Prosper’s DAO-owned Bitcoin mining power (hashrate) is the starting point of our flywheel and will at all times be a solid foundation for all the use cases that the PROS token can unlock. As such, a critical consideration in our protocol design is:
Ensuring the hashrate-per-token will only be accretive & always be above the minimum peg throughout the lifetime of the protocol.
This core feature will be emphasized throughout various protocol mechanics and operations that we are rolling out across Phase 1 and 2, which will include features that actively encourage operations that are accretive to the hashrate-per-token ratio.
Phase 1: Hashrate Backfilling
Phase 1 is expected to start early November 2024. During this phase, Prosper and its launch partners’ focus will be on executing two programs:
Ensuring hashrate contributed to the DAO foundation comes live
Determining the minimum hashrate-per-token peg
How it works for PROS holders
No additional action or cost will be required from existing PROS token holders in this phase. Prosper and its launch partners are contributing live hashrate to the DAO to kickoff the protocol and to ensure each PROS token has the required backing to unlock the new range of utilities.
Once the backfilled hashrate comes online, PROS token holders will be able to see that hashrate’s live performance metrics on our v1 App protocol dashboard. They will also be able to verify the existence of that mining power via credible industry partners. For more information related to those key metrics and concepts, you can also refer to our website’s “Prosper 101” education series.
Minimum hashrate-per-token peg
The hashrate-per-token ratio (i.e., = the protocol’s total live hashrate amount ÷ 100 million units of PROS tokens) at the end of Phase 1 will be determined as the minimum peg.
The amount of backfilled hashrate will be announced as we get closer to go-live.
Phase 2: Protocol Scaling (Coming Soon)
Coming soon—to be released after Phase 1 is completed.