Overview
Grow Bitcoin is an ecosystem acceleration platform that focuses on connecting the Bitcoin users and stakers to the projects. Grow Bitcoin is operated by the Rooch Network team.
As a Bitcoin staker or user, you get to earn BitXP as well as the project XP by voting for the projects you like, with your Bitcoin as the stake but without having to move your Bitcoin at all.
As a Bitcoin project builder, you are free to list your project on the Grow Bitcoin platform and get attentions from potential Bitcoin users; users will endorse your project with their votes and with more votes you get to earn BitXP as well!
Why?
Bitcoin ecosystem has great potential because of its numerous user base and the large amount of accumulated value. At Rooch we are doing everything we can to accelerate the growth of the Bitcoin ecosystem. The Grow Bitcoin platform is one of the attempts.
By providing token incentives to the Bitcoin user, without sacrificing their assets security - users even do not need to send a single transaction - we intend to gather all Bitcoin users attention to the Grow Bitcoin platform and redistribute them among all the Bitcoin ecosystem projects, via a simple approach - voting.
How does it work?
The target of the Grow Bitcoin platform is to incentivize the discovery between Bitcoin users and the Bitcoin projects. No matter which side your are on, you will get to earn $BitXP by participating this initiative with some simple steps.
As a Bitcoin Holder/Staker
There are 4 simple steps:
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Hold Your BTC No matter what forms of BTC you have in your portfolio, wether your are a native BTC holder, or you have switched some BTC LST/LRT tokens, or you’ve participated in the Babylon Staking program, you are good to go.
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Claim the voting token $GROW By simply holding your BTC in their current way, you get to claim $GROW tokens in a time-weighted style. I.e. the more BTC you hold and the longer you hold them, the more $GROW you will receive.
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Vote for the Bitcoin projects you like Go to our projects page and spend your $GROW tokens to vote for those projects.
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Earn BitXP and the project XP
For each $GROW token you spend, you get to earn 1 $BitXP and the project you’ve voted gets to earn
As a Bitcoin Project Builder
You are welcomed to submit your project to the Grow Bitcoin platform by filling out a simple form here.
The next step is wait and see how Bitcoin users out there fancies your project - they will do this by spending $GROW tokens to vote your project. For each $GROW token they spend to vote on you, you will be eligible for claiming one BitXP.
Currently there are a manual selection process for avoiding abusing of the platform. We are working on optimizing the the submission and selection process.
$GROW Token
$GROW token is the voting token that you can use to vote for projects and earn BitXP.
$GROW is a hold-btc-to-earn token, which means that you are eligible to claim $GROW tokens by proving that you are holding BTC.
We currently support 3 types of BTC holding approach: Self-Holding, Babylon Staking, and LRT/LST Locking.
Self-Holding
Self-Holding your BTC on the Bitcoin mainnet, no need of sending them into another wallet or making a single Bitcoin transaction. This is the most flexible and secured way of earning the $GROW token.
For each BTC that you hold for each day , you are eligible to claim 1,000 $GROW tokens.
The ability of proving that you are holding BTC on the Bitcoin mainnet is a feature supported by the Rooch Network. Once you login the Grow Bitcoin platform by connecting your Bitcoin wallet, the underlying smart contract will be able to access the state of your Bitcoin wallet and response to state changes in real time.
Babylon Staking
Staking your BTC into the Babylon protocol is another way of holding your BTC on the mainnet. This is also a safe way for you to hold your BTC but with less flexibility as once its staked it takes a fixed period to unbound them and withdraw.
For each BTC that you stake into Babylon, you are eligible to claim 450,000 $GROW tokens.
Learn more details about Babylon Staking at https://babylonlabs.io/
Wrapped BTC/LRT Locking
If you are holding BTC Liquid Restaking/Staking Tokens or any form of wrapped BTC, you can bridge them to the Rooch Network and lock them with a customized period, using smart contracts.
For each BTC that you choose to lock for each day, you are eligible to claim 1,000 $GROW tokens.
Implementation Explain
y = x^(1/2) x is remaining lock day, x not exceeding 1000 days, so y never over 31 and bbn stake(64000 blocks) weight never over 22. Custom lock time scripts need to follow a specific format, which will be supported later.
Earn Points
For each $GROW token you spend on voting for a project, you will earn 1 BitXP and 1 Project XP.
BitXP
BitXP is the incentive points designed for the Grow Bitcoin Platform. All BitXP holders will be eligible to receive the Rooch Network mainnet token airdrop.
To earn BitXP, you will need to spend your $GROW tokens to vote for projects that you want to endorse for the sake of growing the Bitcoin ecosystem.
Project XP
On the Grow Bitcoin platform, each project will have its own Project XP. The project XP will make you eligible for claiming possible future project tokens or gas tokens depending on the partnership between the Rooch Network and individual project.
Asset Security
All your BTCs are safe, and here’s why.
If you choose to participate the Grow Bitcoin initiative with Self-Holding, all your BTC are still protected by your Bitcoin wallet private key. During the whole process, you won’t be asked to send a single Bitcoin transaction.