nHBTC is about to usher in an era of deflation. What preparations should be made by HBTC quotation miners, verifiers and token holders?

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The decentralized price oracle machine NEST Protocol master protocol v3.5 version will be launched on January 19, which will improve the stability and security of HBTC quotations and bring many benefits, such as the dual-track quotation of the HBTC oracle orbit and adjustment of the dividend ratio And increase the DAO system repurchase.

Written by: Luca

nHBTC is HBTC/ETH quotation oracle reward token, 100% fair mining, 0 pre-mining, 0 private placement. Among them, HBTC is the BTC anchor coin launched by Huobi. It is issued on Ethereum 1:1 and has become the second largest BTC anchor coin in Ethereum. Its asset scale has exceeded US$600 million, and it has also entered multiple top DeFi protocols. . With the launch of the NEST Protocol master protocol v3.5 version on January 19, 2021, it will bring a lot of innovations, which will greatly improve the stability and security of HBTC quotations, and will also bring many benefits, such as The dual-track quotation of the HBTC oracle track, adjust the dividend ratio, and increase the DAO system repurchase. nHBTC will usher in an era of deflation. In response to these changes, we have separately analyzed the preparations that HBTC offer miners, validators, and token holder groups need to make.

Mining level

On the 28th of this month, nHBTC will reach 5 million tokens, so the dual-track quotation mechanism will be mandatory. With the expansion of the repurchase mechanism, after the V3.6 version goes online, it is expected that the number of nHBTC mined will not exceed 6 million.

For example, the required quotation assets for dual-track quotation: 30 ETH + HBTC assets worth 30 ETH + 30 ETH + NHBTC assets worth 30 ETH. A total of 120 ETH worth of quotation assets are required to participate in quotation mining.

The meaning of the new dual-track quotation adopted by the price oracle machine:

1) Solve the problem of unlimited nesting dolls quoted by nHBTC;
2) Solve the pricing problem of nHBTC itself, which will prepare for repurchase;
3) Save a certain amount of gas consumption for quotation.

Each mining can accumulate up to 100 blocks of nHBTC mining rewards. After 100 blocks, the mining rewards will not increase indefinitely with the block. Greatly reduced the number of tokens produced.

Income level

nHBTC dividend ETH every Friday at 12 points:

1) 60% of the HBTC quotation fee is used for dividends, and 20% is entered into the nHBTC system for repurchase
2) The call revenue generated by the price oracle machine corresponding to HBTC will all enter the nHBTC system for repurchase.
3) Remove the system income leveling mechanism, the ETH assets in the respective savings contracts will automatically enter the respective DAO system for repurchase.

Adjustment of income receiving method:

The profit distribution is adjusted to the staking model every Friday. All nHBTC can be deposited/withdrawn at any time, the income value is distributed according to the deposited amount and time of deposit, the income is automatically accumulated, and the holder can actively withdraw the income. This will greatly increase the amount of nHBTC locked.

According to the developer’s development plan, the above will be carried out in 2 stages:

Phase 1 : Version 3.5 will be implemented in accordance with the already published development plan. Taking nHBTC as an example, 80% of the quotation fee will continue to be distributed, and the others will enter the DAO system for repurchase, but will not be destroyed. The repurchased nHBTC will be Put it in the DAO system contract for lock-up.

Phase 2 : 30 to 45 days after the 3.5 version is launched, the 3.6 version will be launched, using a 100% repurchase model. As for whether the repurchased nHBTC will be destroyed, the community can vote to decide. Because the 3.6 version will synchronize the online voting system.

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