Product technologies
1. Spot
a. Firo (FIRO) is launched in the innovation zone of the spot trading sector
Firo (FIRO) is a cryptocurrency focused on becoming private digital cash. Firo created the Lelantus privacy protocol, which allows users to burn their tokens and exchange them for brand new tokens from an anonymous pool, which will disconnect any ties to all previous transactions.
The parameters of FIRO are similar to those of Bitcoin, the block time is 2.5 minutes, and the output halving cycle is also the same as Bitcoin, which is about halving every 4 years.
b. Parex (PRX) will be launched in the innovation zone of the spot trading sector and the trading competition will be started. Participants can share 5,000 USD in rewards.
Parex is a decentralized exchange with a token that exists only through the mining production mechanism, created on the myDexChain network with the DRC-16 protocol.
Thanks to Parex’s proof of interoperability, it creates interoperable bridges with other networks. The Proof of Interoperability mechanism ensures that the PRX token is operational in every network. The Parex marketplace supports cross-chain transfers with low fees and fast speeds.
c. USD Coin (USDC) will be listed in the innovation zone of the spot trading sector and the trading competition will start. Users who trade USDC can share USD 5,000 in rewards.
USD Coin (USDC) is a stablecoin open source project established by Circle and Coinbase. It is a fully collateralized stablecoin against the U.S. dollar. It provides detailed financial and operational transparency and operates within the framework of the U.S. Currency Circulation Act, and Work with multiple banking institutions and audit teams.
d. Inverse Finance (INV) and DOLA (DOLA) will be launched in the innovation zone of the spot trading sector and the trading competition will be started. Users who trade INV can share a reward of USD 5,000.
Inverse Finance (INV) is a protocol that generates yields on stablecoins and continuously invests the yields in target tokens such as ETH.
Inverse Finance creates a single capital efficient lending pool based on the Anchor protocol that combines synthetic and non-synthetic credits. In addition, Inverse Finance also issues native synthetic/credit stablecoin DOLA on Anchor.
2. BitWell will support the planned merger of the Ethereum network in Q3/Q4 2022.
a. BitWell’s Ethereum perpetual contracts will track the Ethereum network using Proof of Stake (POS) after the merger;
b. If a new forked coin is generated after the merger, BitWell will evaluate and support the distribution and withdrawal functions according to the situation of the forked coin;
c. In order to ensure the security of users’ assets, the forked coins will be arranged like other tokens after passing BitWell’s strict listing review process.
🔹Market operation
1. BitWell has monitored recently attacked protocols and platform-related contract addresses, including Solana ecological wallet, Nomad cross-chain bridge, ZB exchange, etc., to strengthen fund traceability and account positioning to further ensure the security of user assets.
Previously, BitWell’s security department stated that it was not affected by the Solana wallet attack, and the cold wallet reserves were sufficient to ensure the security of users’ assets and the freedom of deposit and withdrawal.
2. Strategic cooperation
a.BitWell Labs has reached a strategic cooperation with the decentralized exchange Parex. The two parties will cooperate in Web3, new decentralized fields, multi-chain interoperability and cross-chain transfer.
The two parties will carry out technical cooperation on the integration of multi-chain interoperability. BitWell and BitWell DEX will introduce Parex’s interoperability proof to increase the low cost and high speed of the platform’s encrypted asset conversion, so that the transaction data of different chains can be efficiently accessed, Verification and application, in order to achieve the interconnection of on-chain and off-chain, CEX and DEX, enhance the interoperability of the trading system, and greatly improve the user trading experience.
The two parties will also jointly explore multi-signature and distributed signature notary mechanisms to provide a more secure multi-level verification mechanism for multi-chain and cross-chain asset transfers.
BitWell Labs and Parex Market will also be committed to contributing to the blockchain environmental protection ecosystem. The two parties will jointly provide financial support for projects in the fields of open-source DeFi, Metaverse and Web3 that are ecologically closed, and jointly build multi-element, The infrastructure and underlying architecture of cross-scenario projects seek a balance between high-consumption combustion algorithms and low-emission environmental protection ecology.
b.BitWell Labs has reached a strategic cooperation with the anonymous coin project Firo. The two parties will cooperate in the protection of user financial privacy, asset anonymity, and secure transactions.
The two parties will carry out technical cooperation on the protection of user financial privacy. BitWell Labs will conduct technical connection with Firo, introduce the Zerocoin protocol for BitWell and BitWell DEX, and use zero-knowledge proof to protect users’ account privacy, ensure that the relevant address information of both parties in the transaction is not leaked, and further improve the security of the transaction .
BitWell will also support the new privacy payment protocol adopted by Firo after the upgrade, which can ensure the confidentiality and anonymity of blockchain transactions, complete privacy protection payment scenarios such as small-scale, short-term verification, and no pre-trust mechanism, and enhance user assets. Privacy of information, and assist Firo to improve transfer and payment speed through technical support.
BitWell Labs will provide support in market drainage, community promotion, privacy payment, etc.
Its own cooperation channels bring more cooperation resources to Firo, and promote Firo’s vision of making digital cash a global public utility and financial infrastructure.
3. The market leader of BitWell said in response to user consultation: Although the current market is in a bear market, the team is intensively approaching some high-quality projects to provide users with more high-quality assets and richer choices in the context of the low market value of the crypto market.
In the previous interview, the person in charge of BitWell said that the platform is in good operating condition and will not misappropriate user assets. There are far more than 100% of the reserves available for users’ asset withdrawal.
4. Community Activities
a. The APECOIN project party is a guest in the English community and participates in community AMA activities, and can share 500 U token rewards.
The question-and-answer session is open, and community users actively ask questions:
Click here for the full content of the AMA
b. The Inverse Finance project party is a guest in the English community and participates in community AMA activities, and can share 500 U equivalent INV rewards.
Inverse Finance’s official Twitter retweet and pinned the event:
The question-and-answer session is open, and community users actively ask questions:
Click here for the full content of the AMA
c. Reuben Yap, the head of the Firo project, is a guest in the English community and participates in community AMA activities, and can share 500 U equivalent INV rewards.
Firo’s official Twitter retweet related activities:
The question-and-answer session is open, and community users actively ask questions:
