AMA VIC Group with BitWell Exchange

Baby Whale — Host AMA
Today we will have AMA with BitWell Exchange — a trading platform with a professional team with many years of multi-disciplinary experience in Wall Street trading and operating in cryptocurrency exchanges with 2 guests, Mr. Jeff. — CEO and Mr Hsann — COO of BitWell Exchange.

Baby Whale — Host AMA
AMA will consist of 3 parts:
👉 Part 1: Basic Introduction of BitWell Exchange and Mr. Jeff. — CEO and Mr Hsann — COO of BitWell Exchange
👉Part 2: Guest Mr. Jeff. — CEO and Mr Hsann — COO of BitWell Exchange will answer community questions on twitter.
👉Part 3: All members can ask anything directly about BitWell Exchange.

Baby Whale — Host AMA
And right now, so people don’t have to wait, we’re going to get started
Part 1 :
Basic Introduction of BitWell Exchange and Mr. Jeff. — CEO and Mr Hsann — COO of BitWell Exchange

Mr. Jeff. — CEO and Mr Hsann — COO
Please introduce yourself and BitWell Exchange to everyone ?

Mr Jeff Young CEO BitWell
Ok, I’m Jeff, CEO of BitWell, I am happy to be here to share with you guys, so let me introduce myself first. As one of the early members of Binance Exchange, I set up Block Vision Capital when I left, Block Vision Capital is dedicated to investing in blockchain projects, helping more outstanding early-stage projects. Previously, I was in charge of the product and operation team in Sina Finance, which had grown from a DAU of 80 thousand to over 3 million at that time. After that, I worked at Tencent’s Strategic Product Center,and was in charge of product serving for 100 million users. We had 100 million DAU and 300 million MAU at that time. Later, as an investor, I was invited by BitWell and joined it as CEO.

Baby Whale
Impressive information about CEO of BitWell, and how about you, @hsann_bw ?

Mr Hsann, COO BitWell
Hi Everyone,
I am Hsann, COO of BitWell, prior to BitWell, I was working for the operation dept. of Binance, operation head of all fiat exchanges such as Jersey, Singapore, United States, Korea etc. Since I got in touch with blockchain I realised this industry would be the next internet, that is the reason why I dedicate myself to it. I graduated from NUS and got my master of business administration there, my career started in Singapore, I worked for several tech and fintech companies like IBM, Toshiba, after that I have been seeking opportunities to start a business. I am truly pleased to join BitWell as COO and I will lead the operation department as well as regional growth like EU and NA.

Baby Whale
amazing ^^
Thanks for the brief introduction I have more question: Mr Jeff and Mr @hsann_bw , could you please share to us the current funding status and team background of BitWell ? As you are also the BitWell’s earlier investor and chief product technical consultant. Please share to us about the members of your team and the story behind them?

Mr Jeff Young
Yes, in September, we received $30 million strategic investment. Investors include: Ceyuan Ventures, Dragonfly Capital, Will Hunting Capital, SNZ, HashKey, Youbi Capital, Hash Global, LinkVC and many other top global investors and celebrities.
I think there are three main things that make it possible to get that kind of financing:

The first is the growth potential of the derivatives, which top investors are very bullish on.
Secondly, BitWell’s products. For example, we have innovated the Simple Options for new users, which makes trading options as easy as trading spots; We were also the first in the world to launch DeFi options, and combined them with our Simple Options, which allows users to participate in the DeFi wave with low barriers.
Then our team, because we have a lot of multi-talented people from traditional financial fields, like Morgan Stanley, Paypal, and so on. Many of them have experience in financial derivatives and tradings, so such a team is also valued by investors.

Baby Whale
Thanks for answer Jeff , and i have last question: Mr @hsann_bw — Binance and later BNB came to us in the Bull Market of 2017. Now 2020, the Bull Market is coming back, can you imagine the future of BitWell and WELL ? or What is the expectation for BitWell in the future?

