Bitoro’s Month in Review Update — September 2024
The start of October marks Bitoro’s entry into a pivotal period. In September, $BTORO tokens first reached the market through our token airdrop. Now, it’s time to focus on what truly matters: establishing Bitoro as the premier decentralized trading ecosystem.
With that in mind, let’s quickly review last month’s events and, even more importantly, discuss our next steps.
TGE — check ✅
Before diving into this monthly update, we want to express our gratitude to the whole community for actively participating in our numerous competitions and for any other contributions to the Bitoro community over the past few months. Your ongoing support has not gone unnoticed. The entire team is dedicated to making Bitoro a highly attractive platform for crypto traders, which we believe will foster a robust community and drive strong demand for $BTORO.
On September 26, we reached two key milestones: the completion of our highly anticipated TGE and our INJ-based sale on the Mito Launchpad, which was oversubscribed by over 125%. Although the initial launch faced challenges due to unfavorable market conditions, it’s important to remember that sentiment in crypto can shift rapidly. Time rewards those who build and deliver real value, and that’s precisely what the Bitoro team intends to do.
Current token supply
To ensure full transparency with our community, we’d like to share details on the token supply following our TGE.
As of October 4, there are technically 156,990,298 $BTORO tokens in circulation. Of these, 65.7 million tokens are currently locked in staking, with roughly two-thirds locked for 90 days.
An additional 21.2 million tokens across 14,000 wallets remain unclaimed, meaning that approximately 70 million $BTORO are currently liquid. Of those, 25 million are exclusively allocated for market-making by our liquidity providers.
Looking ahead, we aim to limit the issuance of new $BTORO tokens as much as possible. For now, any token-related challenges are suspended with the exclusion of our Season 2 rewards that offer a combined 2.5m $BTORO tokens per epoch on Orderly and Injective. Naturally, we encourage traders to stake as much of their epoch rewards as possible.
What’s next?
New strategies
Driving demand for $BTORO is our top priority for October. As an initial step, we’ve decided to temporarily adjust our $BTORO buyback strategy from a quarterly to a weekly schedule. Starting as early as next week, the Bitoro Foundation will begin purchasing $BTORO from the market.
Meanwhile, our marketing and business development teams are fully focused on creating new channels for $BTORO buyers. This includes collaborations with third-party institutions such as protocol partners, funds, and similar entities.
On the development side, our team is working tirelessly to expand our product offerings. This involves adding more markets and liquidity to existing Bitoro platforms and progressing on the development of BitoroCore (more details below).
BitoroCore
As previously teased, Bitoro is set to launch an innovative platform offering native liquidity and the largest selection of on-chain perpetual trading pairs, covering crypto, RWAs, and betting markets — BitoroCore. We’re pleased to already report significant progress, with the initial testnet launch scheduled for this quarter.
The introduction of BitoroCore is expected to greatly enhance our product lineup, offering unmatched functionality in the decentralized trading space. We have no doubts that this launch is poised to make a substantial impact on both the Bitoro community and the crypto trading community as a whole.
We encourage all loyal community members to keep contributing — whether by helping newcomers, spreading the word, or providing valuable feedback over the next few weeks. More developments are on the way, and with them, we anticipate a growing demand for our products.
