BitWell AMA | Innovating Web3 and Embracing Metaverse

At 8PM UTC+8, 30th January 2022 on BitWell Global Telegram Community, the CEO of BitWell, Jeff, shared with the community the previous achievements that BitWell has made in 2021 and the most exciting plan of BitWell in 2022.

The below transcription from Jeff’s live stream has been condensed and edited slightly for clarity.

Cathy: Hello! My dear BitWell friends!

Thank you all for showing up today to join our AMA! I am Cathy from BitWell. Today, the BitWell Global Community is very honored to play host to our CEO, Jeff, in a live Ask-Me-Anything (AMA) session.

On the show, we’ll chat with our guest about the recent updates of BitWell as well as its future plan.

We hope you’ll join us for this fun event!

Let us welcome our guest!

Jeff: Dear BitWell community,

I am Jeff, the CEO of BitWell.

A late happy new year to you all! I hope you celebrated the first month of 2022 safely and happily. As we mark the final days of January, I want to take a moment to look back on 2021 and thank you all for your contributions over the past 12 months.

In 2021, the BitWell team has been working hard to deliver products that empower everyone to efficiently manage risk and achieve financial success. In this regard, our goals are very much aligned with Satoshi Nakamoto’s, whom we celebrate in this artwork.

2021 was an important year for us. It was a year in which we saw many ups and downs. There are old people who went for a better journey and new people who join us to do amazing things. In 2021, we have strengthened the business further, growing our ranks by welcoming new members and rolling out important initiatives that will help to guarantee our continued success in the future.

2022 is set to be another exciting year for us. We can look forward to working further on the many initiatives to deliver the best services and products, an outstanding customer experience, and awesome content.

Today I am here to talk with our beloved community to take away doubts and share our plan for 2022.

Cathy: Thanks for your New Year message! We have indeed seen many great things happen in 2021! There were surely moments which were hard to overcome but we have made it eventually!

I believe many of the folks on this line are interested to talk with Jeff to know more about the recent updates and the future plan of BitWell. A few weeks ago, we sent a form out in the community to collect users’ most concerned issues. Jeff, could you take some time to answer some of our community FAQ?

The first one is if BitWell will have a new plan to expand its contracts products line.

Jeff: We have noticed that there is a strong demand for contract products from many users, and we will certainly continue to make efforts in this area.

As we all know, perpetual contracts are still the most dynamic and popular product in the crypto asset space. I believe users who have traded with BitWell on perpetual contracts know that the platform contracts are no less than the top platforms in terms of trading functionality and depth of contracts, so BitWell will continue to make efforts in this area to further enrich and improve the experience of using perpetual contracts.

After the first two months of enriching the variety of perpetual contracts, users can now trade mainstream coins and some of the most popular coins on the platform, and the U-margined perpetual contracts are relatively complete on the whole.

In response to the call from the community, the first thing the platform will develop next is the COIN-margined perpetual contract, which will be an important planning for Q1-Q2 of the platform. The COIN-margined perpetual contract will retain the features and functions of the U-margined perpetual contract, and will also provide users with a smooth trading depth and enhance your trading experience. Please be patient and look forward to it.

Cathy: Thanks for the detailed answer. As a derivatives exchange, BitWell surely will put more effort on its contract products development. Let us wait to see more new contract products!

Let us move to the next question. Could you tell us more about the development progress of the On-Chain contracts?

Jeff: First of all, the development of the on-chain contracts is progressing smoothly and is now in its second version.

The on-chain contracts will have a more concise operating interface, and will retain some of the features and advantages of the BitWell perpetual contract, such as covering all major mainstream and popular coins; multiple order methods such as Same-side Best and Trigger Order; lower maintenance margin rate, etc.. In particular, the high leverage of 120 times and the industry-leading multi-currency cross collateral function have been added to the on-chain contracts by the development team.

