What is Bitoro Network? Features, Comparisons, Airdrop, and Upcoming Events
After years of blood, sweat, and tears, the Bitoro team was extremely excited to finally unveil the Bitoro Network trading platform to the public last month.
Designed as the most liquid and cost-efficient decentralized futures trading platform, Bitoro has since received tremendous love from the community, including tens of thousands of new community members on X and Discord and hundreds of traders who are actively reaping profits with our platform.
Whether you are new to Bitoro or you are simply looking to broaden your knowledge about our ecosystem, this article will provide you with lots of precious information and answer some of the most commonly asked questions.
What is Bitoro, and how does it work?
Bitoro is a decentralized perpetual futures trading platform that allows you to trade hundreds of popular cryptocurrency trading pairs with the speed and convenience of a centralized exchange but, crucially, without having to trust a centralized party to safeguard your money.
Most importantly, Bitoro can provide the deepest liquidity across all on-chain futures exchanges by tapping into the order books and market makers of several of the largest DeFi platforms. In other words, Bitoro technically enables you to access the entire liquidity of all decentralized futures exchanges from a single platform.
Currently, Bitoro supports trading with up to 50x leverage on Arbitrum, Avalanche, Optimism, Polygon, and Base, with more blockchains receiving support soon. If you’re interested in learning about how exactly Bitoro aggregates trades, you can read about the mechanisms in the back end.
How does Bitoro compare to other futures exchanges?
Traditional decentralized futures exchanges such as GMX were the first platforms to combine an almost TradFi-level trading experience with self-custody of funds. They represent a huge milestone in the DeFi industry and are also vital for the Bitoro infrastructure.
However, these platforms also have a significant drawback: their liquidity is limited. With Bitoro, you are always guaranteed to have the largest pool of liquidity that includes all of the major decentralized perpetual trading platforms.
How does Bitoro compare to Uniswap and other traditional DEXs?
Traditional decentralized exchanges (DEX) enable you to spot-trade various cryptocurrencies from the safety of your personal wallet. For example, if you buy an ERC20 token through Uniswap with ETH, you receive full ownership of said token. You can sell it, move it, stake it, or simply hold it to infinity.
Nevertheless, Uniswap and similar exchanges are usually plagued by low liquidity and high fees, making them unattractive for professional traders. Additionally, traditional DEXs do not allow you to trade with leverage unless you borrow money through a lending platform at high interest.
On Bitoro, you don’t trade spot assets, but perpetual futures. These are so-called derivative contracts that enable you to trade an asset with much greater liquidity, at lower fees, and with higher leverage. Moreover, compared to regular futures contracts, which have an expiration date, perpetual futures can be held indefinitely.
What are the trading fees on Bitoro Network?
First of all, Bitoro only charges its users for opening and closing positions — so you don’t need to worry about deposit, withdrawal, liquidation, and other unexpected fees. The position fee is generally fixed at 0%-0.05%, although the exact percentage depends on the market you are trading. It is calculated as follows:
Open Fee: 0%–0.05% × Asset Price × Position Size
Close Fee: 0%–0.05% × Asset Price × Position Size
Crucially, the Bitoro Aggregator Engine will always route your orders in such a way that minimizes the overall cost of opening and closing positions, making it one of the most cost-efficient on-chain perpetual exchanges in the industry.
Is my money safe with Bitoro?
Definitely. And here’s how it works: before placing your first trade with Bitoro, you first have to connect your cryptocurrency wallet with our platform. Currently, Bitoro supports wallets from Metamask, Rainbow, Coinbase Wallet, and WalletConnect.
Whatever trade you perform, your funds are always exchanged peer-to-peer between your personal wallet and the protocol you’re interacting with. Bitoro never takes custody of your funds, which means your money will be safe and sound even in case the Bitoro platform goes down.
Moreover, our smart contract infrastructure was thoroughly analyzed by the renowned German blockchain security audit firm SolidProof. The full smart contract audit is available to the public here.
✨→ Trade with Bitoro here
How do trading rewards work on Bitoro?
This is where the fun begins. Since the end of March, you can earn Bitoro Points for completing various tasks, which include executing trades, staking, and referring Bitoro to your friends. For example, you can earn one Bitoro Point per completed trade and one Bitoro Point per $100 of trading volume.
Since April 2024, you can also earn Orderly Merits by trading on Bitoro, which is the official reward program of our partners at Orderly Protocol. Last but not least, we will soon activate trading competitions so that you can earn even more Bitoro Points and participate in prize pools.
Will Bitoro have an airdrop?
If you’re wondering what the heck you’re going to do with all these Bitoro Points you’ve accumulated, then you may be in for a surprise. That’s because your Bitoro Points will help you to get a sweet airdrop allocation from our upcoming native token $BTORO.
Now, we don’t want to spoil all the details and exciting things we’ve planned for our airdrop just yet, but rest assured that it will come at some point this year. You can be among the first to learn about new details by staying in touch with the Bitoro community over the next few months.
What else is on the road map for 2024?
Believe it or not, we have a lot of great things in the pipeline. In Q2 2024, you can expect to see an expansion of our trading rewards and incentives, integration of trading strategies and AI bots within the platform, and the connection of more liquidity providers to our aggregation engine.
Later this year, we will also roll out our API to algo funds, HFT groups, and market makers, add support for further blockchains and trading pairs, and, of course, launch our token and the $BTORO token airdrop.
If you have any questions about trading on Bitoro, or if you simply want to support our mission, then head over to our Discord or Twitter and get in touch with the community.
✨→ Trade with Bitoro here
About Bitoro
Bitoro is the world’s first leveraged trading protocol and aggregator for the perpetual futures market. Our primary goal is to unify the fragmented market under one platform, providing optimal prices, fees, liquidity, incentives, and unparalleled ease of use for traders.
