Founded in 2020 in Singapore, BitWell represents a digital asset derivative exchange platform. BitWell’s mission is in building a transparent and secure trading environment to provide investors with convenient and intelligent derivatives trading services. Ever since 2020, when the first BitWell option contract was officially rolled out for public beta, the platform has been constantly developing and upgrading its services. At this, BitWell’s roadmap is divided into three sections: Genesis Era, Dawn Era, and Heroic Era. Each Era implies certain changes in ecology, product lines, Community, and WELL token.
To meet its customers’ demands, BitWell implements a number of robust features and technologies. First, BitWell provides a self-developed multi-layer cold wallet system which ensures the security of the system. In addition, the platform sets aside a part of its operating profit as an investor protection fund in case of market turmoil. Finally, to eliminate insider trading BitWell uses high-standard Business Integrity from the traditional finance industry.
Also, it’s worth adding that BitWell can be used by various types of customers. The categories of its target audience include retail customers (high net worth individuals, common investors), institutions (family offices, sovereign funds, and private banks), corporations (SMEs, family businesses, listed companies), and facilitators (third-party market makers, high-frequency trading institutions). As all of them have a different bias on risk and return, while operating on the platform, they can transfer risk and return characteristics to each other at a lower cost.
What’s more, BitWell offers a WELL Partner Program, inviting community users, community group owners, KOLs, and senior blockchain enthusiasts to join. BitWell partners get benefits including a high referral commission (50-80%), fee discount for trading on BitWell, exclusive account manager docking, promotion support, and referral rewards. Partners get reward pay depending on their partner level. Besides, partner rewards can be staked and thus increase users’ profits even more.
BitWell technologies and partners
On its platform, BitWell offers over 100 smart contract cryptocurrency trading services to its users. Perpetual smart contracts are, perhaps, the most popular. At this, BitWell perpetual contracts support four modes: Isolated-Merge, Isolated-Split, Cross-Split, and Cross-Merge with the last one being set by default. It means that positions of the same trading pair with the same direction are merged. The available balance in this case is used as margin.
Besides, BitWell cooperates with a few other projects in the cryptocurrency niche. Thus, on December 21st, 2021, BitWell announced its collaboration with FIO blockchain. With the FIO Send feature, BitWell lowered the threshold for users entering the crypto market by simplifying the abstraction of private keys and public addresses. The following day BitWell announced its cooperation with Woo Network. The two platforms began their collaboration in the CeFi sectors in order to improve the liquidity and trading experience for BitWell users.
In addition, BitWell launched a coin deposit and finance product BitWell Savings. To receive rewards, users should choose a specific prize pool to deposit corresponding cryptocurrencies. BitWell Savings supports USDT, USDC, BUSD, DAI, BTC, ETH, BNB, CAKE, and DOT.
The fee structure on BitWell is different for different types of trading. At the time of writing, the fee for makers and takers is the same in spot trading as it equals 0.10%. In options trading, the fee for makers is 0.015% and 0.04% for takers.
The BitWell token
BitWell is fueled by its native utility token WELL. At this, the token can be used for different purposes: as a governance token for voting on proposals, for paying discounted transaction fees, for buying specific derivatives, for buying services and commodities provided by advertisers, and as future margins/collaterals.
Initially launched on Ethereum, WELL is also compatible with Binance Smart Chain. It was launched on September 3, 2022, with the nominal max supply making up 2.1 billion tokens. It is distributed as follows: 16% for yield forming plan, 16% for community governance incentives, 6% for Trader Deployment Program, 6% for market operations, 4% for Seed Round, 4% for Angel Round, 8% for Gift Plan, 10% for Investor Protection Plan, 14% for ecosystem cooperation, and 16% for the Founding team.
The WELL token subscription rule covers several rounds. First, there comes Genesis Era Round, when the maximum amount for a single account with 1 and 2,000 USDT being the minimum and the maximum subscription correspondingly. It was available only for existing users who had participated in yield farming while the following Dawn and Hero Era Rounds were supposed to be accessible for all users. In the Dawn Era Round, the maximum and the minimum amount for a single account equals 500,000 USDT and 300,000 USDT correspondingly. For the Hero Era Round, these amounts equal 1,000 USDT and 1 USDT.
The WELL token has the economic model of extreme deflation and multi-threaded accelerated destruction. In total there were 329.7 million WELLs initially, and that improved the liquidity of the token on the market. After the implementation of community autonomy, the token burning was supposed to be based on community governance behaviors.
The BitWell team
The founding team members of the platform come from different top blockchain and finance companies, such as Binance, Morgan Stanley, PayPal, ICBC, IBM, Tencent, Baidu, and Sina. At this, one of BitWell's investors who later became its CEO was Jeff Young. He has Bachelor's and Master's degrees in Finance. From 2014 to 2017 he was Product Operations Manager of Sina Group. From 2017 to 2018 Jeff Young was Product Director of Tencent, where he was responsible for the client product data operation analysis system. In 2018-2019, he was CEO of BitWell combining this position with the work at Binance. In 2019, he left BitWell and became the founder of Block Vision Capital aiming to help more blockchain and crypto projects and teams to grow and develop.
The Global Chief Marketing Officer of BitWell is Yuzhu, the founder of Yuyan Studio. With a Bachelor’s degree in Software Engineering, she is also a famous KOL in the blockchain industry, a well-known financial V blogger on Weibo, a former Technical Adviser in IBM, where she was responsible for the WPP Osprey project, and a former Market VP in MXC Exchange.