A rebasing bitcoin cryptocurrency runs on the Ethereum network. It’s time to know about XBT, it’s utilizing the power of Ethereum’s Smart Contract to adjust supply based on market condition with the goal to be the first coin to reach 1 000 000 USD.
Price of $XBT has reach 58000 USD ( ~ 1 $BTC) after 100 days rebasing. Now Elastic Bitcoin AI Trading Bot will buy back more XBT to make it reach 1 million USD
What is Elastic Bitcoin (XBT)?
Elastic Bitcoin, XBT is a cryptocurrency like Bitcoin which runs on Ethereum network, its price target of Bitcoin and its supply change daily
Elastic Bitcoin (XBT) is forked from $AMPL, a DeFi protocol with an elastic supply model. The total supply of XBT is constantly changing every day. To avoid price manipulation, XBT rebasing is randomized with a lag factor. XBT will reach a supply-price equilibrium, the volatility is in the token supply, not the price.
$XBT is designed to maintain its base price target of 1 million USD. XBT Holders own a percentage of the network. Their holding values rise as the market cap rises.
What is Rebase Event
A rebase event is the event of adjusting the balance of all wallets based on the current price of the coin related to the target price of 1 bitcoin. The Rebase Lag Factor helps to smooth changes, a lower Lag Factor means faster adjustments and vise versa
How Does Rebase Works
The rebase happens randomly after 24 hours since the last rebase. The rebase alters every wallet’s balance by a calculated percentage. If the price is above $BTC 1.05 the rebase is positive and balances increase; if the price is below $BTC 0.95 the rebase is negative and balances decrease. The rebase automatically changes the balance in your wallet. You do not have to stake or do anything. Every wallet where you have access to your private keys is supported
What is the XBT LP Staking?
The XBT LP Staking offers a solution to incentive liquidity provision on Uniswap. Once you have provided liquidity for XBT on Uniswap, you will receive UNI-V2 tokens, which you can stake on the XBT Staking dashboard. Depending on the amount of staked tokens and the duration of your stake, you will receive a share of the XBT ecosystem pool. The pool is unlocked over time and distributed to each staker according to his weight in the network.
Elastic Bitcoin Review
XBT (Elastic Bitcoin) like its name, is a cryptocurrency that adjusts supply proportionally on every holder’s wallet when price changes even when you store it on Metamask or cold wallet. It is a fork from the famous AMPL. While AMPL rebases on Tether, XBT is stuck to Bitcoin price.
XBT smart contract allows the increase and decrease of supply to be automatically executed without any need for a transfer between peers, and without the need of a bank.
The monetary protocol automatically adjusts the supply of XBT across all user wallets based on price. This means the number of XBT you own changes based on market conditions. When the price is high wallet balances automatically increase. When the price is low wallet balances automatically decrease. This supply adjustment operation happens at a specific time and is called a rebase.
Rebase event is applied universally and proportionally across every wallet’s balance. This means XBT is non-dilutive. Like Bitcoin, if you own 1% of the overall network you will always own 1% unless you actively make a transfer.
That’s true yet very impressive, now you have Bitcoin on the Ethereum network without centralized collateral like WBTC. The elastic bitcoin protocol automatically adjusts supply in response to demand. When the price is high, wallet balances increase. When the price is low, wallet balances decrease.
There are only 21 million bitcoins but XBT is unlimited, there will be enough XBT for everyone on the earth to own 1 $XBT and 1 $XBT still equal to 1 Bitcoin. Spend a second to think how wonderful it is.
As XBT grows, not only its price is stabilized to Bitcoin price, but also it helps Bitcoin stable because of its elastic & scalable supply. So, when there is a lot of demand for bitcoin, XBT can increase its supply to meet demand and vice versa.
Varying economic circumstances like recessions, booms, and technological advances, affect how much a currency people want to hold. In the case of fixed supply currencies like gold, silver, and Bitcoin, these changes in demand are expressed entirely by changes in the value of the currency.
This means the volatility of demand translates into the price of anything denominated in that currency—including contracts and notably debt. For this reason, sudden shocks in demand can destabilize ecosystems supported by fixed supply assets. The greater the complexity of an ecosystem built on fixed supply assets, the greater the risk of cascading failure.
To address this shortcoming, Elastic Bitcoin (XBT) has the ability to fairly and automatically adjust its supply in response to demand, without any need for a bank. XBT was designed to be the simplest direct solution to the supply inelasticity problem that limits assets like gold and bitcoin.
Today XBT’s unique volatility pattern makes it a valuable new building block for decentralized finance.
How Does Elastic Bitcoin Works
The number of elastic bitcoin you own change everyday so that the price of XBT has reached BTC price in 100 days. Your percent ownership of the XBT network remains fixed no matter how supply changes. The number of XBT you own change everyday so that the price of XBT has reached BTC price in 100 days.
Your percent ownership of the XBT network remains fixed no matter how supply changes. As a trading instrument, XBT has many advantages, own XBT you can catch the hype of Bitcoin’s price growth, but also reduce the risk when Bitcoin takes quick dive because of the lag factor.
As a fork from AMPL, XBT works very similar to it, information from this page are copied, then modified from AMPL
XBT’s smart contract design allows the increase and decrease of supply to be automatically executed without any need for a transfer between peers and without the need for a bank.
The monetary protocol automatically adjusts the supply of XBT across all user wallets based on price. This means the number of XBT you own changes based on market conditions.
When the price is high wallet balances automatically increase. When the price is low wallet balances automatically decrease. This supply adjustment operation happens once per day and is called a rebase.
This daily rebase operation is applied universally and proportionally across every wallet’s balance. This means Elastic bitcoin is non-dilutive. Like Bitcoin, if you own 1% of the overall network you will always own 1% unless you actively make a transfer.
At a high level, the policy contract reflects price changes in the market as supply changes in wallet balances. This in turn incentivizes market actors to adjust the price. Price informs supply algorithmically and supply informs price behaviorally, in a cycle.
Final Verdict
The Elastic Bitcoin Foundation (XF) is a non-profit organization dedicated to supporting XBT and related technologies, their role is not to control but contribute to XBT’s growth.