In order to encourage and reward users to use on-chain contracts, we are considering some reward mechanisms, such as WELL as an additional reward for participating in trading, an additional discount or rebate on transaction fees for locked WELL positions, and USDT as a rebate on fees or direct reward for inviting friends to register and deposit We will further evaluate the specific rewards program and launch it when the product is online.

The on-chain contracts will effectively complement BitWell’s existing perpetual contracts in the future, allowing users to not only conduct decentralized transactions on the chain, but also grow with the centralized platform.

Please look forward to more details about the on-chain contracts, and we believe it will not disappoint you when it goes live.

Cathy: From the information above, we could know that although BitWell is a CEX itself, it is ready to dive into decentralized space. Looking forward to see the birth of on-chain products in the upcoming months!

The next question is quite important to our community as many of them are loyal WELL holders.

Here we go. Could you tell us more about WELL Token? What are your plans to bring more application scenarios to empower WELLl and do you have a WELL token burning plan?

Jeff: The first is WELLPad, the token launch platform of BitWell for WELL holders. The product has been developed, and we have also selected and prepared some programs.

However, in recent times, the market as a whole is in a deep adjustment, and I believe we all feel the same. Launching WELLPad in such market conditions is very risky for both the platform, users and project owners. BitWell’s goal is to grow together with users and project owners, so after comprehensive consideration, the platform has decided to postpone the launch of WELLPad. Please understand this and don’t worry, we will open it at a later time when the market stabilizes and improves.

Secondly, the team is considering to do some more novel attempts, for example, it may be applied to the NFT market, combining NFT and meta-universe, as well as high-yield finance, and cooperate with more projects in technology and market, to bring a different way of playing and empowering the current platform token, and further enrich the application scenario of WELL.

The team is planning this aspect and will definitely go for it. Of course, all these will take some time to prepare. Everyone in the team would prefer WELL to be successful, so please don’t be in a hurry.

Once again, regarding the destruction of WELL, we will vote through the community to start the funding team destruction mechanism at a later time, as well as to decide the start time of profit buyback destruction, the destruction plan will be started after the launch of the COIN- margined perpetual contracts.

To emphasize dual-track destruction, an extreme deflationary economic model has always been the goal of WELL, the team is also bound to work in this direction, and after the launch of WELLPad, we will also look into optimizing the destruction mechanism based on the actual situation.

Cathy: Thanks for your detailed information. Do you mind sharing the plan of BitWell in 2022?

Jeff: Before we get to the topic, let me summarize the progress of the platform in recent months.

1. Enriching trading varieties

In the last 2 months or so, the platform has been increasing and enriching trading varieties, mainly perpetual contracts and spot. Up to now, BitWell has 37 coins in perpetual contracts, covering mainstream coins as well as major popular coins. The trading experience of perpetual contracts has been further improved with better depth, and I believe users who have used it can appreciate that our perpetual contract trading experience is no less than that of the leading platforms.

In terms of spot, we have also added some popular projects, including cooperative projects. At present, the spot section already has GameFi, DeFi, Polka, Layer 2, NFT and so on, and the platform will continue to put more popular quality projects online in the future.

2. Launching a high-yield pledge pool with the industry’s top yield

The community-based financial product BitWell Savings has been favored by users since its launch. The team took into account the financial needs of users for idle funds and launched a new high-yield pledge pool some time ago.

The high yield pledge pool has been running for several periods, covering 7 days, 14 days, 30 days and 60 days. From the concluded pools, the 7-day APY reached 9.8%, far exceeding other platforms in the industry and DeFi’s return, which I believe users who have participated have already experienced.

3. Support for public chains

Recently we have just supported Avalanche (AVAX) main network, and opened AVAX main network deposit and withdrawal function. Additionally, as the sponsor of the first phase of Moralis Avalanche Hackathon, we effectively provide investment, exchange listing, community and other support for AVAX ecological projects, to provide quality assets for our users for the first time.

Other public chain ecological cooperation is also in close communication docking, such as Near, Luna, FTM, ADA, ICP, PlatOn.