Mr Hsann
This is a good question.

First of all, about this bull market, at the end of 2017, it is true that bitcoin hit a historical high price of around $20,000, then during this period of time, we also see that bitcoin is constantly moving towards its historical highs, stimulated by a series of good news like the continuous buying of bitcoin by Grayscale, and Paypal starting to support bitcoin.
In 2017, Binance started and so did BNB. I remember around December 15, 2017, however due to the massive bull market, there is an explosive growth in trading volume and user growth and so the price of BNB, which was very impressive indeed.
But we should clearly understand that the rise of Binance is not only because of the bull market at the end of 2017, but also because of the bull market environment and industry opportunities. More importantly, the whole platform has the right direction and a good team, and processed more innovation in the industry in the following two years, which made the platform bigger and stronger, and as a result BNB has such a good performance as well.
The environment we are in now is very similar to the one we were in in 2017, both in terms of the trend of Bitcoin and the industry environment. Internally, the BitWell team is more professional than others, and we also have team members from Binance, so we can say that we are a pro team. So all of these give BitWell a differentiation factor from other new generation platforms, and this is our major advantage compared to other platforms.
I also believe that BitWell has chosen the right direction for derivatives, which is not just for me, but also for the industry and investors. Therefore, I am confident that as long as the BitWell team keeps delivering, there will be good development in the future, and the future performance of WELL is worth everyone’s expectation. We also hope that more and more users will be willing to grow with BitWell and share the benefits and dividends of WELL in the future.
To answer the question of what kind of platform we want to build BitWell to, as Roadmap says, the first step is to build a digital asset derivatives platform with a comprehensive product line. The next step is to expand and extend the businesses, gradually promote the integration of the platform with traditional sectors, and launch more financial services using blockchain and decentralized technology, so that BitWell will be able to offer a wide range of financial services. To be a fair and transparent service provider of global blockchain.

Baby Whale
a great orientation
We also hope to see BitWell grow bigger and bigger in the future
Thanks for all your answers. I think that’s a great introduction and it also ends part 1

Mr Hsann
Sure. Let’s move on

Jeff Young
yes

Baby Whale
We will continue with part 2
Guest Mr. Jeff. — CEO and Mr Hsann — COO of BitWell Exchange will answer community questions on twitter
We’ll start with the first question:
Mr Jeff

Options is your main product, is there any future plan for options, such as whether more options trading will be opened? Any new product or plan?

Jeff Young
As a derivatives platform, BitWell will always maintain the main line of derivatives products. Whether the bull market continues or the bear market comes early, derivatives will be available as a long-term financial and risk hedging tool for everyone.
This aspect of the market is constantly evolving, and we will keep up with the different hotspots that arise in the market to provide users with more diverse services. All high quality assets, assets with strong demand from both the supply and requirement sides, are all within our scope of consideration.
In addition to options, we are currently developing perpetual futures contracts, which will be launched soon. In addition, in the future, we will also launch volatility contracts, ETFs, various index derivatives, insurance, etc. to meet the needs of users with different risk preferences and capital sizes.

Baby Whale
Thanks Jeff

Mr Hsann
Could you share more info about the Volume, Circulating Supply and Open Price of WELL? Which exchange is available for trading WELL? And Which type?

Mr Hsann
WELL has opened on-chain circulation on December 02, 2020 at 13:00 UTC time, so far it only supports trading on BitWell platform, and the available trading pair is WELL/USDT. More trading pairs will be opened gradually in the future.

Regarding the opening price, we refer to the traditional financial market’s opening pricing strategy and take the average of all previous auctions as a reference. The WELL auction price is formed by the market, recognized as a reasonable price, investors can obtain sufficient market information based on the auction price, so as to make a decision, this reflects the principle of market openness. The reference opening price of WELL is approximately 0.11 USDT. By the time this AMA began, the WELL price reached the highest of 0.5679 USDT which is roughly 5 times the original price.
In terms of circulation, the initial circulating supply includes 6.3 million WELL from the yield farming, 42 million WELL from the Genesis Round in the ‘Free WELL’ program and 84 million WELL from the Hero Round, for a total of 132.3 million WELL, accounting for 6.3% of the total supply. During the same period, WELL has burned 329.7 million, which is 15.7% of the total. As to whether or not WELL will be listed on other exchanges, we will evaluate this and disclose any relevant information as soon as it becomes available.

