- BTCD is live on the Elastos Smart Chain (ESC) and opens a seven-day, Bitcoin-backed loan cycle to private testers.
- A Glide liquidity pool (BTCD–ELA) will supply the BTCD you’ll need to pay interest.
- Deposits: Recommended 0.001 with maximum of 0.1 BTC per contract (gradually rising to 1 BTC, then 10 BTC as the protocol hardens).
- Loan term: 7 days today, 90 days after 1 Aug 2025, when BTCD also goes live on the Elastos partner, PGP chain.
- Security audit: in progress, first report expected early August.
- Bug-bounty: 20 / 50 / 100 ELA for small, standard, and critical findings.
- Safety net: if you lose BTC during the test window, the team will reimburse you.
- Next step: join the tester roster by pinging Elastos moderators in the Elastos Telegram.
Why This Matters
Bitcoin’s $2 trillion market cap sits mostly idle. BTCD converts that latent capital into programmable liquidity without surrendering full custody, a breakthrough several years in the making. By anchoring a stable asset to native BTC locked in P2WSH vaults and verified by zero-knowledge proofs, BTCD pairs Bitcoin’s security with the flexibility of EVM DeFi on Elastos Smart Chain (ESC).
Launching any BTC-native stablecoin carries two existential risks:
- Bridge Risk – moving BTC off-chain traditionally relies on custodians or wrapped derivatives.
- Smart-Contract Risk – once BTC is in play, contract failure jeopardises an irrecoverable asset.
The controlled community test is engineered to attack both vectors in the smallest safe increments:
- Narrow loan size (0.1 BTC cap) limits blast radius.
- Short 7-day term accelerates feedback loops.
- Hard fork to 90 days in August gives the Elastos Foundation time to integrate lessons before scale-up on the new PGP execution layer.
What You’ll Be Testing
| Phase | What you do | What the system proves |
| Deposit BTC | Send 0.001–0.1 BTC into a BTCD vault generated by the dApp. | P2WSH address control + multi-sig arbiter network. |
| Mint BTCD | Receive BTCD at a 40–65 % collateral ratio plus ELA buffer. | ZKP shows BTC is locked; ESC contract gives you BTCD. |
| Borrow / Repay (≤ 7 days) | Use BTCD or swap for ELA; repay principal + interest in BTCD. | Loan logic, interest accrual, liquidation timers. |
| Redemption | Burn BTCD, reclaim your BTC | Arbitrator override paths, time-lock refunds, UX edge cases. |
Incentives & Safeguards
| Outcome | Reward / Remedy |
| Edge-case bug (UI glitch, minor mis-calc). | 20 ELA |
| Functional bug (incorrect interest, stuck funds). | 50 ELA |
| Critical bug (collateral loss, contract halt). | 100 ELA + public Hall-of-Fame credit |
| BTC loss (any cause). | 100 % reimbursement once incident is verified |
How to Join
Quick-Start Checklist
-
- Get whitelisted: Join Elastos telegram and ping 4HM3D or email at infinity@elastos.info
- Fund wallets: a little BTC (Native Segwit) for collateral + ELA (ESC) for gas.
- If on Elastos Essentials: Open dApp in Essentials → Discover dApps → URL will be provided (select ESC network).
- Connect two wallets: your EVM wallet + your BTC wallet when prompted.
- Borrow cycle: Create order → Take order → Lock BTC → Submit proof → Claim BTCD → Repay → Unlock BTC (step-by-step inside the app).
- Contract: 0x571efCD9c25A57cda70Ca4172cb5A773179C9209 (BTCD on ESC).
Looking Forward
- Early Aug 2025: Audit report drop + automatic extension of loan tenor to 90 days.
- 1 Aug 2025: Simultaneous deployment by Greek Business Center registered in Duabi, UAE on the Elastos partner, PGP chain to tap wider liquidity and cross-community arbitrage.
- Post-launch: Gradual lift of the per-contract ceiling—0.1 → 1 → 10 BTC—gated by real-time risk metrics and formal-verification coverage.
Your participation now shapes the safety, usability, and credibility of that future. Let’s battle-test it together—then unleash Bitcoin’s full productive power. Ready? Ping moderators, load up a sliver of sats, and break our code.
Further Reading
- Introductory BTCD deep-dive on the Elastos blog
- Weekly “Behind the Code” update tracking BTCD production readiness.
Disclaimer: This post is for community-testing coordination only and does not constitute financial advice. Always assess personal risk before interacting with experimental protocols.
