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Bitcoin miners back hash rate derivative DeFi project on BSC

Published 03/19/2021, 10:17 AM
Updated 03/19/2021, 05:00 PM
Bitcoin miners back hash rate derivative DeFi project on BSC
BTC/USD
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A group of Bitcoin (BTC) mining companies have put their weight behind Standard Hashrate and its recently launched TAU Protocol, a synthetic asset platform using hash rate derivatives for its peg mechanism.

Announced on Friday, the TAU project aims to create algorithmic versions of Bitcoin and other proof-of-work assets through a revisited rebase mechanism. The basic concept is similar to simple rebase coins, including the synthetic Bitcoin offered by Badger. The TAU protocol, however, adds a backstop to the value of its synthetic assets through Bitcoin derived from the mining hash rate.

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