τBitcoin brings Bitcoin to DeFi and its price will be 1:1 pegged to that of Bitcoin.
The τ protocol utilizes hashrate tokens to synthesize the mining process. Hashrate tokens are cryptocurrencies collateralized by standardized and tokenized PoW hashrate. Staking hashrate tokens would entitle the staking holder to a share of the mining rewards earned by the underlying PoW hashrate. To synthesize a τAssets, the τ protocol requires the staking of hashrate tokens collateralized by the relevant PoW hashrate and the forgoing of PoW rewards in return for the synthetic versions. For example, synthesis of τBitcoin would require synthetic mining with hashrate tokens collateralized by standardized Bitcoin hashrate. The combination of staking with the relevant PoW hashrate and the surrendering of PoW rewards represent hashrate consumption, imparting inherent value into the resultant synthetics. The forgone mining rewards will be reserved for open market repurchases of τAssets, if necessary
