Blockbid Liquidity Token (BIDL) rewards users who provide liquidity and trading activity on the platform. Whenever you trade on the Blockbid exchange, you will automatically receive BIDL proportionally to the percentage of total exchange volume that you contributed. Makers will receive twice as many BIDL as takers.
The amount of tokens you can earn daily is significantly higher in the early stages to greatly reward early adopters. Every 60 days the token emission rate will halve.
At the end of every 30 days, Blockbid will use 50% of the fees generated, to buyback and burn the BIDL tokens on the market.
The model incentivises the provision of liquidity early on in the life of the platform. The distribution of tokens is highest when liquidity is the lowest. Token emission will halve every 60 days until day 360. Token emission will be zero after day 360.
There will be a ﬁxed number of tokens available for daily distribution per the schedule Traders will earn tokens depending on the amount of volume they trade and the nature of that volume. One-third of the daily distribution will go to traders who execute market orders. Two-thirds of the daily distribution will go to traders who have their limit orders executed. Traders will be allocated tokens based on their pro-rata contribution to total platform volume on that day.
Total supply of tokens created will be capped at 1,000m - note that this cap will never be reached as from day 30 tokens will be bought back using trading fees. By holding 40% of the tokens the team is signaling its commitment to the buyback and burn program and appropriately aligning incentives between token holders and platform owners. As the platform grows the amount of fees collected will increase. This will mean larger buybacks and more buying pressure for the token. Since Blockbid will own 40% of the outstanding supply of tokens it is in our interest to ensure a ﬁrm commitment to the buyback and burn program.
Tokens held by the Blockbid platform will be locked for 3 years. Advisor tokens will be locked for 180 days and released gradually over the incentive period to avoid any supply shocks
BIDL start date:
12pm UTC 17th Sep 2019
Runs every 24hrs
BIDL/BTC Market Opening:
12pm UTC 1 Oct 2019
We will be taking a snapshot of BID holders on the platform and will automate an airdrop at 5pm AEST 24th Sep 2019.
Any users that have not moved BID to the platform will be able to contact support to ensure that airdrop is still applicable.