As more and more infrastructure and dAPP projects are being built on Bitcoin, BTC is moving towards a mature ecosystem. However, "Bitcoin mining," as an indispensable part of the entire Bitcoin operation and ecosystem, has most of its resources and activities concentrated in the hands of Web 2 companies, which seems somewhat ironic for a blockchain known for its decentralization.

This article will introduce the well-established DeFi project Prosper, which is set to rebrand in October. Its goal is to become an on-chain computing power farm, potentially becoming the first DePIN+RWA project in the Bitcoin ecosystem. After re-empowering the brand with the $PROS token, there are many applications worth looking forward to.

What is Prosper: The First Web 3 Mining Company to Tokenize Bitcoin Computing Power

Prosper is a platform that will focus on re-empowering Bitcoin computing power by bringing institutional-level Bitcoin mining capabilities on-chain. By combining DeFi functionalities, it aims to transform computing power into liquidity, providing more possibilities for the entire mining power industry.

Why Focus on Mining: A Long-Ignored Key Link

As the token with the highest market share in the entire cryptocurrency market, Bitcoin has a market capitalization of about $1.3 trillion. However, the total market capitalization of almost all representative mining-related companies is around $20 billion, and they are mostly Web 2 companies. There has never been a project in the cryptocurrency system focused on tokenizing computing power.

Although we have seen explosive growth in the Bitcoin ecosystem, or what is referred to as BTCFi, during this cycle, most projects built around BTC have focused on various infrastructures, such as Layer 2 scaling solutions, cross-chain bridges, blockchain wallets, or other applications, with almost no projects focusing on the most important aspect of the entire Bitcoin ecosystem—Bitcoin mining.

Mining, which involves miners using intensive computational power (also known as hash rate) to solve complex cryptographic problems to verify and secure blockchain transactions, relies on a large amount of hardware, specifically GPUs. This is the core of Prosper's brand reconstruction.

Prosper's Strategic Positioning: Mining Power + Long-Term Bitcoin Storage

According to statistics, the well-known MicroStrategy (MSTR) has a market valuation of $30 billion, and its extensive use of Bitcoin as a store of value has led many to forget that its core business is actually a software service company.

Prosper's goal is to become a Web 3 project that combines "Bitcoin mining" with the "MicroStrategy (MSTR) model." Unlike other traditional Bitcoin mining platforms, Prosper plans to further utilize DeFi to provide additional liquidity and utility for mining activities, while also accumulating Bitcoin in the protocol's treasury like MicroStrategy and continuously distributing rewards to the community supporting Prosper, establishing a flywheel around the growth of Bitcoin's value.

Prosper 2.0: From DeFi to Aiming to Become the Largest On-Chain Computing Power Farm

In the past, Prosper was an outstanding on-chain liquidity platform, even providing DeFi services for predicting price fluctuations and real-world event outcomes earlier than Polymarket. Feeling the gradual maturity of the blockchain industry in recent years, Prosper believes now is the best time to return to its original intention and realize its ambitions.

Through the PIP-0 proposal, Prosper's new strategic direction is to become the largest on-chain computing power farm and to endow the $PROS token with greater value through a new mechanism.

Combining Top Mining Equipment with the Best Custodial Services

By directly purchasing mining machines or having mining partners contribute computing power, Prosper will directly own the underlying computing power for mining and sign contracts with top service providers responsible for on-site maintenance and operation of these mining machines, ensuring the efficiency and stability of mining activities.

Continuous Upgrading of Underlying Computing Power Equipment

Prosper not only focuses on accumulating current mining resources but also plans to closely collaborate with major mining machine manufacturers to continuously improve the performance and mining efficiency of the machines, which will help enhance future mining profits.

Becoming a Diamond Hand for Capturing Bitcoin Value

In addition to owning actual mining equipment, Prosper will adopt the MicroStrategy model to continuously mine Bitcoin at cost and hold the mined Bitcoin long-term, strengthening the project's overall stability and risk resistance.

Re-Empowerment of the Prosper Token $PROS

As a project that has been working in the industry for a long time, Prosper's token $PROS previously launched as a DeFi token on the largest cryptocurrency exchange, Binance. In October of this year, in addition to the entire brand being repackaged for re-launch, the existing token functions and token economics will also be significantly enhanced.

For holders of $PROS, the biggest benefit is that they can gain more value without incurring additional costs.

In the Future, Holding $PROS Will Be Equivalent to Holding Bitcoin Mining Machines

In the future, each $PROS token will represent a certain unit of computing power. By the end of the year, Prosper will temporarily lock the computing power value corresponding to each token, which is the "peg" mechanism. After that, the token supply will only change when the underlying computing power increases, meaning the computing power corresponding to each token will not be diluted. (This means that for interested investors, the end of the year may be the best time to purchase $PROS.)

Native Bitcoin Leverage Without Liquidation Mechanism

This means that $PROS = N units of Bitcoin mining computing power, and holders can vote on protocol proposals and stake tokens to earn Bitcoin rewards. The new token economics of $PROS effectively allows holders to invest in Bitcoin in a "leveraged" manner without worrying about the risk of liquidation due to market fluctuations.

In addition to staking, Prosper also plans to continue developing use cases in other ecosystem projects and launch new applications, allowing both Prosper and the Bitcoin ecosystem to continue to grow.

Continuous Breakthrough of Value-Adding Potential

In past cases, similar mining tokens have reached trading multiples of 3,000, while traditional Web 2 companies typically have a price-to-earnings ratio of about 150 times. This means that compared to the current value, the $PROS token may have a higher potential for market value appreciation.

This is evidenced by Prosper's official partner Animoca Brands recently announcing its intention to acquire more $PROS tokens from the open market.

Is Now the Time for Value Discovery?

From Prosper's official website, it can be seen that Prosper has not yet launched the new app and is undergoing various visual and functional renovations. The new token economic model and how rewards will be distributed to holders are yet to be announced.

However, considering that $PROS currently has a market value of only $12 million and a circulating market value of only $36 million, along with Prosper's latest valuation proposed after market research, now may be a good time to discover value.

Official Twitter: https://x.com/prosperfi_xyz

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