FAQ
Questions about Airdrop&Badges and IDO:
- Badge Value: Common (equivalent 100$), Epic (equivalent 500$), Legendary (equivalent 1000$)
- Branching Rewards: means that you receive a percentage of the reward (depending on your SoulBound BADGE tier) whenever a new user uses your referral code to buy the BADGE (10-14% in BTC or BNB).
- Will be your ticket to participate in BTC launchpad IDO projects.
- More future airdrop anticipation
The SOULBOUND Protocol operates as a launchpad 2.0. Users need a SoulBound BADGE to participate, which allows them to invest in projects or build their own networks. BADGEs have referral code, and users can add new members to their branching maps using their referral code.
Within the SOULBOUND Protocol, there are three badge tiers: Common, Epic, and Legendary.
Common Badge: Offers basic platform access and participation in the referral program for branching rewards.
Epic Badge: Provides increased project allocations, better staking rewards, and improved platform privileges.
Legendary Badge: Represents the highest tier, granting the most significant project allocations, highest staking rewards, and exclusive platform privileges.
Users who stake Soulbound Governance token $SBB will get additional allocation of the projects besides the badge allocation.
Initial Distribution
A total of 21,000 badges will be initially issued, distributed across three distinct tiers: Legendary, Epic, and Common. The allocation of badges is designed to create a balanced and exclusive ecosystem that rewards both early adopters and active participants. Each offering distinct benefits such as increased project allocations, enhanced staking rewards, and exclusive access to platform features.
Badge Limit:
- Legendary: 1,000 (4,76%)
- Epic: 5,000 (23,8%)
- Common: 15,000(71,42%)
In the early stage, we launched a Badge airdrop for the community, and other users can only obtain Badges through invitation. Users need a referral code to purchase the badge on the website:https://www.soulboundbtc.com/buy-badge There is only one referral code per person, while the code can be used unlimited times. New users can choose which badge tier to buy after getting the referral code, and the rewards of the inviter are determined by the amount purchased by the invitee (10-14% rewards in BTC and BNB)
Users can exit badges by converting to SBB, and the converting page will be providing flexibility for users who may want to transition their assets within the ecosystem. When the user converts to $SBB, the system will verify that the address has been referred to, and if someone else has been invited and is rewarded, the number of $SBB conversions will be reduced by the referring he has received.
We plan for the period after ETF news and before the halving.
Governance and Tokenomics:
- Utility: $SBB facilitates participation in Initial DEX Offerings (IDOs), governance decisions, staking for rewards, and upgrading badge levels.
- Economic Alignment: It aligns economic incentives, governance rights, and platform functionalities, encouraging active engagement and sustainable value creation for all stakeholders.
- Staking Rewards: Holders can stake $SBB tokens to earn rewards, gaining early access to projects, increased allocations, and exclusive platform privileges.
- Platform Development: Users can utilize $SBB tokens to upgrade their badge levels, unlocking additional benefits. The token also plays a role in the governance structure, enabling voting on proposed changes, new partnerships, and adjustments to tokenomics.
Overall, the $SBB token is integral to the functioning of the SOULBOUND ecosystem, fostering engagement, incentivizing participation, and contributing to its growth and governance.
The SOULBOUND staking feature offers users the opportunity to stake their $SBB tokens to earn various rewards and benefits within the ecosystem. Staking involves the process of holding funds in a wallet to support the operations of a blockchain network, thereby contributing to its security and functionality
- Staking for Launchpad Accelerator: Epic and Legendary badge holders can stake $SBB to enhance the access to token sales on the launchpad platform.The quantity and duration of the staking commitment will determine the priority for securing your enhanced allocation for IDO
- Staking to Mine Launchpad Tokens: $SBB token holders can stake their tokens to earn tokens from projects launched on the platform. This feature provides an alternative way for community members to engage with and benefit from the growth of the ecosystem.
