On the 23rd of November 2021, we have launched Txbit Token, the native token of Txbit Exchange, and we have welcomed a lot of new crypto lovers in our Telegram Group and on our exchange. Time for a quick update and a warm welcome message to our new and valuable community members!
What is the story behind Txbit Exchange?
Txbit Exchange was launched in January 2018 by a group of crypto enthusiasts and is a ‘traditional’ centralized exchange with a variety of assets like Bitcoin, Ethereum, and USDT. At the time of writing, there are 67 assets listed on Txbit Exchange, serving 421 markets altogether.
Where can you buy and sell Txbit Token?
Currently, Txbit Token is listed on Txbit Exchange, Pancakeswap, 1Inch Exchange, and other decentralized exchanges.
Today at 9 pm UTC, Txbit Token will be listed on Azbit! It will be our second listing on a centralized exchange, but most certainly not the last.
A non-exclusive list of our listings would be:
Txbit Exchange → Trade (CEX)
PancakeSwap → Swap (DEX)
1Inch → Swap (DEX)
Azbit → Trade (CEX)
What is the supply, and what will happen with it?
The total supply of Txbit Token is limited to 2,000,000,000 (2 billion) tokens, with an outstanding burn schedule. The current circulating supply is around 52M Txbit Tokens (=2.6% of the current total supply)
We got many questions from our dear community members about the current state of the liquidity, which is unlocked. Txbit Token is the native token of Txbit Exchange, a centralized product, so things will be working slightly differently from what you might be used to compared to other token projects. Please read below why it is different and what are we going to do in the future:
First of all, we have the burn program, where we burn 50% of the supply over five years, totaling 1,000,000,000 (1 billion). So eventually, the total supply will be reduced and limited to 1,000,000,000 (1 billion). Locking up liquidity in timelock contracts will prevent us from executing our burn program.
Please note that this article gives an estimated distribution based on the current market conditions. The market conditions can differ when releasing our features, and we will adjust the numbers below accordingly. In other words, prices go up and down by the minute, and we will adapt the amounts based on the market prices on release dates.
Community Coin Voting
Txbxit Token will replace Solaris for the Community Coin Voting feature on Txbit Exchange. With the Community Coin Voting feature, users can vote for their favorite project they would like to see listed on Txbit Exchange.
To win a listing with Community Coin Voting, the project will need around 220.000 votes. Each vote can be bought using Txbit Token, which will give it the first out of many utilities on our exchange.
One vote = 1 Txbit Token.
Our holders can use Txbit Token in the Savings feature on the Txbit Exchange platform. With this feature, our token holders can lock/stake their Txbit Tokens for a fixed time. At the end of that period, they will receive interest. The only thing required is a Txbit account and Txbit Tokens. Lock/Stake your tokens, and we will pay interest in Txbit Tokens after the fixed time. Ideal for true HODLers that want to earn some interest while holding on for dare life.
Savings is one of the features where we use our liquidity to ensure interest payouts. Yet, it is another example of how locking liquidity will not work in our ecosystem.
Based on the current market conditions, we introduce one savings plan:
12 months — 3% interest
For example, when you lock 1,000,000 Txbit Tokens in Savings for 12 months, you will receive 30,000 Txbit Tokens (3%) interest. You can watch your balance increase by the minute.
We have reserved around 150,000,000 Txbit Tokens (=8% of supply) for the Savings feature to guarantee the interest payouts for at least five years. This would not have worked with locked liquidity.
Premium and Ultimate account subscriptions
Txbit Exchange has a unique concept to buy a premium or ultimate account subscription. By default, every user will have a rich experience on our exchange with a free account. If you want more options, you can opt-in for a premium or ultimate account, which primarily discounts the trading fees. With a premium subscription, the trading fees are only 0.1%, and with the ultimate subscription, you can even trade for 0% fees. YES, for free! You can order the package per month or order for the whole year in advance to get a discount of 20%.
We will add Txbit Token as a payment method for our users to buy subscriptions with their Txbit Token. You can buy our premium subscription for around 1250 Txbit Tokens and the ultimate subscription for only 2500 Txbit Tokens per year. Our subscriptions are paid in advance and will automatically stop after the subscription period.
Become a VIP!
Txbit will introduce a new VIP program with unique and exclusive offers for Txbit Token holders. Holding Txbit Tokens will be rewarded through our VIP program. Depending on your VIP level, you will get a discount on the trading fees or ultimately pay 0% fees.
After the launch of the VIP program, we will keep extending the VIP program with more benefits!
Today at 9 pm UTC, Txbit Token will be listed on Azbit, ranked at the 57th position on CoinMarketCap with a whopping 24H volume of 4192 BTC.
We want more! Our next step will be to get listed on a CMC top 25 ranked exchange. We aim to get listed on a CMC top 10 (tier 1) exchange in the future.
For future listings, we have reserved at least 200M Txbit Tokens! (=10% of the total supply) We see a lot of projects on the market where the project stalls at one or two listings as the project runs out of funds. Because Txbit Token has a limited supply, combined with a 50% burn schedule, everything we spend will need to be spent wisely!
To promote Txbit Token and Txbit Exchange, we will create and execute a full-blown marketing campaign. We will use part of the liquidity to fund marketing activities. Our creative marketing team has powerful ideas for marketing. We will do promotions through our social media channels, like Twitter. We will attract some influencers who believe in our exchange.
We will reserve at least 200M Txbit Tokens (=10% of supply) for marketing purposes.
Txbit Exchange has been active in the crypto market since January 2018. We have seen both sides of the cryptocurrency market: Bull and bear markets and even a freezing cold crypto winter. If there is one thing that we learned after many years is to have some reserve funds to survive some bears on your path, we need to look further than only one month or one year!
Sometimes things can go unexpectedly wrong, and a reserve /emergency fund is an essential backup. We will reserve 100M Txbit Tokens in this fund (=5% of the available supply).
For Solaris Holders, we reserved 30M Txbit Tokens (=2% of supply). Txbit Exchange and Solaris are going their own way. The current Solaris Holders receive compensation for the breakup with Txbit Exchange.
The treasury fund ensures the sustainability of Txbit Token. 270M of the supply is allocated for the treasury fund (=14% of supply).
Can you explain the Burning program?
Over the course of 5 years, we will burn 50% of the initial supply. Every quarter we will burn 3% of the initial supply until we have burned a total of 50% (1,000,000,000 TXBIT).
To burn the Txbit Tokens, we will use the 0x address. Burning is done by using the burn method on the smart contract, which will send the tokens to the 0x address. The 0x address is public and fully transparent. BSCscan will subtract everything sent to that address from the total supply. The first burn is planned for the 3rd of January next year (2022).
Closely follow our social media channels for more updates!