4. WELLPad

As mentioned earlier, the development of WELLPad has been completed, and we will open it at an opportune time when the market stabilizes and improves.

5. External Cooperation

BitWell has been continuously expanding external cooperation. In recent months, we have reached cooperation with top quantitative institutions WOO Network and FMZ, which will bring a huge improvement in liquidity, both in the current trading depth of the platform and in the on-chain contracts that will be launched in the future.

In addition, we have also reached strategic cooperation with quality projects such as X World Games and PlatON to enrich the trading scenario for everyone while laying the foundation for future decentralization.

Cathy: Well said, Jeff. I believe our community are happy to see the progress we have made in the past year and are eager to see more great things in 2022! Thank you all for your loyalty and patience.

“Success isn’t always about greatness. It’s about consistency. Consistent hard work leads to success. Greatness will come.”

Time is ticking! Let us move forward! For the product side, what is the plan?

Jeff: After summarizing some of the recent progress, let’s talk about some of the upcoming plans the platform is going to implement.

1. We have just talked about coin-margin perpetual contracts, WellPad, and the launch of on-chain contracts, so I won’t repeat here.

2. Support More Public Chains and Cross-chain Assets.

After Avalanche (AVAX), BitWell will support more public chains. At present, the support for the Fantom (FTM) mainnet has come to an end and will be launched in the near future. The development team is also working on the development of popular public chains such as NEAR, Cosmos (ATOM), and ADA.

BitWell will also support them directly from the products.

The team has already started to connect with high-quality projects, and will make trading these high-quality assets accessible and explore more cooperation in the future.

More importantly, we will realize the direct transaction support for various public chain assets. In short, it is to make transactions of cross-chain assets available. This function will be managed by the “flash swap” product. That is to say, in the future, for assets on various public chains, users can use the “flash swap” function to complete the transaction directly and conveniently. In the entire transaction process, a series of complex processes involving chain crossing are completed by BitWell. Users do not need to deposit or transfer money to the wallet. They just need to click flash swap, which is convenient, safe and fast.

3.DeFi On-chain Options Protocol

After the coin-margin contract and the on-chain contract are launched, the platform will start to develop the DeFi on-chain options protocol based on the existing contracts and options technology.

The on-chain options will adopt an innovative point-to-pool model. Compared with the traditional order book, this model can obtain better liquidity in a simple and convenient way, and can bring a more user-friendly UI interface. Traders will find it smoother when making orders and transactions.

4. Decentralized Liquidity Protocol

The decentralized asset liquidity protocol is an important product that the platform will develop in the later stage. Through the liquidity protocol and liquidity pool, it will bring richer liquidity to various assets such as on-chain options and perpetuals.

BitWell has integrated some NFT concepts into the products. In the future, it will also increase the liquidity protocol of NFT assets to open up the connection between NFT and DeFi, thereby greatly increasing the liquidity of NFT assets and help more new assets to build a richer and multi-dimensional ecosystem.

5. Exploration of WEB 3.0 Identity Authentication and Asset Security

BitWell will conduct research on issues such as assets, data confirmation, privacy management, etc. that are of common concern to the platform and users, and explore new ways to access and manage assets under WEB 3.0.

The platform has reached an in-depth cooperation with PlatON, a well-known “privacy+data” project. In the future, the platform will further strengthen the privacy protection of data on the platform and improve the data security of the platform and users.

At the same time, BitWell will also study how to put the synchronization of the key business information of the underlying assets on chain, and use cryptography technology to realize the rightful holder’s asset ownership, and strengthen the security and data privacy of the platform’s decentralized on-chain financial products.

At that time, BitWell will strive to become a bridge between users and WEB 3.0, users will be able to manage their assets more safely and freely, and use various financial products more efficiently.

and next, Regarding WELL Tokens.

1. The new WELL burning mechanism will be launched through community voting in combination with the actual situation of products such as WellPad, coin-margin perpetuals, and on-chain contracts. In terms of the burning mechanism, the team WELL token shares will be burned first, and then the profit will be used to repurchase WELL for future burning at an appropriate time.

