Original author: 0x9999in1, MetaEra

TLDR:

· Current state of the Bitcoin ecosystem and opportunities in the mining sector;
· Prosper's strategic direction and community-driven model;
· Prosper tokenomics and market performance;
· Prosper's history and future outlook;

· Prosper token PROS surged over 100% in a single day last week.

Prosper is set to become the only protocol that combines institutional-grade Bitcoin mining power with decentralized custody, integrating direct participation in Bitcoin mining, long-term holding strategies, and the flexibility of decentralized finance to offer users a novel way to engage with the Bitcoin ecosystem.

Current State of the Bitcoin Ecosystem

Since its inception, Bitcoin has become the cornerstone of the crypto world due to its peer-to-peer decentralized transaction model. However, it has also been criticized for its "lack of scalability, inability to support smart contracts, and slow on-chain speed." With the development of the Lightning Network, Ordinals protocol, L2 solutions, and other sectors, the Bitcoin ecosystem has shown strong momentum.

Currently, the Bitcoin ecosystem includes sectors such as wallets, cross-chain bridges, L2 solutions, NFTs, LSD staking, and DEXs, with new projects and participants continuously emerging to contribute to its development. Notably, the Bitcoin ecosystem now boasts $83 billion in Total Value Locked (TVL) in DeFi. While the DeFi ecosystem continues to grow and evolve, Bitcoin mining remains a significantly underdeveloped area. It's important to recognize that the computational power behind Bitcoin mining forms the foundation of the broader Bitcoin ecosystem. Recently, Prosper has re-emerged after a restructuring and upgrade, aiming to bring institutional-grade Bitcoin mining capabilities on-chain and fully unlock the potential of the most decentralized cryptocurrency. Prosper is poised to become the only Web3 "BTC miner + MSTR" (MSTR, MicroStrategy, a company strongly tied to Bitcoin in the crypto space).

Prosper: The Only Protocol Fully Covering Bitcoin Mining Power and Decentralization

The reason Prosper has shifted its strategic focus to "Bitcoin mining" is that the current Bitcoin ecosystem is overcrowded with projects competing in L2 and other foundational application layers, leading to intense internal competition. Meanwhile, pure Web3 projects focused on Bitcoin mining remain a blank slate, creating an opportunity for Prosper.

Instead of diving into a highly competitive sector, Prosper is creating a new foundational block, capturing the scarcity value and valuation premium of this innovative approach. By focusing on Bitcoin mining, Prosper effectively creates a leveraged Bitcoin investment without liquidation risks. Prosper will evolve into a new decentralized protocol to build a more prosperous community.

Given its focus on Bitcoin mining, hardware and mining pool support are essential. On one hand, the Prosper Token Foundation purchases mining machines directly or through partnerships with mining collaborators, maintaining and operating them on-site. On the other hand, considering the probabilistic nature of Bitcoin mining, Prosper will collaborate with established mining pool providers to reduce production variances and better monitor hardware performance. This allows Prosper to accumulate BTC at cost and hold it long-term.

Additionally, Prosper emphasizes its role as a community-driven protocol. The Prosper Token Foundation ensures it owns a corresponding number of mining machines and provides real-time Bitcoin mining power. Prosper's native token, PROS, can be exchanged for corresponding Bitcoin mining power, with the ratio of mining power per token to be announced later. The three pillars—"Bitcoin mining hardware + Foundation's BTC accumulation + user participation rewards in BTC"—make Prosper's new strategy more sustainable.

Currently, Prosper has launched a community vote codenamed "PIP-0" on its official website, allowing all community members to participate and validate this new strategic direction. Once the vote is passed, Prosper will firmly implement its new Bitcoin mining strategy.

Token $PROS: A 100% Mining Power Token, Holding It Grants Bitcoin Mining Power and Rewards

With Prosper's new strategy, PROS surged 106.03% in 24 hours on October 10, reflecting strong investor support for its Bitcoin mining initiative.

According to CoinGecko data, PROS has a circulating market cap of around $12.55 million, with decent liquidity in secondary markets, led by Binance. Combined with Prosper's new strategy, PROS has significant growth potential.

To ensure sustainable project development, Prosper has restructured and upgraded the utility and circulation path of the PROS token. The core upgrade is that PROS becomes a 100% mining power token, with each token pegged to a certain amount of Bitcoin mining power, enabling PROS holders to participate in daily community votes and Bitcoin mining. The token supply will dynamically adjust based on changes in Bitcoin mining power, and the official has committed to locking the "anchor value" of mining power per token by year-end. Thereafter, the token supply will only change if mining power increases, ensuring that holders' token value is not diluted and that each token remains backed by actual Bitcoin mining power.

To ensure the effective execution of Prosper's new strategy, existing PROS tokens must be strictly controlled to prevent sell-offs. Prosper's partners have locked their PROS for 1.5 years to ensure long-term success. Prosper will also publicly display relevant wallet addresses on its website, ensuring no transaction activity to maintain transparency.

Prosper's "Past Life": A Premium Prediction Market and Hedging Platform, Seizing New Opportunities in the BTC Ecosystem

Back in January 2021, Prosper, a short-term prediction market platform based on Binance Smart Chain, officially launched prediction mining. Users could predict the BNB market on Prosper and earn PROS token rewards. At the time, PROS was used for platform governance, creating custom prediction pools, prediction insurance, and commission discounts.

By September 2021, blockchain gaming and NFT developer Animoca Brands announced its acquisition of the Prosper platform and its assets, including Prosper's reserve of PROS tokens. Animoca Brands viewed Prosper as a strategic acquisition, as it could provide prediction services for Animoca's games and NFT-based products.

In early October this year, Prosper relaunched as a new project with a rebranding, requiring no additional fees from PROS token holders. During the revaluation process, partners may provide additional Bitcoin mining power support.

Following Prosper's announcement of its new strategic direction in the Bitcoin ecosystem, Animoca Brands plans to acquire more PROS tokens from the open market. This isn't Animoca's first token buyback; it previously purchased EDU, the governance and utility token of Open Campus, which subsequently saw orderly operations. Regarding the PROS acquisition, Animoca Brands stated that it demonstrates support for Prosper's new strategy, which will bring new utility to PROS and reaffirms its commitment to the Bitcoin ecosystem. Animoca Brands will restructure and upgrade Prosper, focusing on Bitcoin mining for long-term success.

Notably, Prosper will gradually announce its mining partners on its official Twitter, with hints suggesting significant collaborations to look forward to.

Conclusion

Currently, Prosper has unveiled its new RoadMap, outlining a 12-month plan to turn Bitcoin mining from vision to reality. This includes website updates, community votes, token migration, and linking Bitcoin mining power to tokens. Prosper also revealed it may be among the first clients to receive Bitmain's next-gen high-performance mining machines, potentially improving mining efficiency and profitability. Overall, Prosper has identified a gap in the Bitcoin ecosystem, deeply rooting itself in Bitcoin mining to provide foundational computational support. Prosper is likely to become a new decentralized protocol and a novel Web3 Bitcoin mining project distinct from traditional mining power providers and pool operators.
 

Prosper Official Website, Prosper Twitter, Prosper Telegram, Prosper 101 Course

This article is contributed and does not represent the views of BlockBeats