A new eco-friendly Bitcoin alternative called Green Bitcoin (ticker: GBTC) landed on Uniswap at 1PM UTC today and it posted an instant 1.6x windfall after one whale bought $44k worth of it.
GBTC began trading at $1.10 but climbed 63% to reach a high of $1.79 immediately after the launch as a result of the whale purchase.
Profit takers have since shaved about 44% off its launch price as the token changes hands at $0.70 as of this writing.
The team says it is ready with buybacks to gradually bring the price back up.
It has also locked in around $200,000 (or 284,949 $GBTC) of liquidity for the next year.
Both measures are already helping relieve the downward price pressure.
Green Bitcoin is now LIVE on Uniswap!
Contract address: 0xdc9CB148ECb70876db0aBeB92f515a5E1dc9f580
Direct Uniswap Buy link: https://t.co/93UsyuovY1 pic.twitter.com/GzCJOW6Wnh
— GreenBitcoin (@GreenBTCtoken) April 5, 2024
Today’s Uniswap listing brings Green Bitcoin’s innovative (and addictive!) predict-to-earn “gamified green staking” protocol to the wider public.
It will be followed by a centralized exchange (CEX) listing announcement next week.
Details on the CEX listing are thin at present, but the token will begin trading on the CEX the day after the announcement, April 11. A major update to the gamification protocol will follow on April 18, 2024.
From ICO To Uniswap: GBTC
There’s nothing out there quite like Green Bitcoin. Early investors agree, and have poured a tidy $9.6 million into the eco-friendly Bitcoin alternative over a month-long ICO that has just ended.
If the popularity of gamified green staking seems surprising, it’s probably because the idea is much simpler than it sounds.
To claim daily $GBTC rewards, users have to buy $GBTC tokens, stake them on the protocol, and play the price prediction game.
They then cast daily predictions on whether Bitcoin will go up or down within 24 hours.
Every 24 hours, the users that predicted correctly earn a share of rewards from the daily staking reward pool proportional to the amount of $GBTC tokens they staked.
Holders can stake tokens for up to six months to earn bigger rewards. Staking is also a fundamental part of Green Bitcoin’s tokenomics. By reducing GBTC’s circulating supply, staking acts as a long-term price driver.
Big burn news coming later today!
We’d highly advise turning your notifications on. pic.twitter.com/GwAO0O8pJP
— GreenBitcoin (@GreenBTCtoken) April 5, 2024
GBTC is Better For The Planet Than Bitcoin
The $GBTC token has a circulating supply of 21 million, a clear nod to its inspiration, Bitcoin. Having a cap on the number of tokens in circulation creates value by ensuring scarcity.
However, Green Bitcoin is much greener than the world’s largest cryptocurrency.
That’s because $GBTC is on Ethereum, which uses a Proof of Stake (PoS) consensus mechanism, making the token cleaner and more efficient than its inspiration
It consumes just 34 watt-hours (Wh) per transaction compared to Bitcoin’s 1,173,000 Wh.
Green Bitcoin ($GBTC) and The BTC Halving
2024 will surely go down as Bitcoin’s most significant year since its launch in January 2009.
Fans and enthusiasts may argue that the 2021 bull run is what got us to where we are today, but adoption has increased significantly since then, despite the 2022 recession, which leveled the industry with bankruptcies and scandals.
Today there are eleven spot Bitcoin ETFs that are currently the talk of Wall Street. Bitcoin set a new all-time high of nearly $74k posted three weeks ago; it also looks set to climb to new highs after the halving, perfect for anyone wanting to get into Green Bitcoin’s gamified green staking.
The Liquidity Pool has now been locked!
Safe trading!
Proof: https://t.co/SYbpjt59Ya pic.twitter.com/AiikakkLY7
— GreenBitcoin (@GreenBTCtoken) April 5, 2024
Bitcoin’s fourth quadrennial halving arrives on April 19 this year. The halving is an event in Bitcoin’s code that slashes miners’ rewards in half. Since miners control the issuance of new Bitcoin, this cuts the new supply in half.
The law of supply and demand dictates that when there is a supply squeeze at times of high demand, commodities become more valuable.
Bitcoin halvings have historically preceded bull runs. Analysts believe this year will be no different, thanks to demand created by Wall Street’s interest in Bitcoin ETFs coupled with the upcoming supply squeeze.
And since bull runs are inherently volatile, that means there will be plenty of rallies and crashes in the near future.
Nobody can say with certainty what the year will add to Bitcoin, but it’s the perfect kind of year to make some predictions and win some money.
Take a look at the green paper and get in early and Buy Green Bitcoin Now
The post Whale Sends Green Bitcoin’s GBTC Token Up 1.6x On Uniswap Launch appeared first on Cryptonews.