2. We will carry out technical and market cooperation with more projects in NFT or Metaverse sectors to enrich the application scenarios of WELL.

BitWell Labs

BitWell Labs, the venture capital and innovation incubation arm of BitWell, is devoted to offering a wealth of investment, collaboration and mentorship opportunities to the global top-tier blockchain projects. BitWell Labs has recently launched a $50 million fund to invest and incubate in Metaverse projects. The Metaverse fund will be used to support GameFi, non-fungible token (NFT) and other Metaverse sector projects in marketing, operation, trading and so on.

BitWell has recently joined MeMusic to build a Web3.0 based Music ecosystem, as a strategic investor. Through this strategic investment, BitWell Labs envisions helping MeMusic to build an innovative, hybrid earning mechanism of listen & play to earn. BitWell Labs and MeMusic will also cooperate in marketing, operation, trading, and the like. In 2022, BitWell Labs will continue to look for more high-quality projects and embrace more investment and cooperation opportunities.

Cathy: Appreciate for such amazing answers!

We have talked about the product side, let us spend some time on the marketing side as well. As BitWell intends to be more international, what is the overseas marketing plan of BitWell?

Jeff: In 2022, our marketing focus will be mainly on overseas market development and global KOL marketing network building.

Overseas market development plan: first to have a firm standing in the minor markets (press release in local language to spread awareness and build public trust, website local language update, customer service support in local language, etc.) — Arrange more promotion in English markets — Expand BitWell friend ecosystem and thresholds (BitWell DAO, invest in top-tier projects, etc.)- — regulation and compliance (continuously polish and optimize BitWell products during marketing events)

Minor markets in Asia: Vietnam, Indonesia, Malaysia, the Philippines in Southeast Asia; India, Pakistan in South Asia; Brazil, Chile, Venezuela in South America and other regions with high cost-effectiveness based performance and relatively small competition;

Minor market in Europe: Turkey, Russia and Ukraine with high trading volume; German, France, Denmark and the Netherlands with high individual trading volume;

English markets: the United States, Canada, Australia, the United Kingdom and other competitive but indispensable mainstream crypto English-speaking markets;

Global KOL marketing network building: We will reach friendly long-term cooperative relationships with global KOLs (Telegram, Twitter, Youtube, Discord, Tiktok, Instagram, blockchain media, etc) to bring more community engagements, traders and arrange trading referral campaigns and so on to get more international content output and overseas media exposure. We will also organize global KOL trading competitions, local KOL roundtables events, global Knights recruitment and other activities regularly.

In addition, we will also actively cooperate with overseas high-quality projects to carry out activities such as spot listing,WellPad launch, investment and incubation corporations to attract more new users and bring more benefits to our current users.

Overseas market development:

Our marketing department will analyze the different local contract markets from user’s life cycle, customer acquisition cost, ROI, etc. to design the most cost-effective overseas user growth plan.

Taking South Korea as an example, compared to Asian markets such as Southeast Asia and India, South Korean users are richer in general. The average open interest of Korean users is about 5–10 times that of users in these regions.

Apart from the high GDP per capita, the reasons that Korean users have more funds in crypto also include that the average age of Korean crypto investors is higher. These Korean crypto users are often in their mid-40 and they usually have quite some savings which mean they are capable of putting more investment in cryptocurrencies. In addition, due to the restrictions of South Korean laws, local exchanges in South Korea, such as Bithumb, Upbit, Coinone, etc., although the user base is very large, these exchanges cannot operate futures business.

Therefore, the current active exchanges are all non-local exchanges, such as BitMex at the beginning and now Binance, Bybit, FTX, etc. The entry of new exchanges into the Korean market will involve a more important topic, that is, channels. We will not go into details on how to open these channels. In addition, the new market must also take into account the life cycle of contract users and customer acquisition costs.

In general, there are two key points to focus on when opening a new market: one is localization, and the other is Business Development.

