Token Spotlight: BTN
BTN is the governance and utility token of Butane, an upcoming multi-collateral next generation synthetics protocol on the Cardano blockchain.
BTN is the governance and utility token of Butane, an upcoming multi-collateral next generation synthetics protocol on the Cardano blockchain. To date this token had the highest pre-sale on Cardano with over 49 million ADA raised. BTN looks to bring high throughput cardano defi through the power of the Aiken smart contract language. This article delves into BTN, its distribution, utility, and more.
BTN Distribution & Tokenomics
BTN Distribution Pro page on TapTools
BTN has a total supply of 25 million tokens. Currently, 12 million BTN are in circulation, equivalent to 48% of the supply. At 1.130 ADA per token, this gives BTN a Market Cap of $8,382,895 Diluted Market Cap of $17,464,365, placing it at #24 in the Top 50 tokens in the Cardano ecosystem.
Currently, there are 5,403 wallets holding BTN, up 20.90% in the last 7 days. The median holder balance is 0.17 BTN equivalent to 0.17 ADA, and an average holder age of 16.70 days.
The above image details the tokenomics of the BTN token. Over 40% of the supply was allocated to the fair launch which was a record-breaking pro-rata token sale.
Liquidity
BTN Liquidity Pro page on TapTools
BTN has 1.3 million ADA in liquidity across 5 Decentralized Exchanges on the Cardano blockchain. The vast majority of this liquidity is on Spectrum Finance, which holds 98.58%. The second most liquid DEX for the BTN token is VyFinance which holds 0.56% of the total liquidity.
Volume
BTN Volume Profiler Pro page on TapTools
BTN has a Lifetime Trading Volume of 32.83 million ADA, equivalent to 75.62 million BTN. 16.52 million ADA of this was buy volume, while 16.31 million ADA was sell volume. The fish wallet size (5–25K ADA) leads this token in trading volume, followed by the swordfish wallet size (25–100K ADA.
Utility
We’ll now delve into the various utility the BTN token has to offer its holders.
Governance Staking
BTN holders will be able to stake their tokens to participate in governance of the Butane protocol.
Collateral
BTN can be used as collateral when opening a CDP on the Butane protocol.
Governance Proposals
Submitting new proposed governance actions requires the staking of BTN.
Interest Payments
Protocol users will have the option to pay CDP interest at a discount by burning BTN.
Conclusion
In conclusion, BTN is instrumental to the Butane ecosystem, supporting the development of cutting-edge synthetic protocols on the Cardano blockchain. It looks to offer substantial utility, aligning with Butane’s aim to expand the horizons of Cardano’s DeFi landscape. This discussion has illuminated BTN’s significant role and potential influence, marking it as a vital component in the ongoing evolution of decentralized finance.
You can find out more about BTN and the Butane Protocol at the following link: https://butane.dev/
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