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At noon today, the decentralized auction platform Bounce Finance announced that the native token $BSSB of the cross-chain DeFi protocol BitStable based on Bitcoin has been officially launched. But just two hours after going online, $BSSB encountered coordinated attacks and DDoS attacks.
But behind this attack, many experienced members of the community said that BitStable is a nice rug loser.
BitStable was attacked as soon as it went online, and 75% of $BSSB will be destroyed
In response to this incident, BitStable officiallystatementPointing out that an unforeseen security issue occurred, allowing an unauthorized party to obtain a large portion of the available supply tokens: “The incident was caused by a combination of a DDoS attack and the use of multiple wallets to directly interact with the contract, which resulted in uneven distribution. .”
In order to realign the distribution of $BSSB and comply with DAIIs strategic roadmap, BitStable made a difficult but crucial decision: 75% of $BSSB participating in the fixed swap auction will be destroyed, while the remaining 25% can still be claims. However, taking into account the high gas charges and additional costs incurred, this effectively increases the cost of involvement sixfold for the parties involved.
This also caused BitStable to be accused by many users in the community of rug suspicion.
According to BlockBeats observation, as of press time, BitStable has attracted 279 participants on Bounce Finance, the total supply of $BSSB is 6,300,000 pieces, and the $AUCTION pledged by users is 642,484 pieces.
Although Bounce Finance pointed out that the technical problem has now been fixed, because the community had high hopes for BitStable, BitStable is still questioned by community members. Some users even said, Does BitStable have two other scientists? The cost (of obtaining tokens) is directly high. 4 times, I want to protect my rights.
$BSSB, which has high hopes, has been officially launched for only two days
Prior to this, on November 27, Bounce Finance announced that BitStable will launch the native token $BSSB on the Bounce Launchpad at 12:00 on November 29. Users can obtain the corresponding $ by pledging $AUCTION tokens or through the auction mechanism. BSSB share.
Within two hours of Bounce Finance’s announcement, the price of $AUCTION increased by more than 15%.
According to its details, the total supply of $BSSB is 21 million coins, and the total amount raised is $500,000. 50% of it will be distributed through Bounce Finance, and this distribution will be divided into two rounds:
60% of the allocation will be carried out through staking Auction (obtaining the corresponding $BSSB allocation by staking AUCTION tokens);
40% of the allocation will be through the auction mechanism (1 $BSSB = 0.0000233 ETH).
The BSSB protocol will not be officially launched until the distribution of $BSSB is completed. According to the official website of BitStable, BitStable is a decentralized asset protocol based on the Bitcoin network. Anyone can use this platform to generate $DAII stablecoins anywhere for the mortgage assets of the Bitcoin ecosystem. BitStable has a dual-token system and a cross-chain compatible structure, and its tokens are $DAII and $BSSB.
Related Reading:How to participate in the BitStable token sale of the upcoming IDO DeFi Protocol on Bitcoin?》
In fact, the BitStable protocol and its tokens emerged with the popularity of the Bitcoin ecosystem, and the official Twitter account has only been online in the past two days. Despite this, many members of the community were attracted to participate because of its detailed and unique mechanics. BlockBeats reminds that there are many uncertainties in the current market, and members of the encryption industry need to choose and participate carefully.
