WHALES price breaks $3, what other surprises does Whales Market have in store?

With Whales Market, the points in your account finally have a good destination. And as new features continue to be released, Whales Market's empowerment is increasing.

Previously, BlockBeats introduced the three major functional sections of Whales Market, namely pre-market trading, points trading, OTC trading, and the token economics of WHALES. Now, users can trade Magic Eden's diamonds, Blast, Kamino and other platform points on Whales Market. With the upcoming DYM airdrop, users can also check the trading situation related to DYM in pre-market trading.

Related reading: "Whales Market, an OTC trading platform for futures contracts, learn more in this article."

With the launch of the pledging function and the start of token buyback, Whales Market's TVL and coin price have seen a significant increase in the past few days. As of the time of writing, Whales Market's TVL has reached $42.46 million; its native token WHALES is priced at $3, a 300% increase from $0.75 on January 30th when BlockBeats wrote about it. According to DEXSCREENER data, WHALES currently has a market value of $48.8 million and an FDV of approximately $300 million.

WHALES Staking Data Performance

On February 2nd, Whales Market launched its staking feature. When users stake WHALES, they receive xWHALES, which can be used to receive platform revenue sharing and as collateral for all OTC trading markets. The initial APY is 102%, and the current APY is 31.9%. As of writing, 62.7% of the circulating supply is staked, with a total of 10,349,197 tokens staked.

After purchasing WHALES tokens on Solana, users can go to the Whales Market official website and select the Staking tab on the left side. They can then connect their wallet and choose the amount to stake in order to receive xWHALES. The staking incentive is a 60% split of the platform's revenue, and the protocol will regularly use platform revenue to buy back WHALES tokens. These WHALES tokens will be evenly distributed as rewards to stakers, and to prevent dumping after receiving rewards, they will be linearly vested over 4 years.

WHALES staking has no lock-up period and can be unstaked at any time.

Repurchase Mechanism

On February 4th, the Whales Market team announced that the platform's revenue was $845,527 within a month, of which 80% will be used for WHALES token buyback. 60% will be used for staking, 10% for burning, and the remaining 10% for incentivizing LOOT stakers. LOOT is the native token of the Telegram bot LootBot, which is owned by the same team as Whales Market. The initial liquidity of Whales Market was provided by the LootBot treasury. Therefore, 5% (5 million) of WHALES token supply will be allocated to the LOOT ecosystem, of which 2.5 million have already been distributed, and another 417,000 have been snapshot. The remaining 208 million WHALES tokens will be distributed in future snapshots of the LOOT ecosystem.

Specifically, 80% of the revenue is equivalent to 6957 SOL (worth approximately $676,421), as of the 4th, 1151 SOL have been used for buybacks, leaving 5446 SOL. The official statement indicates that, based on the current buyback rate of 10 SOL/hour, there are still 544 hours left, equivalent to 23 days. Currently, Whales Market's revenue is $884,124.

Whales Market New Features

According to the official website of Whales Market, we have discovered that there are two new features that will be launched soon. One is the whitelist market, which is similar to the participation mechanism of the points market and adopts a double pledge mode for trading. The other is "Runes". As the official has not yet revealed more information, the community speculates that it is the previously discussed Runes rune protocol.

Runes protocol was proposed by Casey Rodamor, the creator of the Ordinals protocol, to provide a user-friendly, UTXO-based alternative for existing tokenization protocols such as Ordinals, ORC-20, BRC-20, and Stamps. In mid-December last year, Casey announced the launch of the Runes protocol mainnet during the Taipei Blockchain Week, scheduled for block height 840,000, which is the next Bitcoin halving event. The fourth Bitcoin halving is expected to occur on April 23, 2024.

Perhaps we can look forward to more surprises from Whales Market if the "Runes" feature goes online.

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