A Letter From Jeff Young to the community

Dear Well-Man

Looking back to August, officially as CEO, it has been more than 3 months, during which time concentrated on dealing with the affairs of the platform, and it was like a fleeting show. I am glad to see that the platform is developing rapidly, showing explosive growth momentum. For this, I would like to express my gratitude to our users who have been supporting us in the past few months.

Today, I am writing this letter because I have some new thoughts on the current situation of the whole industry and our own business development. This is an opportunity for us to review our past progress, embrace the ever-changing industry, and make plans for the future journey of BitWell.

Our Achievements: 

Over the past three months, BitWell has made tangible achievements:

We approached the market with options, aiming to make such a risk hedging tool accessible and usable to a wider range of ordinary users. Our team has developed the Simple Options product from a lower threshold perspective, allowing users to participate in market hotspots with near-zero access to options products. So far, it is still the most accessible options product in the industry. 

In the first half of the year, the whole market was ignited by the popularity of DeFi, but its projects are too complicated and the threshold is too high, many users can only look and sigh. In order to allow more users to participate in DeFi and not miss this dividend, we responded positively to the community and launched the first DeFi options in the world. This was followed by the launch of innovative options such as FIL and DOT. Several of our options have hit hundreds of times higher, generating industry interest and discussion.

At a time when the market was keen on DeFi liquidity mining, we innovatively announced the Platform token WELL and combined it with liquidity mining to allow users to grow with the platform through POS pool(trading and depositing). At the same time we innovated the economic model of dual-track burn and extreme deflation. The blast burn mechanism was recognized and praised by the community users. In just over two months, more than 329.7 million platform token WELLs have been burned, accounting for 15.7% of the total. WELL can be circulated via auction and the unit price has now risen to $0.17 which is 17 times the initial price.

Our product and team have been widely praised by investors, and the $30 million in funding is their most direct endorsement of the team.

Over the past three months, our cooperation with more well-known project parties has also been carried out in an orderly manner. 

Meanwhile, in order to better disseminate knowledge about derivatives, we established BitWell University and started to export options-related content on a continuous basis. Currently, short video tutorials on options have also been launched and have received positive feedback from users. In the future, BitWell University will continue to produce more quality and comprehensive content as the platform’s product line continues to diversify.

More importantly, we have built our communities. When I see users using our products and putting forward their own suggestions in the community, I feel that all the efforts are worthwhile. Thank you to the community for joining us on these journeys.

Currently, we are in the process of ‘Free WELL with limited Privilege Card Subscription’ program, and the Genesis Era’s Round has been successfully completed, with many regular users subscribing. The subscription of Dawn Era’s Round and Hero Era’s Round will also be opened soon.

Our Roadmap:

Over the past few months, many of our community members have been very active in contributing ideas and providing valuable input to the platform. After listening to and adopting the opinions and suggestions of the community, discussing with the team members, we formulated the development plan for the next stage, which is our roadmap, the general line and program for the future development of BitWell.

Our Roadmap is divided into three stages: the Genesis Era, the Dawn Era, and the Hero Era.

1.Genesis Era, at this stage – before the WELL enters circulation on the blockchain.

The timeline for this stage is set before the WELL enters circulation on the blockchain, which is the current stage. Great products are the foundation for the platform to be accepted and used by users, so in the Genesis era, our core focus is to continue to polish our basic derivatives services.

Our products will focus on options and perpetual contracts, with the core starting point being to make it easy for users to build a basic derivatives portfolio and have a faster, more accessible trading experience. Our perpetual contracts are currently under full development and we expect to launch them in the near future.

On the community side, we have already established the knight order(Well-Man) and will expand it further as necessary to better involve more people in the building and construction of BitWell and to reach out to more communities to serve our users.

Next, we will clarify the rights and interests of the platform token WELL and complete the WELL list on the blockchain and Genesis distribution. Now that yield farming has ended, we have burned the remainder of the entire mining pool, and the total WELL burn has reached 329.7 million, accounting for 15.7% of the total, creating the ultimate deflation of WELL will be our constant goal.

In due course, after ‘Free WELL with limited Privilege Card Subscription’ programme, we will start the circulation of WELL on the blockchain, which we unveil to the public in the description of the ‘About the BitWell Platform Token WELL’ on our website, with the expectation that WELL can be used as a catalyst and lubricant in the ecological construction, linking all ends together.

2.Dawn Era, with WELL entering the blockchain circulation as the official launch node.

In the Dawn Era, we will build a comprehensive product system and continue to launch innovative financial products, giving our one-stop blockchain derivatives investment platform a nascent shape.

On the product side, we will continue to provide a variety of innovative derivatives, including but not limited to: volatility contracts, ETFs, various index derivatives, insurance, so that users with different risk preferences and capital sizes can build their own investment portfolios according to their needs.

On the equity side, we will continue to empower WELL with basic trading fees and position commission discounts, as well as adding WELL as cross collateral and opening WELL’s community voting function. 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 partner program and an institutional partner program in this stage to connect more closely with our users through the partner mechanism, and we will allow them to participate deeply in the governance of the platform.

3. Hero Era, with 6-12 months after entering the blockchain circulation of WELL as the launch point.

Since the beginning of this year, the explosion of Uniswap and Miniswap has allowed users to see the charm of decentralized platforms. Some users have also asked why BitWell is not a decentralized platform.

We believe and firmly believe that decentralization is the inevitable trend of the future, and we see that there are still many shortcomings in decentralization and that it is impossible to get there in one step, but we will do what we can to change it. We believe that the future of centralisation and decentralisation is coevolutionary and existential.

Therefore, in the Heroic Era stage, we will build our own decentralized financial services platform and integrate it with the platform business while ensuring that it is decentralized. At the same time, we will promote the integration of the platform with the traditional sector and launch more financial services to make BitWell a fair, transparent collection of top global blockchain services.

On the product side, our main task is to continue to expand the boundaries of derivatives, incorporating more blockchain technology inwardly, while outwardly, we strive to extend to traditional areas to provide derivative services like the list on the blockchain of traditional assets, in an effort to provide more financial services for 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 to 21 million, which is 1% of the total. By then, WELL will become the hard currency of the BitWell platform, and it will also be a bridge connecting BitWell with other platforms and the outside world.

Our Vision:

We believe that technology changes the world and innovation achieves value. We hope to take derivatives as the breakthrough point to bring more blockchain applications to the public.

What you’ve seen over the last 3 months is just the beginning of BitWell. I hope that the Roadmap above will give the community and our users a clear idea of what BitWell is going to do and where it is going to go in the future. I believe that with the support and trust of our users, with the unremitting efforts of the team, we will build BitWell into a fair, transparent and world’s leading service aggregation in the field of blockchain assets.

Best Regards
Jeff Young
2020/11/23