The BitTorrent (BTT) ecosystem is undergoing a significant transformation, including a smart contract migration, a token swap, a 1:1,000 token redenomination, and a full rebranding to BTTC. This process involves several important steps for exchanges and token holders to follow, ensuring a smooth transition to the new network and token standard.
For users holding BTT, understanding the timeline, exchange procedures, and final outcomes is essential. This guide covers the key details of the entire process.
Key Dates and Timeline of the Migration
The migration and swap process follows a strict schedule. All times are in UTC+8.
- January 11, 2022, 10:00: Binance Leverage Trading suspended borrowing for BTT/BUSD and BTT/USDT cross-margin and isolated margin pairs.
- January 14, 2022, 10:00: Binance began automatic settlement and liquidation of all BTT margin and perpetual contract positions. All pending orders were canceled, and the trading pairs were delisted.
- January 17, 2022, 10:00: Deposits and withdrawals for the old BTT token were suspended.
- January 17, 2022, 12:00: All BTT spot trading pairs ceased trading and were delisted. All pending orders were canceled.
- January 21, 2022, 12:00: Trading for the new BTTC token commenced with specific pairs like BTTC/USDT, BTTC/USDC, and BTTC/TRY.
Understanding the Token Swap and Redenomination
The core of this event is a two-part change: a token swap and a redenomination.
The old BTT tokens were automatically swapped for new tokens on a 1:1 basis. Following this swap, the new tokens underwent a redenomination, increasing the total supply. The conversion ratio was 1 old BTT = 1,000 new BTTC.
This means if a user held 100 old BTT tokens, they received 100,000 new BTTC tokens after the process was complete. The total market value of a user's holding remained the same, simply represented by a larger number of tokens at a correspondingly lower price per token.
Post-Migration Token Naming and Availability
After the migration was completed, the old BTT token was renamed to BTTOLD. The new token was assigned the ticker BTTC.
Following the initial automatic conversion, users had the ability to manually convert any remaining BTTOLD tokens to BTTC using exchange conversion tools. The new BTTC token contract address on the TRC-20 network is: TAFjULxiVgT4qWk6UZwjqwZXTSaGaqnVp4.
To explore the current market dynamics and trading strategies for the new token, you can view real-time analytics and charts here.
Impact on Trading: Leverage, Contracts, and Spot Markets
The migration required temporary suspensions across various trading products to ensure a clean snapshot of user balances for the conversion.
- Leverage and Margin Trading: All lending and borrowing for BTT pairs were halted first, followed by the automatic liquidation of all open positions to prevent insolvency risks during the volatile swap period.
- Perpetual Contracts: Similar to margin trading, all BTT perpetual contracts were settled and delisted. Exchanges implemented protective measures, such as adjusting leverage tiers and funding rates, to manage market volatility.
- Spot Trading: All spot trading pairs for the old BTT token were closed. After the new BTTC tokens were distributed, trading opened for new pairs, though not all previous trading pairs were reinstated (e.g., BTTC/BTC and BTTC/BNB were not relaunched).
Frequently Asked Questions
What is the difference between BTT and BTTC?
BTTC is the new, rebranded token that resulted from the smart contract migration and redenomination of the old BTT token. It exists on an updated contract address and has a higher circulating supply due to the 1:1,000 split.
Do I need to do anything if my tokens were on an exchange?
If your old BTT tokens were held on a supporting exchange like Binance at the time of the snapshot, the conversion to BTTC was handled automatically. You did not need to take any action to receive your new tokens.
What happens if I send old BTT tokens to an exchange after the swap?
Deposits of the old BTT token (renamed BTTOLD) after the suspension date are not credited. These tokens must be manually converted to BTTC using the exchange's conversion tool if available.
Why was the token redenomination performed?
A redenomination increases the number of tokens while decreasing the price per token. This can improve liquidity, make smaller transactions easier to calculate, and align the token's pricing with psychological preferences for trading.
What is the new BTTC contract address?
The new BTTC token is a TRC-20 token on the TRON network. Its contract address is TAFjULxiVgT4qWk6UZwjqwZXTSaGaqnVp4. Always verify contract addresses from official sources to avoid scams.
When will deposits and withdrawals for BTTC reopen?
After the initial trading launch, exchanges gradually reopened deposit and withdrawal services for the new BTTC token. Users were advised to check official exchange announcements for specific timelines.
Important Considerations for Token Holders
Always be cautious during major network events. Ensure you are receiving information from official project and exchange channels to avoid phishing scams. The value of your holdings remains the same post-redenomination, only the number of units you hold changes.
For those looking to actively manage their new BTTC assets, it's crucial to get advanced portfolio tracking tools. Furthermore, understand that trading cryptocurrencies involves significant risk due to market volatility. Only invest what you are willing to lose and conduct thorough research. Exchanges facilitate these swaps but are not responsible for guaranteeing profits or compensating for market losses.