Baby Whale
Thanks @hsann_bw
we will continue with question 3:
Mr Hsann
BitWell Roadmap just released, Could you please be more specific to talk about it?

Mr Hsann
Sure. Over the past few months, many of our community members have been very active in contributing ideas and providing valuable efforts to the platform. The Roadmap was also formed after we listened to and adopted the opinions and suggestions from the community and after discussions among team members, and also is the general layout in the future of BitWell.

We divide them into three stages: the Genesis Era, the Dawn Era and the Hero Era.
You can think of it as phase 1,2 and 3

The Genesis Era, phase 1, is the stage we are currently in. Our core focus is to continue to optimize our basic derivatives services, mainly options and perpetual future contracts (perpetual is under development and will be coming soon), to make it easy to build a basic derivatives portfolio and to have a faster and more accessible trading experience.
On the community side, the Well-Man programme has been initiated and established by community members and will expand further as necessary to better serve the community.
In addition, we will clarify the rights and benefits of the platform token WELL, complete with WELL listing on blockchain and Genesis distribution. We are currently working on a ‘Free WELL with limited Privilege Card Subscription’ Program, which is now in the Hero Round.

The Dawn Era will be officially launched at the point where WELL start circulating on blockchain.
At Dawn, we continue to introduce a wide range of innovative derivatives, including but not limited to volatility future contracts, ETFs, various index derivatives and insurance, users with different risk appetites and capital sizes can build their own portfolios according to their needs. On the equity side, we will continue to empower WELL, as well as adding WELL as a cross margin and opening WELL’s community votes. At the same time, WELL will be burned at 50% of profit — much higher than the industry level, which further promotes the extreme deflation of WELL.
On the community side, we plan to launch a community partnership program and an institutional partnership program in this stage to connect more closely with our users through the partnership mechanism, and we will allow them to participate deeply in the governance of the platform.

The Hero Era, 6–12 months after circulation on the blockchain of WELL as the launch point. We will then be creating our own decentralized financial services platform and will ensure that it is decentralized and integrated with the platform business.
In terms of products, we will continue to expand the boundaries of derivatives, incorporating more blockchain technology inwards, while working outwards to offer derivatives services to traditional areas.
On the community side, based on the community partners, we will establish a community council, and council members will have the right to independently govern the platform. At the same time, a community dividend plan will be launched, allowing more community members to share the dividends of platform development.
For the platform token WELL, we will continue to burn and the ultimate goal is to burn until 21 million, which is 1% of the total supply. By then, WELL will become the currency of the BitWell platform, and it will also be a bridge connecting BitWell with other platforms.

BitWell’s vision is to use derivatives as an entry point to bring more blockchain applications to the public, facilitate the integration of the platform with traditional sectors, launch more financial services, and make BitWell a fair and transparent collection of the world’s top blockchain services.

Baby Whale
we will continue with question 4 :
Mr Hsann
WELL as the Platform Token of BitWell, What is the role and function of WELL? And how is the economic model of WELL designed? What are the advantages

Mr Hsann
The WELL is the BitWell Platform Token, which represents the benefits of the BitWell community. Current benefits include: discounted trading fees, offsetting options fees, pre-emption privileges, access to become community partners, and more.

