The Community Voting for HBC Token Model 2.0 Upgrade on HBTC has ended at 12:00, February 8, 2021 (UTC+8). The proposal for “Community Voting for HBC Token Model 2.0 Upgrade” won with a 97% approval rating.
HBTC will implement Model 2.0 and suspend the daily 10x PE repurchase on February 9, 2021 (UTC+8). The new performance plan for HBTC Captains will begin at 8:00, February 9, 2021 (UTC+8). The new HBTC Captain’s scheme will start from February 10, 2021. Please refer to the details as follows:
1. HBC buyback-to-burn and reward:to replace the daily 10X PE repurchase to quarterly buyback with 100% income from the HBTC exchange. HBTC will use 100% of its quarterly business income from the HBTC Exchange and Bluehelix Technology's buyback-to-burn mechanism. HBTC will conduct quarterly buyback of HBC in the secondary market on HBTC Exchange. All HBC tokens obtained from buyback will be allocated as follows:
(1.1) Token burn and deflation mechanism: 80% of HBC tokens obtained from buyback will be burnt;
(1.2) Captain's reward (lockup): 20% of the HBC will be locked and distributed to the Captain's reward account. The HBC in the reward account will be unlocked according to Captain's daily performance. The specific allocation will be 15% and is based on the quarterly performance of the Captain. The other 5% will be shared amongst Captains who qualify by maintaining his/her status with a quarterly performance of no less than 100 USDT;
(1.3) Rules to liquidate HBC reward: Captains can liquidate the HBC reward based on his/her daily performance. If a Captain is able to produce a daily performance of 1 USDT or its equivalent, he/she can liquidate the HBC reward equivalent to 1 USDT at the closing price of the day. The liquidated HBC will be in free circulation in the secondary market.
2. Unlock mechanism for HBC reserve from Bluehelix team and investors:remains in lockup until a consensus vote is initiated for internal buyback when the business can generate growth to a certain scale and price appreciation of HBC. If the vote is passed, the platform will use 10% to 20% of the quarterly profit to buyback the locked HBC, and then burn them in a like manner as for those repurchased from the secondary market.
The community can propose and vote to decide on an internal buyback. If the vote is passed, 10% to 20% of the profit will be used for HBC quarterly buyback from the HBC pool held by Bluehelix team and investors. The HBC tokens obtained from this buyback will be destroyed.
3. Rules for HBTC Captain's performance and statistics:rules remain unchanged. The performance are mainly in the following aspects:
(3.1) Income generated by the HBTC Captain on the HBTC exchange. Income performance = (transaction fee - commission/rebate);
(3.2) Income generated from direct/indirect referrals. Income performance = (transaction fee - commission/rebate);
(3.3) 5% of the quarterly performance from any invited Captain;
(3.4) Invite new users, complete KYC level 2 with both single deposit and trade volume of more than 1000 USDT, the Captain will receive 30 USDT in performance points;
(3.5) Invite new Captain. If an invited Captain is able to maintain his/her status for a quarter, the Captain(inviter) will receive 300 USDT in performance points;
(3.6) A Captain has an overriding of 20% from all his/her invitees and Captains;
(3.7) Feedback and suggestions adopted by HBTC, the Captain will receive 150 USDT in performance points.
4. Eligibility and Opt-out of HBTC Captain
Starting from 08:00, 9 February 2021 (UTC+8), users who have completed KYC level 2 and hold more than 500 HBC in his/her HBTC account(balance-wallet) will automatically qualify to become a HBTC Captain. If a Captain holds less than 500 HBC in his/her HBTC account(balance-wallet), the Captain is deemed to have Opted-out from the Captain's scheme. The system will automatically remove his/her Captain status and all the HBC rewards that are in lockup will be destroyed.
5. Captain's Benefits
(5.1) Invitation Rebates: 40% overriding on the transaction fees from Spot Trading and 30% overriding on the transaction fees from Contracts Trading generated by the invited users and Captains;
(5.2) Trading Fee Discount: receive VIP 1 status on trading fees by default (kindly refer Fee Structure https://support.hbtc.co/hc/en-us/articles/360009274694);
(5.3) HBC Reward by Trading: 20% HBC airdrop from the quarterly buyback will be unlocked based on daily trades;
(5.4) HBC Mining Reward: HBC held in the HBTC account(balance-wallet) will receive a share of the block reward from nodes on HBTC Chain;
(5.5) VIP Service: Exclusive 1to1 customer service.
6. In HBC Token Model 2.0, all HBC rewards will be kept in lock-up and there will be no daily HBC repurchase and daily apply to unlock mechanism.Therefore, we have designed the following solutions for this matter:
(6.1) The current batch of HBC reward released to Captains is still in lock up: HBTC will conduct a buyback of this batch of HBC tokens based on a 5-day average price (4.021 USDT) on HBC/USDT pair (starting from the first day of voting) on February 9, 2021 (UTC+8). HBC tokens obtained in this buyback will be sent for token burnt. The 5-day average price=the sum of the 5-day closed price/5= (5.229+3.823+3.859+3.843+3.350)/5=4.021
(6.2) HBC reward in lock-up: for every USDT performance (including points) contributed by the Captain, the system will automatically credit the 1 USDT worth of HBC to the Captain's account(balance-wallet). The same requirement as before, it is necessary to maintain the Captain status in-order to enjoy the HBC reward. If a Captain loses his/her Captain status due to insufficient HBC holding, the system will automatically forfeit all HBC rewards and send them for token burn.
See voting result: https://www.hbtc.co/activity/vote/?id=6
Digital Asset Trading can be a challenging and potentially profitable opportunity for investors. Users are strongly encouraged to carefully consider their investment objectives, level of experience, and risk appetite.
8 February 2021