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One of the largest European cryptocurrency exchange WhiteBIT added the intrigue by posting a seemingly ordinary post on Twitter, which heeded the security audit of their Network’s Testnet. But again, at first glance the thread does not arouse any distinct interest only at first glance. Yet the meticulous users found out that the upper register character’s, randomly put in the words, make out the “RETRODROP”. Does that mean that Network’s testers would be granted with certain bonuses and bounties despite the fact that WhiteBIT’s officials denied it? Let’s find out by shaping the roadmap leading to the exchange’s Network release.
On August 25, 2022, WhiteBIT introduced their native token $WBT by announcing the airdrop and then listing it on the exchange. The launch of digital asset was (and still is) logically considered to be a part and parcel of merging the exchange’s products and community into the sole WhiteBIT ecosystem.
Specifically, WhiteBIT users were ensured to be provided with the engaging bonuses and special offerings for owning and holding the token. For instance, the exchange offers fee discounts to the balance owners and rewards for the holders.
Bits and pieces of tokenomics
Significantly, the distinct amounts of WhiteBIT token are regularly burnt until a half of the assets are eliminated so that the supply of $WBT is maintained and limited. The weekly number of token’s burnt presumably equals a sum of 33% of WhiteBIT trading fees and 5% of withdrawal fee, margin trading income and other uses of the exchange.
Almost a year has passed since, and that period was extremely fruitful for the WhiteBIT token. The asset got listed on Huobi and Bitfinex, and its trading volume hit $9.30M as of June 9. 2023.
Still, the role of $WBT token remained obscure, and the announcement of native blockchain was covered by mysteries until consequently, WhiteBIT presented its loud novelty that dotted the i’s and crossed the t’s.
On March 31st, 2023, WhiteBIT announced the launching of the long-anticipated Testnet of their Network — an upcoming exchange’s blockchain which took the WhiteBIT Product Ecosystem several stages further. In fact, this turned out to be an essential step, getting the exchange closer to create a secure, fast and reliable network.
Testnet provided crypto enthusiasts with a chance to test blockchain’s functionality and unveil the possibilities of Go-Ethereum-based network. The operational basis of WhiteBIT is supported with Proof-of-Authority (PoA) — a transactions confirmation algorithm, characterised by its high security compared to Proof-of-Stake (PoS) and Proof-of-Work (PoW).
Although the Network can boast of low fees and High TPS (Transactions Per Second) rates, the advantages of it seemed to be confined to the ones mentioned. However, abruptly WhiteBIT is allegedly promoting the upcoming retrodrop. The tricky encryption of that piece of news has shaken up the community of the exchange, but stated no details and spurred an extreme interest.
Presumably, the WhiteBIT Network’s release is going to be soon, and that is sound as the 1-year anniversary of token listing is in its nearest future — on August, 25, if to be more specific. Hence it is plausible that the exchange is preparing industry to that event — in fact, releasing the retrodrop even for newcomers is pretty bold but encouraging.
Staying tuned for the updates.
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