What is Bitcoin on Base?

Bitcoin on Base (BTCB) is a token created to serve as a store of value, built on the Base blockchain. It combines the characteristics of Bitcoin, such as scarcity, with enhanced speed and scalability offered by modern blockchain technology. The project facilitates Bitcoin mining, converting mining rewards into Coinbase Wrapped Bitcoin (cbBTC), which are distributed quarterly to holders possessing over 2,400 BTCB tokens.

The tokenomics of BTCB includes a significant initial burn of 5.16 million tokens, amounting to nearly 25% of the total supply, aimed at increasing scarcity. Additionally, buyback and burn strategies are implemented to further reduce supply and align with long-term holder incentives. The governance model and specific details about the supply cap and distribution mechanisms are integral to the BTCB project.