The price of SBTC plunged by nearly 98% in just over an hour on September 21 as devs announced the dissolution of the token. The dissolution announcement came more than a month after the token reached an all-time high of $5.07. At the time of writing, the token was quoted at $0.007 down from $0.64.

In a short announcement issued via a Discord group, the SBTC team said they are no longer proceeding with the project while thanking those that stuck with the project until the end.

According to information on Coinmarketcap, creators of the SBTC aimed to peg the token price to 0.0001 BTC or 100,000 Satoshi by utilizing the built-in smart contract token contraction & expansion algorithm, variable staking policies, and SBTC Foundation reserves. This would then ensure that one SBTC will be mathematically guaranteed to be worth 0.0001 BTC in the short/medium term regardless of circumstances.

Meanwhile, in a message left on the SBTC website the team explained the steps holders of the token had to take before receiving the ETH airdrop.

At the time of the announcement, the SBTC team said the “best effort estimation of airdrop is still around 0.002 ETH + some ULU tokens per SBTC. You will only receive airdrop if you hold more than 30 SBTC.”

At the time of writing, the airdrop had been completed and another announcement in the discord then concludes that the “SBTC token is now useless, you should all sell it if it pays for gas and time.” The ULU airdrop “will not happen unless it becomes more worthy” adds the announcement.