The project team has spent a lot of money promoting tasks on the Binance Square Creator Task Platform, sometimes encountering favorable timing and circumstances.
For example, this week, Bouncebit went live on the Binance Square for promotion. As a re-staking Layer2 for BTC, when the BTC price is stable, BTC holders are not planning to sell. They must be thinking about how to earn interest on the BTC stored in their wallets, so using the Bouncebit protocol on-chain to gain more re-staking rewards is motivating.
However, if it encounters a BTC downturn, like last week and this week, when the BTC price fell from 120,000, like an old lady going down the stairs, to 113,000, and it seems to be still falling today, various whales have started selling their held BTC for cash. At this time, if one has staked, they cannot sell immediately, as they must wait until the staking period is over. If the price drops, they cannot liquidate either, missing the opportunity to cash out, and the staking income may not even cover a fraction of the loss.
Of course, there are definitely diamond hands, and some people buy BTC at a low price, and after buying, they stake on Bouncebit to earn $BB tokens.
After all, BTC is not a shitcoin; the price does not fluctuate wildly. With a total supply of 21 million and 19.8 million already mined, the ceiling is still quite high for a Bitcoin Layer2 and Cedifi project.
Since experiencing the altcoin staking period last year, where prices plunged 80% and my coins took 21 days to unstake, I have kept my distance from staking. Altcoins can be too unpredictable when they drop; if I stake, I will only stake stablecoins, at least after the staking period, 1u is still 1u.
Looking at the Bouncebit official website, not only is there BTC staking, but there are also different staking options for several mainstream large coins across various chains, including btc/eth/usdt/usdc/usd1/bnb/sol.
Surprisingly, the staking return rate for USDT is the highest. Who knows why?
