Project highlights
BIT10 is revolutionizing the way users invest in Bitcoin DeFi assets by providing a decentralized exchange-traded fund (ETF) for Bitcoin-based decentralized finance. BIT10 addresses the problems of high fees and time-consuming research that investors face when investing. Instead of holding individual tokens, users can invest in a pre-curated basket of top-performing DeFi assets by purchasing a single token. Simplifying the process, diversifies risk, and BIT10 auto-rebalances the portfolio to maintain an optimized asset mix.
The target users are new users who are familiar with investing in other crypto’s but interested in the Bitcoin DeFi ecosystem who want an easier, cost-effective, and balanced way to invest without having to spend time and resources researching.
Web3 advantages
BIT10 provides decentralization, transparency, and user control. There is no middleman, and we ensure that all transactions and rebalancing mechanisms are visible on-chain. This is a huge advantage over traditional ETFs or asset management platforms, which are opaque and charge high fees.
How is it built
BIT10 is built using modern web technologies and blockchain systems. The frontend is developed using Next.js with TypeScript for strong type safety and Nodemailer for handling emails. Drizzle ORM is used for database management, and tRPC enables efficient and type-safe communication between the client and server.
The backend utilizes Dfinity’s Internet Computer (ICP), which serves as the infrastructure for canisters, where all decentralized operations are performed. Canisters help us, as we have created our oracle on ICP. We are using ICP’s ICRC standards to create our token and another canister to store underlying assets for collateral. The NextAuth library handles user authentication, while Recharts and shadcn/ui provide visualization and styling. The motion-primitives library adds a smooth and modern touch to animations throughout the user interface.
Internet Computer superpowers
Internet Computer protocol allows BIT10 to scale seamlessly without the need for third-party cloud infrastructure. The ICP canisters provide an ideal environment for creating and storing decentralized assets, ensuring that the platform remains fully decentralized and cost-efficient. The chain key cryptography and infinite scalability have helped us build a secure and efficient platform without concerns about high infrastructure costs or latency. The tokens are built using ICP’s ICRC standards.
Go-To-Market strategy
We plan to attract users through strategic partnerships with cryptocurrency influencers, leveraging social media campaigns, and engaging the growing DeFi community on platforms like Twitter, Discord, and Reddit. BIT10 will also host X-spaces with AMA sessions to explain the benefits of decentralized ETFs in the Bitcoin DeFi space.
We are also working on developing educational content on X to familiarize potential users with the benefits of decentralized investments, focusing on the cost savings and simplified process that BIT10 offers compared to traditional investment options.
Monetization
BIT10 will generate revenue through management fees on the assets under management (AUM), but with significantly lower fees than traditional ETFs. By providing auto-rebalancing and an optimized portfolio of DeFi assets, we aim to capture a percentage of the returns generated for our users. Eventually, we plan to transition into a decentralized autonomous organization (DAO) for governance, potentially launching an SNS token to decentralize decision-making power further.
Status of the project
BIT10 is currently in the beta phase and has been deployed on the Internet Computer. Several ICP canisters have been created for handling the underlying Bitcoin and DeFi assets. The platform is live on the testnet and mainnet beta, where users can buy BIT10 tokens, transfer them, and view their balances. We are actively gathering feedback to refine the user experience and improve functionality.
Resources
- Dapp: bit10.app
- GitHub: github.com/ZeyaRabani/BIT10
Future Plans
In the near future, we aim to:
- Add support for other chain.
- Allow user to create their own token.
- Integrate additional DeFi tokens to broaden the portfolio.
- Implement governance features through SNS to transition to a fully decentralized platform.
Long-term, we plan to optimize the rebalancing algorithm using AI and machine learning to predict market movements and further enhance user returns.