Comment on page
Token types
All tokens on the Binance Smart Chain are by nature BEP-20 tokens, an extension on ERC-20. It's a blueprint for tokens that define how they can be spent, who can spend them and what the rules of usage are. Within that BEP-20 structure Bolt has defined three tokens.
Bolt Dollar (BTD)
These tokens are designed to be used as a medium of exchange and are pegged loosely to the value of one BUSD (The Binance Stablecoin that’s pegged to the US dollar). These coins will be the main method of ‘payment’ within the Bolt ecosystem and can be used for value transactions.
Bolt Shares (BTS)
Bolt Shares, also known as “Bolt True Share” are the governance tokens of the ecosystem. These tokens follow a Seigniorage Shares system that maintains a peg by auctioning coins for shares and shares for coins. After each epoch (8 hours) the protocol mints BTD and distributes it proportionally to all BTS holders who have staked their BTS in the Boardroom. But it only does so when the TWAP (time-weighted average price) of BTD is above $1.01. So in essence BTS stakers gain 'free' BTD every epoch.
As a governance token BTS grants holders voting rights and, subsequently, the ability to suggest improvements to the protocol or the ecosystem.
Bolt Bonds (BTB)
If the price of BTD drops below $1.00 the option to purchase Bolt Bonds will become available. These can be bought at a discount for BTD (price = BTD TWAP * BTD TWAP). Doing so increases the demand for BTD and drives the price back up. The BTD used to buy BTB is burned in the process. When the price of the BTD is stabilized above PEG you can sell your BTB for BTD again.
Last modified 2yr ago