On July 14, Hsann, COO of derivatives trading platform BitWell, introduced the BitWell product lines to the community. Here is the full content of Hsann’s presentation, where everyone can gain an insight into BitWell’s product ecology.
Hi everyone, I am Hsann, co-founder and COO of BitWell. Before BitWell, I was the head of operations of global fiat exchanges in Binance, launched several fiat exchanges under the Binance umbrella, such as Binance US, Binance Singapore and Binance Jersey, he was also responsible for daily operations of Binance.com
The day before yesterday, our CMO Amanda had introduced our platform Bitwell establishment and, today I will explain BitWell products in detail.
BitWell was officially launched in June 2020 and went live to the public in August with options as the main product. After 1 year of development, we now have several product lines such as options, perpetuals, spot, and savings, etc.
BitWell is the first ever platform which launched DeFi token options. It has the most comprehensive options, bull/bear contracts, simple options, and options chain to meet various demands of users at all levels. BitWell is the first platform that launched the IMM (market making incentive) mechanism and the MakerPal product in the industry. Also, BitWell is the fastest and most complete platform for listing high quality projects on the BSC network. BitWell can provide users with one-stop digital asset trading and financial management services.
1.Spot
Currently, BitWell has listed BTC, ETH, many other mainstream coins, such as BNB, HT, UNI, MATIC, as well as several popular crypto assets. Also, BitWell has classified DeFi, Polka, BSC, NFT and other zones as its spot trading categories, sorted and listed relevant coins for each perspective.
To learn about spot tradings, please refer to
https://www.bitwellex.com/trade/spot/BTC_USDT
IMM (market making incentive) mechanism and MakerPal
Inspired by the AMM mechanism of DEXes, BitWell combined it with the traditional orderbook, created the IMM mechanism, and launched the MakerPal product based on IMM.
In MakerPal, users can choose to place an order to buy or sell BTC or ETH according to their prediction on the future market. If the orders are not filled, not only the open order will be refunded, but also the incentive of the principal is calculated at 30% APY. If the open order is filled successfully, they will also get a 0.01% commission incentive.
IMM-based MakerPal features:
1.Unfilled orders can have 30% APY compensation, placing orders without worry.
2.Filled orders will get additional incentive commission, for all users.
3.Innovation of the traditional order book form.
4.No impermanent loss.
The detailed rules of IMM MakerPal and how to participate, please click:
https://www.bitwellex.com/article/7138/
Swap
Through BitWell’s swap function, users can exchange popular assets on the BSC chain with just one click, currently supporting USDT, BTC, ETH, CAKE, DOT, SAFEMOON, BUNNY, SWAMP, WEX, HELMET and many other coins are coming.
For the rules and operation guide of Swap, please refer to:
https://www.bitwellex.com/article/7293/
2.Perpetual Contracts
BitWell perpetuals currently support BTC, ETH, XRP, LTC, BNB, UNI, AAVE, MATIC, LINK and other 18 assets.
BitWell perpetuals support up to 150x leverage, also support merge and split positions function, cross and isolated mode.
Perpetuals page:
https://www.bitwellex.com/trade/swap/BTCUSDT_SWAP
BitWell perpetuals have been live with cross collateral margin feature, which allows you to use non-USDT assets as margin and fees for U-based perpetual contracts. For users who are long-term bullish on BTC, ETH and other coins, you do not need to pledge any corresponding assets (and thus will not incur the so-called interest on borrowed coins), nor do you need to sell your current assets, just use the cross collateral function to open a position in the perpetual contract directly.
The current cross collateral non-USDT assets support BTC, ETH, DOT, LTC, WELL.
For the details of the cross collateral feature, please refer to:
https://www.bitwellex.com/article/6652/
BitWell Perpetual Futures Contract Rules
https://www.bitwellex.com/article/4373/
3.Options
BitWell is the first options platform in the world to launch DeFi token options, and has the most varieties of options. It is also the platform with the most comprehensive options product lines, with bull/bear contracts, simple options, and options chain(T-quotes) to meet the needs of users at all levels.
Bull/Bear Contract
The options portfolio product Bull/Bear Contract is a simpler, shorter-period European-style option that lowers the threshold to use again for users while offering greater flexibility. It is perfect for novice users who don’t know much about options but want to get exposure and experience them.
Bull/Bear Contract is the equivalent of a real-time parity option, which is cheap and only requires judging the rise and fall of the market while having the advantage of options which is never liquidated. Even if there are drastic fluctuations in the market, there is a chance to roll over until the expiration of the settlement. Even users who have absolutely no knowledge of options can easily get started with the Bull/Bear contract.
Bull/Bear Contract eliminates the need for users to choose for leverage, and it is simpler and more flexible as there is no need to spend time checking the market, so there is no need to worry about when positions should be closed.
Features of Bull/Bear Contract
1.Sufficient liquidity
2.Belongs to options, users will never liquidate
3.Low premium required
4.Short period, fast, and more flexible
5.Simple and easy to understand and operate. As long as the expiration index price exceeds the breakeven price, it is profitable.
Bull/Bear Contract rules and participation methods:
https://www.bitwellex.com/article/7144/
Simple Options
Simple Options is the first innovative and simplified options product launched by BitWell, allowing users to simply select the coin and period, choose call or put, then select the strike price and fill in the quantity(conts) to place the order, avoiding the complicated parameters and leverage selection.
Simple Options is suitable for users who have some basic knowledge of options.
For detailed rules and operation guide of Simple Options, please refer to:
https://www.bitwellex.com/article/7755/
Options Chain
Options Chain is a professional version of BitWell’s options trading product for institutional and professional users, with a more concise and intuitive interface, more suitable for the trading habits of professional users with better performance, higher information density, and faster trading.
