WhiteBIT Token: All You Need to Know About the Token of Our Exchange
There comes a time in the life of any large company when it is truly ready to fulfill its most ambitious dreams. In 4 years of existence, we managed to develop our platform from a startup into a large ecosystem of effective services and products, as well as gather a friendly crypto community around it. The next step in the implementation of our development plans is the release of our own digital asset, WhiteBIT Token (WBT). The launch day is very close, so we want to introduce our brainchild to you and describe all the nuances of our asset.
What is WhiteBIT Token?
WhiteBIT Token (WBT) is the internal token of the exchange, developed as a full-fledged infrastructure project to connect the ecosystem of the exchange with other WhiteBIT projects created on its basis. At the same time, the token itself will be a project platform for tens of thousands of blockchain startups that want to expand their activities with the help of a reliable digital asset. We created the WhiteBIT Token with our users in mind while planning a number of additional opportunities and privileges that can be enjoyed with WBT.
There are 400,000,000 WBT in total, half of which are treasury tokens. Part of the tokens in the amount of 78 million WBT has been sold during a private sale. These tokens are locked for 3 months, after which 20% of them will be unlocked over a period of 5 months.
Half of the issued tokens (200 million) are treasury tokens. They will be unlocked over 3 years, starting with the final round of unlocking of the private sale tokens. Team and Company tokens will be unlocked in the final round. Thus, the volume of the first three rounds will be about 60% of treasury tokens, and in the last round – about 40%. 3/5 of the tokens (120 million) will be distributed to the funds.
Scope of benefits
WhiteBIT Token provides numerous benefits to its owners and holders. We have distinguished these two categories of token ownership because the benefits of the token can be enjoyed in two ways: by keeping WBT on the Main Balance (Owning) and blocking it in Holding. Let’s consider both methods.
What is Owning?
WhiteBIT tokens can be bought and kept on the Main balance. The WBT owners who keep the tokens on the Main balance get up to 90% off taker fees and up to 100% off maker trading fees. At the same time, tokens stored on the Main balance are counted in the same way as tokens in Holding.
What is Holding?
Holding is a method to block WBT that brings new advantages to the table, namely:
- Referral rate increase. Users who deposit WBT in Holding receive an increased referral share.
- Maker fees* (forced). Holders have a new maker fee structure that ignores standard fees (in addition to the standard fee discounts for WBT holders).
- Waiver of blockchain fee payments. Holders are entitled to a certain number of free withdrawals of ERC-20 tokens and ETH per day.
- Free AML checks: Holders are entitled to a certain number of free AML checks.
*The maker fee discount for WBT Holding replaces the maker fee discount for WBT Owning. At the same time, the discount on the taker’s fee for Owning is preserved (it is only affected by the number of tokens in Owning).
In addition to the fact that the token is integrated into the operation of the WhiteBIT ecosystem, we have:
- issued a limited amount of tokens with no possibility of additional issuance in the future;
- blocked half of the issued tokens for their further release to the market according to a pre-designed schedule;
- worked out a burning mechanism based on weekly fees on our exchange.
In addition, we plan to hold trading competitions, airdrops, and other activities, with the WhiteBIT Token as the reward.
When, where, and how to buy WBT?
One more piece of news we’d like to share: we’ve released the WBT launchpad! There, you can find information about the cost, the available purchase volume, a list of advantages and opportunities, as well as the Whitepaper of our token. The WhiteBIT Token sale is scheduled to start on the 14th of August 2022. You can follow the exact countdown to the start of the sale right there!
Let’s sum it up
WhiteBIT Token is an internal asset of the WhiteBIT exchange, created as a tool for efficient use of the platform, as well as all ecosystem projects, effective interaction between the platform and users, and granting privileges to its owners. Advantages of owning WBT: significantly lower trading fees, higher referral rate, free AML checks, and free ERC-20/ETH withdrawals. The mechanism of operation and insurance of WBT will ensure high-quality competitiveness of the asset.