Cryptocurrency exchange WhiteBIT has announced the launch of its first project on the WhiteBIT Launchpad on August 21st. This platform allows users to learn about new crypto projects, vote for their listing on WhiteBIT, and receive new tokens at a fixed price before their official market release.
The Launchpad is analogous to traditional Initial Public Offerings (IPOs) and Initial Coin Offerings (ICOs). Within the Launchpad, the exchange carefully selects projects to bring their assets to the market, verifies compliance with standards, and informs potential investors. These investors can then invest in the project at an early funding stage and receive project tokens in return. Importantly, each token holds practical value within the chosen project’s ecosystem. This enables token holders to actively engage with the crypto project and receive specific benefits or additional services.
WhiteBIT Launchpad allows users to vote for selected projects. This means the community decides which projects will be added to the exchange. This mechanism allows experts and newcomers to shape the exchange’s list of assets. If a project gains enough votes through the voting process, the exchange will add it to the platform, and Launchpad participants will receive the project’s new tokens ahead of others.
Who Can Vote for Crypto Projects?
To vote for a chosen project, users must possess the exchange’s WhiteBIT Coin (WBT) and have at least 200 WBT in Holding. These assets are used to calculate the allocation size equivalent to USDT, which users can then use to vote for the chosen asset. In essence, participants need to have USDT in their Main balance to vote.
Allocation refers to the ability to invest a designated amount of USDT into a specific project. The allocation size depends on the level of WBT Holding and the project itself.
It’s worth noting that Holding is a method of keeping WBT tokens on the exchange, involving locking these tokens in a special balance.
In addition to the ability to vote for projects and receive new tokens within the WhiteBIT Launchpad, users enjoy several benefits from holding WBT, including reduced trading fees, free ETH and ERC20 token withdrawals, complimentary daily AML checks, an increased referral program percentage, and advantages related to using the native WB Network.
What happens if a project doesn’t gather enough votes?
In that case, the project isn’t added to the exchange, and users who voted receive their assets back.
If a project garners more votes than needed, all participants receive a smaller amount of the project’s tokens, proportional to their USDT contribution to the overall pool.
Advantages of WhiteBIT Launchpad
WhiteBIT Launchpad offers users a range of benefits, including:
- Projects available for voting undergo a thorough review by WhiteBIT.
- Launchpad participants receive information about new crypto projects and their assets before the asset’s market appearance.
- The WhiteBIT community selects projects to be added to the exchange.
- If a project receives enough votes, each voting participant progressively receives their share of assets at a fixed price.
First Project on WhiteBIT Launchpad
After meticulous selection, the premier project for voting on WhiteBIT Launchpad is ScamFari. ScamFari, a product of the HAPI Foundation and a crowdsourcing platform, aims to increase user awareness against potential scams. The project combats fraud, phishing, and other illicit occurrences in the blockchain space by uniting the community. It ensures accuracy using reliable real-time sources and tools. The platform gathers phishing website addresses and fraudulent blockchain projects while rewarding community members for their efforts.
Users holding at least 200 WhiteBIT Coin (WBT) in Holding can vote for ScamFari’s listing starting August 21st. Launchpad participants can participate in the distribution of project tokens if the project gathers enough votes.
