Simplified overview of the acBTC token

acBTC is an ERC20 BTC token (basically a way to use bitcoin on the Ethereum network.) There are many different ERC20 BTC tokens, but acBTC is hoping to consolidate all of these onto one platform.

The difference between other ERC20 BTC tokens and acBTC is that acBTC is minted by depositing other ERC20 BTC tokens. Thus, it’s value is actually the combination of many different ERC20 BTC tokens, and this allows them all to coexist on the acBTC platform. In addition, much like how diversifying a stock portfolio reduces your risk exposure — the bundling of ERC20 BTC tokens reduces the impact if one of the tokens were to have a failure.

Having a greater consolidation of BTC on the ERC20 network, in one place, will increase the network effects of utilities on the platform. At launch, acBTC will only have a savings platform, which rewards AC (the governance token of the ecosystem) by depositing acBTC, and a swap platform, which allows swapping between ERC20 BTC tokens. But the team will add utilities, such as lending, to the platform, in the near future.

In short, acBTC is a synthetic “basket” of ERC20 BTC tokens, allowing them to coexist on one platform — thus allowing for more efficient utilization.

For a more in depth look into acBTC / AC The Selective recently held and AMA with the team.

AMA recap: https://theselectiveape.medium.com/ama-recap-terry-lam-from-nuts-finance-acbtc-3ad540fcb06a

Team:

NUTS Finance has a two person team, Daniel & Terry, both of their profiles are pubic as below:

Daniel TANGN: https://www.linkedin.com/in/joeztang/

Terry Lam: https://www.linkedin.com/in/terry-lam-80a71927/

Important links:

NUTs Finance / acBTC:

Website (NUTs Finance): https://nuts.finance/
Website (acBTC): https://acbtc.fi/
Telegram: https://t.me/acbtc_community
Medium:

The Selective Ape Community

Telegram Chat: https://t.me/TheSelectiveApe
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