BitWell Bi-Weekly Report 08.15–08.28

6 min readAug 30, 2022


🔹Product technologies

1.Galaxy Heroes (GHC) has completed the migration of smart contracts, and BitWell will support GHC contract replacement.

After the replacement, new GHC tokens will be airdropped for users at a ratio of 1:1, and user assets will be automatically replaced with new GHC. New GHC token spot trading will be opened at 18:00 on August 15th (UTC). BitWell will reopen the deposit and withdrawal function after the deployment of the new GHC token.

Previously, BitWell Labs and Galaxy Heroes have announced a strategic cooperation. The two parties will carry out all-round, multi-angle cooperation and innovative exploration in Web3, Metaverse, GameFi and future technologies.

2.BitWell wallet system has been fully upgraded. This upgrade has strictly reviewed the public chain smart contract code, enhanced the stability of the BitWell wallet, improved the conversion efficiency and clearing rate of hot and cold wallets, which made it safer for users to deposit and withdraw their assets.

3.The BitWell global community has launched a new robot “Ada”. Users can search currency prices, official website information, white papers and other information with one click by entering keywords.

4.BitWell will support ETH hard fork. BitWell’s ETH perpetual contracts will track the proof of stake Ethereum after the Merge. In case of new forked tokens, BitWell will evaluate the support for distribution and withdrawal of the forked tokens.

🔹Market operation

1.Recently, a large number of user accounts have been banned in the industry, causing many user inquiries. In response to this situation, on August 25th, BitWell tweeted that, as the world’s leading growth asset trading platform, it has been operating stably for 3 years, and will continue to be user-centric, and will not arbitrarily freeze user accounts and assets.

BitWell has provided one-stop services such as asset storage and trading for more than 5 million users in more than 100 countries around the world. BitWell has a risk control system comparable to that of traditional banks, with far more than 100% of the reserves to ensure user’s freedom of deposits and withdrawals, and promises not to misappropriate user assets for external financial management.

Click to read:

2.Strategic cooperation

a.BitWell and ForthTech have reached a strategic partnership to promote the establishment of a global quantitative system and the promotion of the blockchain market.

The two parties will explore the establishment of long-term cooperation in the direction of crypto asset quantitative trading strategy, blockchain market promotion, and asset security management, etc., to provide users with more diversified products and services.

ForthTech is the world’s top crypto asset service provider and one of the earliest companies to develop its own AI learning system in the global cryptocurrency quantitative market. It has many years of experience in strategy development, database processing, server setup and maintenance, and security risk control. Since its inception, ForthTech products have grown steadily through several bull and bear markets, with an average annualized return from 20% and 50%. To further expand the product portfolio, ForthTech opened technology services in 2021 and currently has approximately $100 million in assets under management, with an expected increase of another $100 million in the next quarter.

3.Community activities

a.On Aug 24th at 6pm, BitWell Research Institute Ken visited the BitWell community and brought a wonderful sharing with the theme “Current Status and Outlook for the Metaverse”.

Ken introduced the origin of the metaverse concept and how to understand the current metaverse. He also said that the development of metaverse is still in its infancy, and BitWell Labs is constantly exploring and contacting high-quality projects, hoping to bring more diverse choices to users.

Click here for the full content of the AMA:

b.On August 28th at 7pm, Ken from BitWell Research Institute visited the ForthTech Live to talk with several guests about how to achieve stable yield in the “Crypto Winter”.

ForthTech official Twitter retweet related activities

In this live broadcast, several guests shared their views on market hot issues such as the Fed’s September rate hike, primary and secondary market star project investment, Web3 layout, and crypto market liquidity.

Ken of BitWell Research Institute shares his own views:

On the Fed’s September rate hike:

The Fed is still likely to adopt a relatively tight fiscal policy, at least 50 basis points of interest rate hike in September, 75 basis points is also relatively high. The overall environment is quite unsatisfactory. For the bottom fishing of US stocks, Bitcoin, gold and other commodities, or a stage on the relatively left side.

About Web3:

Every technological innovation is the inevitable result of user needs and the existing problems of the Internet. Therefore, the disadvantages of Web2 will be the direction that users change to Web3, such as unjust systems, overly centralized management, privacy protection, etc.. Once companies solve these problems and give users higher degrees of freedom and privacy protection, then It will be easier to attract users.

About the investment in the top-rated projects or secondary market:

BitWell Labs, a specific investment institution, and BitWell research institution will mainly do some research for it. BitWell Labs will participate in the incubation of some early projects and primary market investment, like meta-universe, Web3, DeFi field will contact with some early projects. After incubation, they will choose a good time for debut, with the goal of selecting high-quality or potential projects.

The Institute has many requirements for reference check of projects, such as background, economic model, user interaction activity and so on.

The team members also have a unique investment vision, with GMT exceeding 100x and People entering very early.

In the secondary market, some of our partners, Web3’s project RSS3 and Metis are listed on Coinbase, and their performance is also good.

Our Institute will publicly release some project research reports from time to time for users to make reference and selection.

On liquidity issues in bear markets:

The advice in a bear market is of course still to reduce your own operations as much as possible, both contract and spot, because the earning benefit in a bear market must be less than in a bull market, so the profit-loss ratio and the rate of return will be relatively distorted. However, the bear market is also a better investment cycle, you can learn to choose some fixed investment way to make a long term with-funding in the value currencies that you have researched. The bear market is a better learning phase and fixed investment phase, investing in yourself and learning more skills would be a relatively good choice.

For example, Litecoin halving will begin on August 5 next year, and there may be some opportunities during each decline, which still depends on one’s investment preferences and operation ways.

The next round of bitcoin halving is in May 2024, so it is expected that a new round of bull market will start in 2024. The bull is short and the bear is long. If you can make money in a market that suits you, it is a bull market.

For the platform, liquidity is the most important thing. If there is a liquidity crisis, then a run crisis will occur. Like many platforms involved in UST mining and thus going bankrupt, BitWell has never been involved in UST financial management. Because we aren’t familiar with it, and the lesson learned before is that there are stable coins with BitShares, so we dodged a bullet because of caution and reverence. BitWell also has a principle that it will never misappropriate users’ funds for external investment.

For the platform, cash accounts for the largest proportion. Certainly, there are many projects in the bear market that have a very low market value. BitWell will also choose some high-quality projects for investment.