the strength and reliability of our system in volatile conditions. Furthermore, our users have continuously held their assets within BitU Protocol, demonstrating their trust in our system.
These market dips also present an opportunity for risk-averse users, as they can buy and supply BTC, earning yield while retaining the upside potential of their collateral. This strategy allows users to potentially benefit from market volatility while still participating in our stable ecosystem.
Throughout this period, we've upheld our commitment to unrestricted access, ensuring that depositors can freely manage their funds at all times. This combination of user confidence, operational reliability, and flexible strategies reinforces BitU's position as a dependable haven in the crypto ecosystem.
The new transparency page's overview notes the total supply of BITU, the total value of reserves, $sBITU's current staking APY, and our custodians, prime brokers, and the onchain address.
The historical supply graph tracks the total supply of BITU and the total collateral value over daily, weekly, monthly, and yearly timeframes.
The Holdings section notes the total amount and value of the $BITU supply, along with the total amount and value of BTC and USDT holdings. Users can always check the custodial reserve addresses for verification of reserve assets.
The sBITU transparency page overview provides the metrics for the total supply, ratio related to BITU, the APY, the cumulative earnings amount, and the onchain address.
The historical yield charts showcase the sBITU APY (a 7-day trailing average), the sBITU:BITU Ratio, and the cumulative earnings and disbursements over time.
Users can find the distributed earnings and cumulative earnings metrics in the final section, sBITU Yield Distribution, along with the transaction hash for each distribution.
Apply now to become a $BITU Founding Minter and secure your place in the history of BitU Protocol while earning part of the 40% share of tokens allocated to the community.
Visit our website for more details. Make sure to stay connected with us on Twitter & Discord for the latest updates and community discussions.