The WELL can be used as a catalyst and lubricant in building the BitWell ecosystem. Later on, we will add WELL as a cross margin, and enable community voting by hodling WELL. In addition, we will promote a multi-track burn, extreme deflationary economic model. The platform has already burned 15.7% of the total through yield farming. In the future, there will be weekly 50% profit buyback burn (much higher than the industry average), team-allocation token burn, community self-governed burn, etc. to drive extreme deflation of the WELL at a very fast pace. The ultimate goal of the WELL is to destroy until 21 million units left, or 1% of the total supply.
The total number is 2.1 billion, distributed as follows.
Among them, 4% of the seed round and 4% of the angel round will be unlocked gradually starting from the 6th month after WELL’s circulation, and 18 months linearly unlocked.
The key point to mention here is the 16% of the founding team, which is locked for 2 years, and then unlocked in a way that is tied to the platform’s operating profits, in a period of no shorter than 2 years. It means that if the platform was not profitable last week, the team penalty plan will be kicked off and the team’s tokens will be burned; if the platform is profitable but does not meet the expectation, it will be deemed as not profitable through community voting, and the team penalty will be implemented. In other words, as long as the platform does not generate profits which meet the target, the team’s tokens will be burned first. If we make profits, every Monday, 50% of the platform’s profit from the previous week will be used to buy back WELL tokens to burn, which is much higher than the industry average.
In addition, at the end of the previous yield farming, 6.3 million WELL (0.3%) mined by users, the remaining 329.7 million have been burned, accounting for 15.7% of the total.
So overall, 76% of WELL is locked, as shown below:

Baby Whale
we will continue with last question :
Mr Jeff
In the field of digital assets, the Derivatives market is not as big as the Spot Market. But Jeff, you chose and jointed the BitWell which is a crypto derivatives trading platform. How do you see the future of the derivatives market? How will BitWell become a new star in the future? Does any more future plan want to share with us?

Mr Jeff Young
For future development plans :
On one hand, we would like to offer more financial derivatives that have been proven in traditional financial markets but are still a gap in the crypto-asset world. Of course, it is not a simple duplication, but will be adjusted according to the actual situation of the industry and user needs. Regardless of the changes, the core demand is the same: to allow users to gain returns on their investments in a more efficient, lower cost, and safer way.
On the other hand, options will continue to grow and more options will be launched, and of course, ensuring the safety of user funds is BitWell’s top priority, so we will focus on the safety and sustainability of options. At the same time, I hope we can continue to find new ways to make more innovative products .

Baby Whale
Thank you guest Mr Jeff and Mr Hsann for joining our AMA today and thank you for being here today

Mr Jeff Young
for more info, please check our site https://www.bitwellex.com/

Baby Whale
💥NOTE: Please make sure to complete steps:
1. Join Telegram (https://t.me/Bitwell_English) Group community
2. Follow BitWell (https://twitter.com/BitwellGlobal), VIC group (http://twitter.com/VIC_Vietnamese) and Megala (http://twitter.com/MegalaVentures) on Twitter
3. Create an account on https://www.bitwellex.com/ to receive great deals from BitWell

Mr Hsann
Thank you very much for the AMA and transalation work. And thank you everyone for participating in this AMA.

Mr Jeff Young
THANKS for @Baby_Whale_Blue .Welcome to join us at TG for more discussion.

--

--

--

Love podcasts or audiobooks? Learn on the go with our new app.

Recommended from Medium

Defi Gladiators Tokenomics: Mint price, royalties, discounts & rewards.

Announcing our EthGlobal HackMoney Winners

How to start Crypto exchange platform with Binance Clone ?

6 Cryptocurrencies That Could Be Lucrative in 2022 - Invest in these coins

A Wallet or A Storage — What Will You Choose?

Ape Like Warren Buffett

Airdrop Winners: How to claim your prize

Nimbus Rehberi: Binance Smart Chain’e Nasıl Bağlanılır ve Gaz Ücretlerinde ~15 Kat Daha Az Ödeyin?

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
VIC Group

VIC Group

More from Medium

MOI Frequently Asked Questions

Fenomy Token News

FLy Staking campaign winners

AME Chain Ecosystem Partner