In the not-too-distant past, digital asset exchanges merely facilitated trading activity while building their business through exchange fees. At some stage, however, exchanges realized that if projects could build a community around a novel crypto-asset, they could too.
Inevitably, exchange tokens have become commodities in their own right with the most popular – Binance Coin (BNB) – currently ranked as the fourth biggest digital asset by market capitalization. At present four native exchange tokens occupy CoinMarketCap’s Top 50 Cryptocurrencies, three of which have a value of at least $16.
The success of various exchange tokens has motivated investors to sit up and take notice – and not just because many seem undervalued. Aside from the potential for huge profits, exchange tokens confer all kinds of benefits for users of the platforms themselves.
Bitrue’s BTR Token Is One to Watch
The native token of the fast-growing Bitrue exchange, which has offices in the US, Europe, and Asia Pacific, is a good example. Perhaps best known as a Ripple-recommended exchange for XRP trades, Bitrue supports numerous crypto pairs and defi tokens while also offering its own crypto-backed lending service, through which users can borrow BTC, ETH, USDT or XRP.
So what makes the platform’s exchange token, BTR, worthy of consideration? Well, for starters, the token appears to be very much undervalued – it’s currently sitting at $0.18, having achieved a high of $0.45 as recently as mid-March. Given that Bitrue recently surpassed 4.2 million registered users, it’s conceivable that it will gain ground in the near future.
The token, which boasts daily trading volume of $4.5 million with a market cap of $27.3 million, launched almost exactly two years ago and made its debut on Binance Smart Chain (BSC) this March, in a bid to ease interaction with BTR tokens for Ethereum users.
BTR’s integration by all BSC-based dApps – including flagship DEX PancakeSwap – brought the asset to millions of users who may otherwise have been unfamiliar with the exchange. Pancake users have been busy trading BTR/USDT as well as providing liquidity to the pair to earn LP tokens.
Like other exchange tokens, BTR confers various privileges on holders. Designed “to support all Bitrue businesses such as trading fee deductions, cash deposit of project parties, voting for listing coins for transactions, wealth management programs, and loan programs,” BTR grants 40% off trading fees in the first year, 30% in year two, 20% off in year three, and 10% off in year four.
BTR ownership also entitles token-holders to a higher interest rate in PowerPiggy, the platform’s staking service. Although this is open to all, its generous rates means that it sells out every day. BTR holders, meanwhile, get special VIP access to invest at any time.
BTR Debuts on ProBit, New Staking Promo Launched
To commemorate BTR’s upcoming listing on leading Korean exchange ProBit, Bitrue is actually running a new promotion on PowerPiggy that gives users an opportunity to earn 15% APR. From May 28 at 10:00, BTR holders can invest their coins for a full 30 days in order to receive 15%. The promotion is likely to be popular, so those looking to take advantage are advised to turn up sharp when the promotion opens.
Bitrue also plans to introduce a governance system to give BTR holders the ability to vote on new developments and token listings. Hodling BTR will soon reduce the amount of interest owed when taking out a crypto-based loan, too.
Bitrue’s chief marketing officer Adam O’Neill has predicted that 2021 will be the year when cryptocurrencies really go mainstream. He may be right. In any event, it could be a year when exchange tokens follow BNB’s lead and shoot for the moon.
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2021-05-30 13:14:56
