Sirwin
Sirwin

Bitrue Progress Report 📈

By Cryptoonestop | CryptoOneStop | 10 Jan 2021


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Bitrue

Spark FLR Airdrop & Trading

To determine the Spark airdrop amount, Bitrue took a snapshot of all users’ XRP (Ripple) holdings on December 12th, 2020 at 00:00 UTC.

As long as your XRP is on Bitrue at the snapshot time, and hasn't been pledged as collateral in a loan, you will receive the spark airdrop on it. This also includes coins invested in Power Piggy!

Near the beginning of December 2020, Bitrue announced that it would enable trading of Spark FLR (Flare) on the XRP trading pair by the end of the year.

Some of you may be wondering how this is possible, given that the first distribution of Spark will be happening around Q1 or 2 in 2021. Bitrue will be working alongside the Flare Networks team to determine the exact amount of Spark that each user is entitled to, which is a calculation based on each individual's XRP holdings and a specific distribution ratio which is currently unknown but is likely to be higher than 1:1. As the first distribution will be a fixed 15% of each user's total entitlement, we will be able to accurately determine the amount of Spark that each user will receive in the first distribution.

As of writing this article, the trading pair for Spark and XRP is still not listed on Bitrue with no announcements regarding the situation.

I tried searching for it under the XRP exchange and FLR did not show up.

New Lockup Investments

If you are big supporters of Cardano (ADA), Zilliqa (ZIL), or VeChain (VET), Bitrue tend to have special lockups to earn extremely high interest on these assets.

BitrueOfficial.jpgBitrue @BitrueOfficial The newest round of 30 day lockups are live RIGHT NOW! Get in quick and you’ll be earning 10% APR on your $ZIL or 7% on $ADA and $VET @vechainofficial @Cardano @zilliqa #passiveincome More info - bit.ly/3rGt9Ckhttps%3A%2F%2Fpbs.substack.com%2Fmedia%2FEqo5cEnUYAAjl0z.jpg

January 1st 2021

20 Retweets106 Likes

To start the new year right we're launching a one-time opportunity with our lockup investments where you can receive 7% APR on your VET and ADA, while ZIL holders will be able to invest to receive 10% APR.

Although these opportunities will all be open for 48 hours, they will each have a limited cap, so if you want to avail yourself of this opportunity then we would highly recommend that you have your coins ready to invest as soon as the lockups go live on January 1st 2021 at 10:00am UTC.

If you missed this opportunity, I recommend you follow @BitrueOfficial on Twitter to take advantage of any upcoming events.

10% Discount On Bitcoin (BTC)

With BTC prices going parabolic and breaking all-time-highs, 10% off BTC is a very steep discount. With BTC sitting above 30k USD, that is a savings of at least 3k USD—remember that BTC was around 3k USD in early 2020.

BitrueOfficial.jpgBitrue @BitrueOfficial Buy Bitcoin $BTC at a 10% discount courtesy of Bitrue! Stake your $BTR or collect likes on Twitter to generate a personal cap that you can use to buy cheap BTC on Jan 4. Check out the event page now for more details & start building your cap #BitrueBTC bitrue.com/act/promohttps%3A%2F%2Fpbs.substack.com%2Fmedia%2FEqlFYVMU0AAs93G.jpg

December 31st 2020

36 Retweets108 Likes

To participate, you have to lockup BTR (Bitrue Token) to generate a personal cap.

For every 500 BTR that I lock up, I am entitled to buy 0.001 BTC at a 10% discount. Given the limits, locking up the maximum 500,000 BTR will allow one to buy 1 whole BTC at a 10% discount.

Interest Earned

I love looking at my earnings from Power Piggy and with the current bull market, my portfolio grew immensely. In the last 4 weeks, my Power Piggy portfolio grew over 6000 USD—a 60% increase in value. You can use this Google Spreadsheet to track my earnings on the four major platforms I use.

Below is my earnings from Bitrue’s Lockup. So far, I have accumulated 13,140 USD in interest. In the last 4 weeks, this portfolio grew 70% resulting in an extra 5393 USD in earnings.  I am taking advantage of the current high APRs on ETH and BTC with Bitrue’s Lockup. ETH is earning a whopping 11% and BTC is earning 8.5%.  Since BTC and ETH make up a large portion of my lockup portfolio, it makes sense why it is up so much. BTC is at 32.8k USD and ETH is at 783 USD.

Overall, my Bitrue interest earnings grew 64%, netting me a total of roughly 11,741 USD.  Given the current crypto bull market, these numbers are justified after a prolonged period of sideway movement with bear cycles in between.  The great thing about HODLing is that I am dollar cost averaging (DCA) into these cryptos which have huge potential to appreciate due to their limited supply and high demand.  With each Bitrue Progress Report, I am reporting record-breaking gains from the previous one and I hope this trend continues for the remainder of 2021—the power of compounding is starting to show and it is reflected in the massive gains.

Conclusion & Prospect

Like I mentioned in my previous report, Bitrue still offers very competitive interest-earning rates remain competitive despite new competitors and DeFi (decentralized finance) protocols that offer the same services. With Bitcoin making new highs and catching the attention of many, new investors and users will be more comfortable starting off with a CeFi (centralized finance) platform such as Bitrue.

While yield farming was hotly promoted during the DeFi mania of mid 2020, there has not been any new announcements regarding new farming pools since November 2020. I participated in several of the pools and have not lost any funds which is good. Hopefully, more yield farming opportunities on Bitrue arise in 2021.

Again, I feel like Bitrue is struggling with ways to promote its utility tokens, BTR and BFT. While I still see use cases for BTR such as earning high interest on lockups and generating personal caps on Power Piggy or special events like 10% discount on BTC, I have yet to see a true use case for BFT. The roadmap for DeFi integration, per the white paper, stated that most of the process will occur in 2021 so I still have hope for BFT.

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CryptoOneStop
CryptoOneStop

Accredited Investor | Digital Asset Consultant | Keto Diet Adherent | Part Time Market Analyst | PharmD | Former Writer for Altcoin Magazine

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