UpBots Tokenomics Briefing
[Updated October 2020 to reflect improvements in tokenomics]
Today I would like to share with you a full briefing of the tokenomics of the UpBots platform. Before we dive into the data I’d like to share some insights into the way we think about Token Economy at UpBots HQ.
Why build UpBots on a blockchain?
The first thing to understand is that we are absolutely resolute in our mission to create a platform that will REALLY level the playing field for our users. We want the New Recruit and the Seasoned Pro, to be able to create efficiency of effort around making good trades that result in success, not failure.
The market place is full of tools for traders. Some that give you manual trading options, some bot based tools, some aggregation tools, and some with a lot of other features that are cool or useful.
And yet despite this, all over the world New Recruits are getting rekt on the daily. Does getting rekt have to be a rite of passage for the New Recruit to crypto? Is it a necessary step on the path to crypto enlightenment?
Certainly today it seems to be. So how do we change that?
We concluded that there are many different elements to the right answer to that question. Aggregating DeFi solutions and DEX trading options, as well as offering trading on CEX was definitely one aspect to it. Offering crypto traders and investors, traditional assets is another. Quality checking signals, training and even social copy trading strategies also seemed crucial to prevent fraud and create a safe place for the uninitiated.
And of course wrapping everything up in a simple to use, intuitive interface one of the most important elements of all.
However one of the most essential elements was our ability to create an ecosystem of success rewards. If you are a Seasoned Pro and you have boss level Technical Analysis skillz; we wanted to find a way to engineer an ecosystem that creates a win:win situation for both you, and the New Recruit who thinks a Head & Shoulders pattern is a type of hair product side effect!
The most obvious answer was to build our platform on top of a blockchain that would allow us to engineer an ecosystem that incentivizes success.
Note: The trades you make with CEX, DEX and DeFi solutions through the UpBots interface, are not on-chain transactions until after they have been successfully completed and require UBXT success fees to be paid.
UpBots offers an interface to those markets only. So there is no insane additional GAS fee’s or any issues with execution time as a consequence of trading through UpBots. Everything we do is designed to increase your efficiency and quality of experience trading. We want to increase your success, not torture you with technology that gets in your way.
So right back, very close to the start we consulted with a number of crypto currency economists and experts on how to structure a token economy to guarantee the long term success of the UpBots project.
We wanted to be sure that when the UpBots platform is successful that the token would be a big part of that, rewarding even further the community that was supporting the project by holding their UBXT.
Another example is that the ecosystem economy would reward or facilitate each of the parts of the platform (i.e. social copy trading - that if a trader was killing it with her trades and wanted to share those with anyone else that she could do that and be rewarded financially, not just when she is successful, but also every time the people following her are successful.
Ok, so lets jump into the details of what came out of all those consultation sessions…
The UBXT (ERC-20) token will have a central role in the UpBots ecosystem.
UBXT will be used for all the fees, including external bots profit fees and social copy trading profit fees. To summarize:
1. Subscription & Marketplace:
- Subscriptions and tools on the marketplace
- Training Courses
- Subscriptions to signal providers within the UpBots platform
- Referrals (earned in UBXT)
2. Social Copy Trading Commission
3. Community Tools & More
- Bots Fees (only when profiting)
- HODL Membership
- Prediction Game
- Token Burns
Total Supply: 500,000,000 UBXT
Protocol: ERC 20/SPL
A loyalty program will reward users that keep their UBXT for a certain amount of time after the full commercial version of the platform is live. This will slow down the token velocity and act as incentive for long term holding.
To lower entry barriers without decreasing the UBXT token value, FIAT payment will also be allowed and will automatically be converted into UBXT equivalent that will be locked for the duration of the subscription.
A brief summary of the improved benefits of the Hold Program can be seen above. The two new aspects of the Hold Program brought in to this ver 2 are:
25% of the performance fee’s UpBots collects will be put into a Profit Pool which will be distributed to the participants in the Hold Program.
VIP zones are areas that give access to special functions such as access to the Ambassador Program, the possibility to rent your algos to the community and to collect fees, to become a « Master Trader » and allow people to follow your trades. Or to get access to exclusive AI bots, market making bots, and other expert tools.
Enhanced Burn Program
We also update our Burn Program to more aggressively burn tokens. The major change here is our target burnable amount of tokens. We have increased this to a whopping 50% of all tokens.
This will reduce the Total Market Cap to just 250 Million UBXT.
So now along with the annual burn we will also conduct weekly burns of up to 25% of the performance fees collected by UpBots.
Token Sale Stage
Institutional Sale: 100% Sold Out
Private Sale: 100% Sold Out
IEO: FTX Exchange — Oversubscribed in a record breaking 90 seconds.
Institutional, Private & Public Token Sale (45%)
Private Sale & Institutional Sale Price; 1 UBXT= 0.01$ with eligible Bonus*
- 22% of total token supply allocated to Institutional Sale — 110M UBXT sold
- 17% of total Token supply was allocated to the Private Sale — 85M UBXT sold
- 6% of total token supply was allocated to the public sale IEO on FTX — 30M UBXT sold.
Reserve Holdings (25%)
- Tokens are Locked until Upbots platform reaches 15,000 registered active users
UBXT Development Fund (14%)
- A total of 14% of the total token supply will be allocated to the Development fund that will utilize and leverage capital to further develop the UpBots platform & services
- A total of 10% of the total token supply will be allocated to the Team
- Tokens for the team will be locked with equal token releases every two weeks for 2 years.
- Partners will receive a token allocation that consists of 5% of the total token supply
- Tokens allocated to Advisors will be subject to a 12 Months lock up period from the official Listing date with 50% stake unlocked in the following first 6 months.
Bug Bounty (1%)
- 1% of total token supply is allocated for the funding and compensation to external developers for reporting bugs, exploits and vulnerabilities
There will be only a maximum hardcap of 500 million UBXT. This means there will be no more tokens minted once the threshold has been reached. In addition as per the burning program above we will burn tokens weekly and annually.
Token Vesting Period
Institutional & Private Sale Vesting Period is 1/12 of tokens released every 2 weeks.
Smart Contract Details
If you wish to look at our Smart Contract on Etherscan you can do so here
Or check out CoinGecko here
Come join us and give us your thoughts, questions and feedback in our UpBots Telegram group here