BitWell Monthly Report (February 2022)

7 min readMar 2, 2022


Product Technology

1. In order to provide users with richer functions, BitWell has supported Fantom (FTM) mainnet and opened the deposit and withdrawal functions of FTM mainnet. More Fantom (FTM) mainnet premium project tokens will be available on the platform one after another.

At present, BitWell already supports the main networks of Avalanche (AVAX), Matic (Polygon), DOT (Polkadot), ADA (Cardano) and other related deposit and withdrawal functions, and will bring more related networks of popular quality projects one after another.

2. Spot:

a. Innovation Zone launches RSS3 (RSS3) spot and opens RSS3/USDT trading pairs; RSS3 is a next generation feeder protocol that supports decentralised social, content and e-commerce applications.

RSS3 is backed by a number of headline institutions and capital such as Arweave, Coinbase Ventures, Coinshares, Dapper Labs, Dragonfly, Fabric Ventures, Hash Global, Hashkey, Mask Network, Sky9, The Jiho and others.

b. The Innovation Zone launches Bit.Store (STORE) in spot, a global social digital asset investment platform designed to enable ordinary people to easily and securely access the cryptocurrency investment market.

Store has received investment from the Blockchain Infrastructure Alliance’s (BIA) first $50 million ecosystem fund, raised by members of crypto industry leaders including Alchemy Pay, Algorand, Avalanche, Near and Polygon.

c. DeFi Zone launches XCarnival (XCV) Spot, a multi-chain protocol launched on the BSC chain, the first collateralised lending platform for meta-universe assets, offering collateralised lending services including all types of NFT assets as well as long-tail assets, providing an effective value release for liquidity-starved assets.

3. WELL Pool launches XCarnival (XCV) special period, users who deposit WELL can participate in dividing 15,000 U worth of XCV tokens.

XCarnival (XCV) previously launched the WELL Pool in December 2021 and received a great deal of interest from the community, with nearly 90 million WELL in storage. this time BitWell has partnered with the project to bring another special installment of storage benefits to the community.

4. Staking Launches A New Phase

a. BTC, ETH, USDT 14-day, 30-day prize pools with annualised returns up to 16%

b. BTC, ETH 30-day prize pool with 17% annualized return

Currently BitWell Staking has been running for several periods, covering 7 days, 14 days, 30 days and 60 days, with an annualised yield of up to 25%, far exceeding other platforms in the industry and substantially ahead of DeFi’s returns.

5. The twelfth period of the vault ended with users depositing over 90 million WELL and sharing 500,000 WELL rewards together.

6. The mobile version for iOS was upgraded to 1.12.4 and the Android version was upgraded to 1.7.12 for faster loading and smoother user experience.

Marketing Operations

1. Catherine, head of BitWell Labs, was elected as a judge for the Avalanche (AVAX) hackathon.

Avalanche (AVAX) was born in September 2020 and claims to be “the shortest finalised smart contract platform in the blockchain space”, addressing three major blockchain problems: poor scalability, high transaction fees and poor interoperability. Since its launch, Avalanche has continued to gain traction.

The Avalanche Hackathon aims to encourage developers to explore the greater imagination of Avalanche, with over $5 million in prize money from the Avalanche Fund, mainly AVATAR (Avalanche Asia Star Fund), Blizzard Fund and over 20 organisations from upstream and downstream of the industry. At the same time, the organisers held weekly live video streams of Hackathon Workshops to give development teams ground-level technical training and support.

In addition to AVATAR and Blizzard Fund, the hackathon sponsors include headline capitals such as NGC, SNZ and A&TCapital, as well as well-known platform organizations such as Huobi and Kucion.

As one of the sponsors and judges of the hackathon, BitWell will also be involved in early stage investment and incubation of projects.

2. Launching a “2022 New Year Giveaway” campaign, in which 10 people will be selected each day to receive a limited number of WELLoot NFTs from all WELL holders who participate in perpetual contract trading.

All users who hold a position in WELL and complete the identity verification to trade the contract will jointly participate in the sharing of an additional 600,000 WELL bonus.

3. In a strategic partnership with FIO, BitWell will integrate FIO Send functionality into its platform products, lowering the barrier to entry for users into the cryptocurrency market and further improving the ease, convenience and security of trading crypto assets by simplifying private keys and abstracting public addresses.

With the FIO Send integration, BitWell users will be able to send and receive any tokens from BitWell using a human-readable wallet name (e.g. username@donain), reducing the chance of sending cryptocurrencies to the wrong address.

In the future, BitWell and FIO Protocol will further cooperate on decentralized platforms and related financial products, on-chain contracts, on-chain options, etc., using FIO Protocol to facilitate users to participate in decentralized transactions “senselessly”.

The official FIO Protocol Twitter feed retweets this collaboration as follows.

The FIO Foundation says it will work with BitWell to promote the research and construction of decentralized infrastructure, provide more low-threshold, efficient and secure solutions, and work together to create a better user engagement and transaction experience under Web 3.0.

4. Community activities.

a. A guest appearance by Xuyang Zhao, digital artist and co-founder of THEXII NFT, supported by Straight Fire, to participate in AMA interactions and questions, as well as to split 10 places on the THEXII NFT whitelist.

THEXII is a metaverse brand created and owned entirely by the community. THEXII has created a unique collection of 12012 hand-painted 3D zodiac NFTs, each unique and unlocking different levels of access and benefits for their owners.

THEXII’s goal is to redefine the future of NFTs, the Metaverse and Web3.

THEXII project parties tweeted to promote the AMA campaign together

On the night of the event, the community actively participated in asking questions:

After the questions were asked, Xuyang Zhao selected 5 questions to be answered and 5 lucky users each received a spot on THEXII NFT whitelist.

A full recap of the AMA can be found at

b. A guest appearance by David, co-founder of b.Bit.Store, in the English-speaking community.

As a recently emerged SocialFi trading platform, Bit.Store has attracted great attention in the community. After opening up for questions, users have asked nearly 100 questions on various aspects such as Token applications, economic models, project market strategies, and latest developments.

Community users who participated in this interactive AMA session shared in the $500 STORE prize.

A full recap of this AMA session can be found at

Please click the following links for further information about BitWell:

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