Every time a market is opened, localization work shall be done first, and then business development staffs are responsible for negotiating cooperation with local KOLs and channel agents. When new users come in, we will design new activities and trading competitions according to the local conditions. We will collect as much feedback as possible in the campaign to improve the product and improve the user experience, and increase the user’s conversion rate and customer loyalty.

Cathy: Thank you Jeff for such a great sharing.

The first segment has come to an end and the most exciting moment is coming! Community members will have 5 minutes to think and post BitWell related questions! 5 best questions will be selected.

Questions from the community

1.Hacking is now more sophisticated, the potential for cyber attacks to become a terrible threat… So what about the BitWell platform’s security system? What technology & security system does BitWell use to protect user assets from hackers?

Jeff: We always put the safety of our users’ assets first.

We set up a special asset security team, 24-hour monitoring.

As you know, BitWell was established more than two years ago, and we have never had a safety accident.

2. Metaverse is very attractive, do you think you will apply metaverse technology to BitWell in the future? You know NFT is very important for BitWell future internationally, what is BitWell planning about NFT ?

Jeff: We don’t wanna position ourselves as just an exchange, we want to be an ecosystem.

We are not only laying out the NFT sector, but also other areas, like IGO, Metaverse and Web3.

For example, BitWell Labs, the venture capital and innovation incubation arm of BitWell, is joining MeMusic to build a Web3.0 based Music ecosystem, as a strategic investor.

Through this strategic investment, BitWell Labs envisions helping MeMusic to build an innovative, hybrid earning mechanism of listen & play to earn. BitWell Labs and MeMusic will also cooperate in marketing, operation, trading, and the like.

3. Is there an ICO feature in the future? because it has become a mainstay feature for several competitor CEX.

Jeff: ICO, of course, we will.

We prefer to name it as “WELLPad”,which provides our $WELL holders with early quality blockchain projects’ allocation.

The product features are ready. However, due to the market environment, the specific online time is temporarily postponed.

We will have a very rich source of quality projects. For instance, as the partner of Avalanche Hackathon, we will have more access to invest and incubate prestigious projects.

Moreover, we have established strong relationships with PlatOn, Near, Luna, FTM.

BitWeller’s, come to participate in our “ICO” (WELLPad)!

4.What is the relationship between WellPad and BitWell Labs?

Jeff: BitWell Labs, the venture capital and innovation incubation arm of BitWell, is devoted to offering a wealth of investment, collaboration and mentorship opportunities to the global top-tier blockchain projects.

BitWell Labs has recently launched a $50 million fund to invest and incubate in Metaverse projects. The Metaverse fund will be used to support GameFi, non-fungible token (NFT) and other Metaverse sector projects in marketing, operation, trading and so on.

BitWell Labs is joining MeMusic to build a Web3.0 based Music ecosystem, as a strategic investor. And invest and incubate more prestigious projects in the future.

WELLPad will be a multi-chain platform which helps raising funds and marketing for our partners, especially for your investment cases.

5.Do the token holders have the right to participate in the governance of the project? On what kind of decisions can they vote on about the project?

Jeff: Of course, it’s in our plan.

We hope to guide all of you to participate in BitWell’s construction.

The function of “community voting” works, but we didn’t used it much before.

In the future, we will improve the frequency of using the voting function so that more BitWellers can participate in the construction and ecological decision-making.

Exactly, all kinds of decisions can be raised and voted on in the community. Any $WELL holders can initiate a vote.

We are all builders of BitWell!

Thanks!

Cathy: Thank you very much Jeff! Thank you all for your participation! Our New Year AMA has come to a successful conclusion.

Welcome to follow our social media for more information:

Twitter: https://twitter.com/BitwellGlobal

Telegram Global: https://t.me/BitWell_English

Telegram Chinese: https://t.me/BitWell_Chinese

Website: https://www.bitwellex.com/

Weibo: https://weibo.com/7430044477/profile?topnav=1&wvr=6&is_all=1

We look forward to seeing you there!

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