- Stake $SBB to Earn $BTC or $BNB: SOULBOUND introduces an innovative incentive structure where participants staking $SBB tokens are rewarded with Bitcoin ($BTC) or Binance Coin ($BNB) as part of the protocol fee revenue. Users deposit $SBB into a staking pool, and the $BTC/$BNB rewards are distributed based on the relative deposit of $SBB tokens, aligning with the platform’s revenue model.
Staking $SBB tokens not only contributes to the security and functionality of the SOULBOUND ecosystem but also enables users to access various rewards, early project allocations, and additional incentives, enhancing their participation and engagement within the platform.
The Bitcoin Ecosystem Grants, constituting around 8% of the total $SBB token supply, aim to fund innovative projects, research, and community-driven initiatives within the Bitcoin ecosystem. These grants empower developers, researchers, and contributors to explore new ideas, drive development, and enhance the Bitcoin space's innovation and sustainability.
General Understanding:
SOULBOUND contributes to the Bitcoin ecosystem through several key avenues:
- Innovation in Layer 2 Solutions: Enhancing scalability and efficiency in transactions while maintaining the security of the Bitcoin blockchain.
- Cross-Chain Integration: Bridging the Bitcoin ecosystem with other blockchains, fostering interoperability and an interconnected blockchain environment
- New Financial Instruments and Services:Introducing features like BRC-20 and RGB-20 Minting, and Taproot Asset Creation, expanding Bitcoin's utility beyond a digital currency to various financial instruments.
- Empowering Community Governance: Establishing a governance model centered around the $SBB token, enabling users to make decisions and contribute to platform development
- Strengthening the Bitcoin Investment Landscape: Diversifying investment opportunities within the Bitcoin ecosystem, making it more accessible to a wider range of investors.
Functionality and Features:
SOULBOUND Launchpad is community-based and incentive-driven. It allows users to participate based on their BADGE tier, fostering a network of investors who can invest in upcoming projects within the Bitcoin ecosystem.
BRC-20 Minting refers to the process of creating tokens that adhere to the BRC-20 standard. Users can deploy and mint their own BRC-20 tokens directly from the SoulBound platform.RGB-20 Minting:
RGB-20 refers to a smart contract-enabled Layer-2 (L2) and Layer-3 (L3) protocol built on top of the Bitcoin base layer (LNP/BP) and the Lightning Network. RGB-20 Minting is a feature offered by the SoulBound Protocol that allows users to create tokens adhering to the RGB-20 standard. This tool facilitates the creation of tokens on the Bitcoin network that are compatible with the RGB protocol.
Taproot Asset Creation:
Taproot is a Bitcoin protocol upgrade that brings improvements in privacy, security, and flexibility to the network. Taproot Assets (formerly known as Taro) refer to assets issued on the Bitcoin blockchain using the Taproot protocol. These assets can be transferred over the Lightning Network for instant, high-volume, and low-fee transactions.
The Taproot Asset Creation tool provided by SoulBound allows users to issue assets on the Bitcoin blockchain using the Taproot protocol. This tool leverages the security and stability of the Bitcoin network while enabling fast, scalable, and cost-effective asset transactions over the Lightning Network.
Roadmap and Future Plans:
The key milestones in the SOULBOUND Protocol's roadmap for the next two quarters are:
Q4 2023
- Launch 1st version of White Paper and website
- DApp Development & Key Feature Implementation
- Testnet I Service Launch
- Protocol Mainnet launch on BNB Chain
- Protocol Mainnet launch on BTC L2s
Jan 2024
- Launch Badges referral and purchases system
- Support more extension wallets such as OKX, Token Pocket wallet, etc
- Integrate 3rd inscription marketing place -Atomical
- Launch SOULBOUND Staking function
- SOULBOUND Badges airdrop campaigns
Q1 2024
- $SBB Token IDO in SOULBOUND platform
- 1st Launchpad Project IDO (First Lending & Borrowing & Inflation & Deflation all-in-one Defi Project on BTC)
- Open IDO application to public
Q2 2024
- Launch SOULBOUND Protocol governance system (Core, DAO, SIP)
- 2nd - 3rd Launchpad Project IDO
- UI & UX Upgrade