Jeff Young, global CEO of BitWell and founder of Block Vision Capital told Cointelegraph China’s Hub event on Nov. 23 that as the crypto industry gradually matures, more services will be in demand. Option products providing mixed margins will become the new competitive products that crypto exchanges can provide to an increasing number of crypto users.
Young said that at BitWell, a digital asset derivative service platform, the option contract is its featured product. Users can flexibly switch between hedge mode and one-way mode; meanwhile, it supports cross margin and isolated margin and also supports mixed margin of multiple currencies. He revealed that BitWell option is the first specialized option product providing mixed margin globally.
Meanwhile, in order to be accommodating to beginners and enhance the user experience, BitWell will release a simple option. A simple option is the most easy-to-operate product compared with others, with the characteristics of avoidance of liquidation, limited losses and better chances of making a profit. Beginners can trade options contracts easily and safely.
Young said the platform rolled out a new product that could help to lower the technical complicity for DeFi participants in options trading. He added:
“The BitWell team has made full efforts to develop and launch the first online option of DeFi in the world. Many of our options have increased by more than 100 times, causing widespread discussion within the industry.”
“When the market is keen on the mobile mining of DeFi, we innovatively released the platform token WELL, which is combined with the liquidity mining so that users can achieve common growth with the platform through transaction and currency deposit pledge. At the same time, we have innovated the economic model of extreme deflation, and the blasting and destruction mechanism has been recognized and praised by community users.”
In just over two months, the platform’s WELL token has gained approval and praise by community users, and BitWell has minted 329.7 million tokens, accounting for 15.7% of the total supply. The WELL token can be circulated through auction, and the price has now appreciated to $0.17.
Young also revealed that the current “WELL Gift” campaign has attracted many users, successfully distributing 42 million WELL tokens. The next two rounds of WELL give-aways start on Nov. 24 for all to participate. He added:
“Over the past few months, many of the community members have been very active in providing suggestions and put forward many valuable opinions for the platform. With the combined suggestions, the BitWell roadmap was formed into three stages: Genesis, Dawn and Hero.”
Genesis is the current stage. The core work is to continue to polish the basic derivatives services, focusing on options and perpetual contracts. The core starting point is to enable users to easily build a basic derivatives portfolio and have a faster and easier trading experience.
In terms of community, the Knights’ Order was initiated and established by the community members. The scale of the order will be further expanded, depending on the state of the environment in the future, so as to better serve the community.
In addition, the team will clarify the rights and interests of the platform’s WELL token and complete its distribution on-chain.
In the Dawn era, WELL tokens are circulated as the official starting node. Young said:
“In the Dawn era, we will continue to launch all kinds of innovative derivatives, including but not limited to, volatility contracts, ETFs, various index derivatives and insurance, so that users with different risk preferences and capital size can establish their own investment portfolio according to their needs.”
It will take six to 12 months after WELL tokens enter the chain as the starting node before the Hero stage commences. At the same time, Young said, the team will build its own decentralized financial service platform and combine it with platform business on the basis of ensuring its decentralization.
The main task is to continue to expand the boundaries of derivatives, integrate more blockchain technologies inward, and strive to extend outward to traditional fields and provide derivatives services to traditional fields.
On the community side, Young said a community council will be set up for members who will have the right to the governance platform. Additionally, the community bonus plan will be launched to let the community members share the dividend of the platform development.
As for WELL tokens, the platform will continue to intensify minting efforts, and the ultimate goal is to mint 21 million tokens, or 1% of the total. “At that time, WELL will become the hard currency of the BitWell platform and also the bridge between the blockchain world of BitWell and the outside world,” said Young.
He also added that BitWell is committed to building a fair and transparent global trading platform of digital assets, providing global investors with more secure, convenient and intelligent blockchain derivatives services, creating a complete ecosystem for traditional financial institutions, and adding more users to the blockchain world in the future.
BitWell is a digital asset derivative service platform. It was founded by senior practitioners from leading internet companies, such as Tencent and Sina, as well as world-renowned financial institutions, such as Morgan Stanley and PayPal.