BitTorrent gains 46% amidst scheduled mainnet launch
- The BTT token has gained by over 46% during the past 24 hours.
- The gains come from the scheduling of the BitTorrent mainnet launch on December 12.
- The mainnet launch comes with plans to redenominate the BTT tokens.
The BitTorrent token (BTT/USD) currently stands as one of the best-performing ones in the market. The token has made a major gain during the past 24 hours, and this is because of the highly anticipated mainnet launch.
The BitTorrent mainnet launch is expected to happen on December 12, and with just a few days left, the BTT token is reacting to the increased interest.
BitTorrent mainnet launch
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BitTorrent is a cross-chain protocol running through a proof-of-stake (PoS) consensus. The protocol features interoperable features that allow it to interact with other blockchains such as Ethereum, Binance Smart Chain and Tron.
The BitTorrent developers have now stated that the mainnet launch of the token scheduled for December 12 will implement BTT redenomination. Developers, exchanges and wallets running on the blockchain are advised to complete the redenomination process and swap within 30 days.
The mainnet launch will come with some changes for the BTT token because it will be redenominated and be swapped with new BTT tokens at a 1:1000 ratio. Moreover, the token’s supply will be increased to 990 trillion.
The new tokens will retain the name BTT, while the old tokens will be renamed to BTTOLD, which shows that these will be the old BTT tokens after the launch.
Moreover, the BTT tokens will be upgraded to TRC20 from TRC10, while the new BTT tokens will be issued as TRC20 tokens on the TRN mainnet. “The new BTT tokens will be applied in the BitTorrent Chain ecosystem, which is coming live soon,” the announcement stated.
The announcement also adds that,
After the mainnet of BitTorrent Chain goes live, BTTOLD and BTT will coexist for some time. The contracts to swap the old for the new tokens will be effective permanently, and users can swap at any time. Exchanges which do not currently support the redenomination can continue to support the exchange of BTTOLD.
While the new BTT tokens will be the new utility token for the BitTorrent network, the protocol stated that the BTTOLD tokens would retain their use case.
BTT makes a major price surge
In the crypto market, news of developments in a blockchain usually contributes to gains on the underlying token. This has happened with the BTT token, which is currently one of the best performing cryptocurrencies in the market.
Data from CoinGecko shows that the BTT token has gained by more than 46% during the past 24 hours. At the time of writing, BTT was trading at $0.00354. Nevertheless, it is yet to break to a new all-time high past $0.0135. This ATH was last achieved in April when the market was at its peak.
Following the 24-hour gains, BTT’s market cap has also increased significantly, with the token now ranking as the 54th largest one with a market capitalization of over $3.2 billion. At the time of writing, its trading volumes were above $2.8 billion, making it one of the most traded cryptocurrencies during the past 24 hours.
BTT’s gains during the past 24 hours also come as Bitcoin and Ethereum make some slight gains after the weekend dip. BTC and ETH were trading at around $51K and $4300 at the time of writing.