For the operation guide of Options Chain, please refer to:
https://www.bitwellex.com/article/3206/
Bull/Bear Contract, Simple Options, and Options Chain can all be accessed directly from the top navigation bar of the BitWell website.
Using options, together with perpetual contracts, you can manage your capital more conveniently and hedge your risk without fear of bull and bear market.
4.Savings
Savings is a community-based flexible coin deposit finance product launched by BitWell. Users can participate in savings and choose the corresponding prize pool to deposit corresponding coins to get interests. Users can deposit and redeem anytime without limits, and T+1 settlement and interests proceed. Funds are safe and secure, with worry free interest earning mechanisms.
Click to enter into BitWell Savings:
https://www.bitwellex.com/financial
Currently, BitWell savings supports many stable tokens such as USDT, USDC, BUSD and DAI, and many popular coins such as BTC, ETH, BNB, CAKE and DOT.
When you have funds and want to hedge the risk of a bear market, you can participate in savings and grow your assets.
Since its launch, BitWell savings has always ranked among the top in the industry in terms of APY, and the current coin deposit volume has exceeded $10 million.
For BitWell Savings Rules, please refer to:
https://www.bitwellex.com/article/6628/
5.Candy Pool
BitWell Candy Pool is an airdrop benefit given to BitWell users by high-quality projects or projects that have entered into ecological cooperation with the platform, where users can receive free airdrops.
Currently, the BitWell Candy Pool is available for AntiMusk, click here to claim directly:
https://www.bitwellex.com/candypool
6.BitWell Platform Token WELL
WELL is BitWell’s platform token which is based on Ethereum ERC20 Token and has been connected to the Binance Smartchain BSC (BEP20).
WELL is also the representative of BitWell community rights and benefits, including but not limited to: platform trading fee discounts, fee deduction, additional referral, product priority purchase rights, community voting rights, community governance rights, ‘WELL Vault’ function, etc. At the same time, WELL also has several off-platform application scenarios: liquidity mining ‘gold shovel’ function, offline physical payment, purchase of NFT artwork, etc.
The maximum nominal supply of WELL is 2.1 billion, which will never be increased. Up to now, 28.75% have been burned, and the ultimate goal is to destroy until 21 million(1% of the total) is left.
Click to check About the BitWell Platform Token WELL:
https://www.bitwellex.com/article/2397/
In addition to buying WELL directly from the BitWell spot trading market, the platform is currently cooperating with PancakeSwap and you can also participate in Syrup Pools on PancakeSwap to get WELL.
Of course, we are currently running a campaign with CoinMarketCap where 500 new users will be selected to receive a total of $10,000 worth of WELL from those who sign up.
For details of this campaign, please refer to:
https://coinmarketcap.com/currencies/well-token/airdrop/
Last but not least, a summary of BitWell’s product advantages.
1. The product mechanism is optimized on the basis of the mainstream, large exchanges to adapt to a variety of business scenarios
- It is more friendly to common retail investors and can be switched seamlessly when transferred to BitWell trading.
- For investors with high frequency trading, sufficient space is reserved for them to trade.
2. API support for high frequency and large amount trading
- High number and frequency of orders are supported to be placed per minute and per day, enabling to handle orders of large amounts.
- Flexible docking to high frequency trading teams that can provide active cooperation.
3. A variety of order types
- Introduction of traditional trading order mechanisms such as NYSE
- The ‘same side best’, ‘sell plus buy minus’, and ‘trigger id touched’ are unique order types in the cryptocurrency industry.
4. Perpetual contracts support a multi-currency cross collateral function, and only three exchanges in the industry have the ability to support this function at present.
- Users holding BTC, ETH and other coins do not need to sell, they can trade directly as futures margin, without any collateral or borrowing, thus no borrowing interest.
- Compared to other platforms, users have a higher utilization rate of funds in BitWell.
5. The depth of perpetual contracts exceeds that of second-tier exchanges, approaching the top 3 exchanges.
- Several large market makers provide liquidity to keep enough orders depth.
- All kinds of trading users trade on the platform, providing long/short, buy/sell, maker/taker type orders at any time.
6. Users who trade perpetual contracts can also use hedging tools such as Bear/Bull contracts and MakerPal simultaneously.
- The universal market-making incentive mechanism IMM and MakerPal are unique to BitWell, and the structured options product Bull/Bear Contract can only be traded at BitWell.
- Perpetual, Bull/Bear Contract and MakerPal form a combination strategy, can effectively achieve risk hedging.
7. Traders can also use options to hedge against perpetual contracts
- Bull/Bear Contract, Simple Options and Options Chain can meet the needs of different users, no matter novice, professional or institutional users, they can find the right product for them.
- With the largest number of options varieties in the industry, you can meet more needs of risk hedging.
8. Free funds can be deposited in BitWell Savings to enjoy high flexible returns.
- Deposit USDT to get USDT long-term APY more than 10%, ranked in the forefront in the industry.
- Support a variety of stable coins, mainstream coins, popular coins flexible finance with low threshold, deposit and withdraw anytime, and daily settlement.
Okay, that’s it for the product introduction of BitWell, welcome to experience it and feel free to ask questions about the product, and welcome your valuable opinions.
At present, BitWell is launching a new user registration Mystery Prize Airdrop and a free contract welcome bonus for trading, you may click to check further and actively participate.
Sign Up to Receive $20,000 Token Mystery Prize Airdrop
https://www.bitwellex.com/article/8945/
Participate in Trading, Win $70,000 Contracts Welcome Bonus
https://www.bitwellex.com/article/8970/
Thank you all and happy trading!
