1. What is imBTC?
imBTC is an ERC777 token-backed 1:1 with Bitcoin, issued and regulated by Tokenlon. Tokenlon supports imBTC exchange and you get interest by holding imBTC (interest from Tokenlon's imBTC exchange fee sharing).
2. How is imBTC issued and redeemed?
imBTC is not a freely issued token, but is generated by locking an identical amount in BTC. Completely transparent and 100% verifiable.
Transfer real BTC to Tokenlon's multi-signature account to lock BTC and to get the same amount of imBTC. the locked BTC by sending back the imBTC. This approach ensures an accurate 1:1 relationship between imBTC and BTC, while the transparency of the blockchain lets you track and verify the process.
3. How to get imBTC?
Participate in the imBTC subscription
You can open the "imBTC" DApp in the market interface to participate imBTC subscription, here is the tutorial.
Exchange it in Tokenlon
Tokenlon will open the imBTC trading pair, users can use ETH or USDT to exchange imBTC
4. Where is the BTC stored after the subscription of imBTC? Is it safe?
BTC will be stored in Tokenlon's cold wallet, and the cold wallet will ensure the security of BTC assets.
5. How does Tokenlon ensure that imBTC with liquidity?
The liquidity of imBTC is reflected in two points below:
- Users can redeem their BTC anytime through imBTC
- Tokenlon can support imBTC trading pairs always, and users can exchange imBTC for other digital assets at anytime
6. What benefits will be obtained by holding imBTC?
In order to compensate for the liquidity loss of your BTC after purchasing imBTC, Tokenlon will pay your imBTC interest from the two sources of income:
- Fees paid by Tokenlon users for purchasing imBTC
- Handling fees paid by users for redemption of BTC
Payment will start at 100% of the platform fee as stated above. Then it will be halved every year, that is:
- 100% platform income will be sent to you for your imBTC holding interest in the first year
- 50% platform income will be sent to you for your imBTC holding interest in the 2nd year
- 25% platform income will be sent to you for your imBTC holding interest in the 3rd year
- 12.5% platform income will be sent to you for your imBTC holding interest in the 4th year
and so on.
User benefits = (your imBTC amount / imBTC total amount) * The total interest from Tokenlon platform, the benefits will be sent to your ETH address through imBTC
7. How to view and distribute my interest?
You can find your earnings in the imBTC DApp homepage and receive revenue by manual triggering.
- Anyone who has imBTC can trigger the function of distributing imBTC revenue. All income will be allocated to users wallet in the proportion to imBTC.
- For distribution, the miner fee has to be paid by whoever makes a distribution request. That users’ wallet needs to have enough ETH to pay it.
8. Is there any benefit in selling and transferring imBTC?
Because income = (the number of imBTC that you hold/ total amount of imBTC) * imBTC exchange fee, send through imBTC, so if your address doesn’t have imBTC and you cannot get the benefits.