November Recap
November was another successful month for Prosper and $PROS holders. Alongside a number of new strategic investment and partnership announcements, Prosper has seen several significant milestones and gained further traction.
Keep reading for a recap of what Prosper achieved in November!
First Reward Campaign
We wrapped up our first month-long reward campaign for $PROS holders. Over the course of November, over 1.7 million tokens (>3.6% of circulating supply) were staked. Wrapped BTC ($WBTC) rewards were distributed to participating community members.
Rewards were credited via smart contract. Any $PROS holders that participated in protocol governance and voted in PIP-0, PIP-1 or PIP-2 also received an additional bonus of ~20%, airdropped directly to their staking wallets.
A second reward campaign will be starting soon for $PROS holders—stay tuned!
Hashrate Backfill and BTC Production
$PROS tokens are backed by real-world computing power, generated by physical mining machines in a mining pool managed by ANTPOOL, an industry veteran. Thanks to Prosper's newly announced key partnership with industry-leader BITMAIN, 250 petahash of Bitcoin mining power has already been successfully backfilled and is now up-and-running for the benefit of $PROS holders. Prosper's Bitcoin miners have produced over 2.8 BTC to date. The latest protocol status can be observed on the web app dashboard.
New Strategic Investors and Partners
November saw the announcement of significant new strategic investors and project partners.
Representing strong validation of Prosper’s new strategic focus and thesis, a number of backers have chosen to invest in Prosper’s native token $PROS:
- BIT Mining (NYSE: BTCM) – A leading cryptocurrency mining company
- Waterdrip Capital – An investment institution specializing in the blockchain vertical
- Satoshi Protocol – The world's first universal stablecoin protocol backed by Bitcoin
In addition to strategic investors, we announced exciting partnerships with a number of top-tier partners, including:
- BITMAIN – The world's leading manufacturer of digital currency mining servers
- Central Research – A Hong Kong-based investment research firm
- B² Network – A leading Bitcoin Layer 2 solution with significant TVL
Furthermore, we also had coverage from Animoca Research.
Bitcoin MENA Attendance
Prosper will be attending Bitcoin MENA, a key industry conference taking place in Abu Dhabi 9-10 December 2024. Furthermore, we are the Official Hashrate Sponsor of the conference—only fitting for the only institutional-grade Web3 hashrate project.
New Token Bridge
We launched our native token bridge. With the new bridge, $PROS holders are able to easily and conveniently transfer tokens between the BNB Smart Chain (BSC) and Ethereum blockchains directly using their self-custodial wallets.
Security and robustness of the bridge is a top priority, which is why we worked with SlowMist for smart contract auditing and also made use of proven cross-chain infrastructure from LayerZero.
Education
Last month, we launched 7 different blog articles as part of our Prosper 101 educational series, covering the following topics:
- Staking and Restaking
- Proof of Work (PoW)
- Bitcoin Ordinals
- Bitcoin Origins
- Smart Contracts
- Blockchain Bridges
- Bitcoin Market Cycles
The Prosper 101 series was launched to help inform both new and existing community members about Prosper's new protocol before they engage with it. This will help to build stronger long-term alignment, understanding, and adoption.
Prosper DAO Governance
As we've previously mentioned, community governance is vitally important for Prosper's long-term sustainability. In November, we continued to establish the groundwork for DAO governance, including introducing more Prosper Improvement Proposals (PIPs) and listening to community feedback on those proposals, as well as implementing a legal structure that includes the establishment of a Cayman foundation company to represent the DAO as a legal entity.
Community Engagement
Prosper has continued its efforts to improve and drive community engagement and social media activity related to the protocol.
In our second Binance Live event on 21 November, we discussed “The Future of Prosper — a new chapter in decentralized Bitcoin mining”, and reached an audience of almost 30K and 17K likes within an hour.
In November, the Prosper X (Twitter) account reached over 180K followers and we have also grown our Telegram channel by 9x since relaunch to over 40K members.
We also had additional questing campaigns on Galxe and Gate.io to further engage users.
Market Activity
$PROS spot trading volume also saw significant growth in November, exceeding $960 million, up from over $360 million in October and an average monthly volume of $85 million in the first three quarters of 2024.
What's Next?
November has wrapped up, but we are continuing to build. Plenty in store for $PROS holders in December—including the start of the next reward campaign.
Be on the lookout for more exciting announcements coming in December!
