Original source: WEEX

Cryptocurrency trading platform WEEX announced that it will launch its global ecological incentive token WXT (WEEX Token) in the summer of 2024, and is currently in the preparation stage before listing.

WXT is an ERC-20 token launched by WEEX Global. It is designed as the cornerstone of the WEEX ecosystem and is used as a dynamic incentive mechanism to motivate partners, contributors, pioneers and active members of the WEEX exchange community.

Token Economic Model

The total supply of WXT is 10 billion, and the initial circulation is 3.9 billion. The token distribution and release plan is as follows:

1) WEEX Exchange Investor Protection Fund holds 1.5 billion WXT (accounting for 15%).It is used to effectively compensate for unexpected losses of user funds in the absence of user-related reasons, so that users can trade with peace of mind.

2) WXT Ecological Fund holds 1.5 billion WXT (15%).It is used to support project incubation, help start-up projects grow and develop the ecosystem, and promote Web3 technology innovation.

3) Private placement quota: 500 million WXT (5%), lock-up period: 1 year, linear release every month after 1 year, release completed within 1 year. Used to give back to WEEX exchange partners, to encourage them to grow with the WEEX platform and share the benefits.

4) Coin holding incentive: 1.5 billion WXT (15%), release 3% per year, release completed in 5 years. Used for investors to earn interest on coins, pledge mining, etc., to reward contributors to the WXT ecosystem and network.

The remaining 5 billion (50%) WXT will be used to support the development of the WEEX exchange ecosystem, including:

5) Team incentives: 2 billion WXT (20%), with a lock-up period of 1 year, and 2% will be released every 6 months after 1 year, and the release will be completed in 5 years. This will attract and retain top talents in the Web3 industry and motivate team members to work hard to achieve the key goals and long-term development strategies of the WEEX platform.

6) New users through activities: 1.5 billion WXT (15%), 3% released each year, to be released in 5 years. Used to attract new users and retain users, ensuring that WEEX achieves key milestones in user growth and market development.

7) Brand building/KOL cooperation: 1.5 billion WXT (15%), 3% released each year, to be released in 5 years. Used for brand building alliance partner program, aiming to attract outstanding KOLs in the Web3 industry to cooperate and enhance the brand awareness and transparency of WEEX and WXT.

“WEEX has always adhered to the operating philosophy of ‘customer first, partner first’. We have achieved stable profitability and will use part of the profit to subsidize WXT so that we can bind more partners and agents through WXT to develop the market together.” A relevant person in charge of the WEEX exchange said, “As a Web3 exchange, the company has developed to a certain stage and hopes to share the development dividends with users and partners, and with the community to create new milestones together.”

Exclusive rights for holders

In order to achieve the original intention of ecological incentives and sharing development dividends with the community, WXT is designed as a practical token, and a variety of usage scenarios and empowerment mechanisms are planned:

・Launchpad: Holders of WXT can obtain exclusive airdrops for popular projects;

・Exclusive rights for holders: including Platform transaction fee discounts, higher rebate ratios, VIP user exclusive rights for holding a certain amount of WXT, higher profit sharing ratios for traders with orders, interest on holding coins, exclusive airdrops for star projects, voting rights for listing coins, etc.

・Deflation mechanism, WEEX Exchange will start the WXT repurchase and destruction procedure at an appropriate time.

How to get WXT?

The relevant person in charge of WEEX Exchange said, "WXT is positioned as an ecological incentive token. The issuance of WXT is not for selling coins for profit, but for motivating partners."

Therefore, WXT is only open for subscription to partners such as agents and channels, and provides a certain subscription discount.

However, retail investors will still have the opportunity to receive WXT rewards in the future through new user registration, trading mining, and participating in WEEX platform activities.

About WEEX

WEEX is a safe and easy-to-use crypto trading platform. Since its launch in 2018, it has more than 1.5 million registered users by the end of 2023. Relying on bank-level data security + superb international team, WEEX platform actively expands its global strategic layout, and has successively obtained the US MSB, Canadian MSB, and St. Vincent FSA financial licenses, and established a 1,000 BTC investor protection fund, committed to providing global users with safe, compliant and most private crypto asset trading services. In August 2023, WEEX Exchange received a new round of financing led by FSN (214270, KOSDAQ), an Asian digital marketing giant and a Korean listed company, which has enabled it to expand its global crypto market territory and provide users with safer trading guarantees. Rapid development.

This article is from a contribution and does not represent the views of BlockBeats.