WELL is BitWell’s platform token and is based on Ethereum’s decentralized crypto ERC20 Token. It provides drivers for the entire platform ecosystem and serves as a measurement standard for the participants and contributions of all parties in the ecosystem. Token holders (and their representatives) can discuss, propose and vote on any future changes to the composite protocol.
WELL was formally launched on 3 September 2020 Singapore time, but has not yet entered into on-chain circulation.
The initial price of WELL was 0.01 USDT and as of 20 November 2020, the price of WELL has risen to 0.16 USDT after several rounds of auctions. the price of WELL will fluctuate in line with market demand and market price fluctuations.
WELL is the representative of BitWell community rights, including:
- Platform trading fee discounts
- Offsetting options fees
- Right of first refusal for products
- Additional rebates
- Community voting rights
- Community governance rights
- Voting rights for major platform decisions
- Right to be selected as a Community Founding Partner
- Customize Well-Man peripherals
- BitWell Private Meeting (exclusive to old users of Genesis Era)
- Exclusive content cooperation (exclusive to old users of Genesis Era)
- BitWell Executive Dialogue (exclusive to old users of Genesis Era)
- Dedicated customer service, VIP level +1 privilege (exclusive to Dawn Era users)
As such, BitWell will do its utmost to ensure that the price of the WELL is reasonable and stable, to continually increase its intrinsic value, to maintain the health of the BitWell ecosystem, to extend its reach and to provide additional points of connection to value for all participants.
WELL was launched at the same time that BitWell platform yield farming started on September 3, 2020 Singapore time. Users can obtain WELL by participating in yield farming. As of the end of yield farming on November 5, users have mined a total of 6.3 million WELLs.
In addition, users can receive WELL by participating in the BitWell platform ‘Free WELL with limited Privilege Card Subscription’ program.
After WELL officially enters circulation on the blockchain, it will be directly available for purchase on the BitWell platform.
Genesis Era Round:
- Only for existing users who have participated in yield farming.
2.In the first round, the maximum subscription amount for regular users is the yield farming rewards amount; in the second round, the maximum amount for a single account is 2000 USDT and the minimum subscription amount is 1 USDT.
Dawn Era Round:
- Accessible to all users.
- The maximum amount for a single account is 500,000 USDT and the minimum subscription amount is 300,000 USDT.
Hero Era Round:
- Accessible to all users.
- Maximum 1,000 USDT for single account and minimum 1 USDT for subscription.
The maximum notional supply of WELL is 2.1 billion, distributed as follows.
Seed round 4%, gradually unlocked after WELL enters the blockchain for 6 months, and will be unlocked linearly in 18 months;
Angel round 4%, gradually unlocked after WELL enters the chain for 6 months, and will be unlocked linearly within 18 months;
16% of the founding team will not be unlocked within 2 years, and then will be unlocked in no less than 2 years by linking to platform operating profits.
For 16% of the yield farming plan, users have mined 6.3 million(0.30% of the total), and the remaining 329.7 million(15.7%) have been completely burned; 8% of the plan part has been given away, and users can obtain by purchasing an NFT privilege card.
In the 8% giveaway plan, the Dawn Era’s Round gifted WELLs are in locked status for the first two months after entering circulation on the chain. Thus, in the first two months, 6.3 million WELLs (0.30%) from the Yield Farming and 42 million WELLs (2%) from the Genesis Era’s Round and 84 million WELLs (4%) from the Hero Era’s Round will be the first to enter circulation, for a total of 132.3 million WELLs (6.3%). After that, when the Dawn Era’s Round is gradually unlocked, the number of WELLs entering circulation on the chain will be 174.3 million, which is 8.3% of the total.
The remaining 63.92% of WELL is locked, as shown in the figure below:
For users who participate in the program of ‘Free WELL with limited Privilege Card Subscription’, please see the following table for the lock-up and unlock requirements of WELL:
|Round||Price||Proportion of Gift Plan||Number of Gifts||Unlocking Time|
|Genesis Round||0.16 USDT||2%||42 million||No lockup|
|Dawn Round||0.17 USDT||2%||42 million||It will be unlocked proportionally from the 3rd month after entering the blockchain circulation, and the unlocking will be completed in 16 months|
|Hero Round||0.17 USDT||4%||82 million||It will be unlocked on the day it enters the circulation on the blockchain, and will be unlocked linearly within 3 days|
Users who participated in yield farming have mined 6.3 million WELL without lock-up period.
The total number of WELL designs is 2.1 billion, with an economic model of extreme deflation, multi-threaded accelerated destruction, and never additional issues.
- In yield mining, a blasting destruction mechanism is designed in which users mine more WELL daily, and burn faster. As of the end of yield mining, 329.7 million of WELL have been permanently burned, accounting for 15.7% of the total;
- After WELL enters the blockchain to circulate, every Monday, BitWell will use 50% of the platform’s profit last week (much higher than the industry average) to repurchase WELL in the secondary market for burning;
- If the platform has no profit last week, the team punishment plan will be implemented and the team’s share will be burned; if there is a profit but the standard is not met, the community users will vote through the community user’s vote, and the team will be punished;
- After the implementation of community autonomy, it will be burned according to the community governance behavior.
The ultimate goal of WELL is to burn to 21 million (1% of the total).