BitANT (BITANT) is a governance token for BitBTC, adhering to the DAO ideology. The BitBTC protocol, created by BitBTC DAO, seeks to solve some of the issues of Bitcoin (BTC) by dividing BTC into BitBTC; i.e., 1 BTC into 1 million BitBTC. Consequently, the BitANT token is utilized for the buyback and burn of all the exchange fees between BTC and BitBTC. Additionally, the protocol seeks to launch yield farming, NFTs, and metaverse to their platform.

According to the whitepaper, the price of Bitcoin is high and transfers take a long time, because the present structure of BTC is not suited for making micropayments. As a solution to this problem, BitBTC DAO developed the BitBTC protocol. The whitepaper further states BTC is unable to engage in DeFi throughout the chain readily, and BTC mining requires a significant amount of power, which is not environmentally beneficial. As a result, verifying the blockchain necessitates huge processing power. The protocol seeks to introduce BitBTC to make BTC payments quicker, cheaper, and more energy-efficient, eventually achieving a cost-effective BTC global micropayment.

In order to facilitate this exchange between BTC and BitBTC, the exchange fee charged is bought back and burned in the BitANT token represented by the ticker BITANT. A token burn specifically removes some of its tokens from circulation by sending them to a zero address. Contrarily, buybacks occur when a project uses its own funds to acquire back part of its tokens at the market price. These tokens are temporarily held with the project rather than instantly put back into circulation.

Of the total supply of BITANT, the liquidity of 80% of tokens is locked in Uniswap. In addition, holders having BitBTC and WBTC earn BITANT as rewards through airdrops or mining to earn passive income. The platform states that tokens are fully allocated to the community, and the BITANT holders vote to decide further procedures, including airdrop decisions.

As per the Certik audit shared by the platform, the BitANT protocol was onboarded on May 31, 2021. The whitepaper was released on October 14, 2021. The cofounder of BitBTC(iBitLabs) is Minhua Ouyang, an entrepreneur and innovator.

The whitepaper states that, at the time of genesis, 10 billion BitANT were minted.

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