OGAudit Web3 Research: @BitTorrent $BTT - Justin Sun’s SEC Lawsuit Just Got Dismissed, Top 10 Wallets Still Hold 90%
BTT extends the BitTorrent protocol, the peer-to-peer file sharing network Bram Cohen built in 2001, once responsible for an estimated 40% of global internet traffic at its height into a blockchain based incentive layer for seeding, storage and bandwidth:
- BitTorrent Speed, the whitepaper’s flagship feature lets peers bid BTT to each other for continued seeding priority after a download completes, addressing a real structural problem in the original protocol where research cited in the whitepaper found only 14% of seedless torrent swarms could successfully reconstruct a complete file. The token also underpins a decentralized storage service and a proxy service designed to help route around IP level censorship.
- BTT’s supply structure concentrates heavily among insiders by design, the original 2019 allocation gave TRON Foundation 20% and the BitTorrent Team/Foundation 19% of total supply, before any public distribution, a pattern reflected today in onchain data showing the top 10 wallet addresses hold roughly 90% of total supply though some of that concentration likely reflects exchange custodial wallets rather than individual holders.
- A 2022 redenomination created a new BTT token with a dramatically larger max supply of 990 quadrillion to support BitTorrent Chain (BTTC), its cross chain bridge product, meaning any current price or market cap figure needs to specify which BTT generation is being referenced since the pre-2022 “Old BTT” and current token trade under similar tickers with very different unit economics.
Is a cleared SEC lawsuit, Justin Sun reportedly committing another $200 million to the project and BTTC staking yields (7% APY) alongside growing JustLend DeFi supply enough to justify calling BTT undervalued relative to the still massive BitTorrent user base or does a near quadrillion token supply, 90% concentration in the top 10 wallets and thin daily liquidity ($6.7-8.5M against a $260-320M market cap) suggest the dilution and concentration math will keep capping any recovery regardless of legal clarity?
Category: Storage / DePIN
Coin Name: $BTT
Market Cap: $266.96M
OG Score: 33
OG Score Rank: #282/954
See the Social Audit with Reviews by crypto OG’s and more on the $BTT Coin page: ogaudit(.)com/crypto/bittorrent-btt
https://t.co/MBgz1YHabO
