22nd July, Singapore, Singapore – The first half of 2019 has seen good performances from platform currencies BNB, OKB and HT. Not resting on its laurels, the BiKi token (BIKI) reached a peak of 0.1394 USDT on July 5th, an impressive increase of 44 times over the course of 6 months, an indication of investor demand and recognition of the token’s value.
Primarily used to pay for services and fees when trading on the exchange, using BIKI grants the trader discounts over using other payment methods on the exchange.
BIKI follows the 4 principles of “daily buyback, quarterly burn, tokens in locked position, steady deflation”. This motto guides the platform’s goal of bringing value to BIKI through a three-step process.
Reduced Supply from Buybacks
BiKi.com has pledged to use 100% of its platform fees to repurchase and burn the token until it decreases to a supply of 100 million from its initial token issuance of 1 billion. BiKi repurchases tokens on a daily basis and burns them quarterly.
Currently, BIKI’s apportioned repurchase is five times that of BNB and HT, an indication of BiKi’s commitment to creating value for its platform token. It is also a statement of its ambitious positioning of BIKI against other platform tokens. BiKi’s scheduled coin burn on July 1st destroyed 70 million BIKI, a market value of approximately USD 7.5 million. To date, a total of 344 million BIKI has been cumulatively burned, which accounts for 34.4% of the total supply.
Lowered Liquidity from Locked-in Partner Positions
BiKi’s Community Partner Program requires its partners to lock in at least 30,000 BIKI for 1 year (with 10% interest) to be eligible for 60% cashback on trading fees as well as a host of bonus rewards, dividends and token airdrops. The program incentives invariably attract an influx of partner members which is a good source of investor traffic to the platform. The locked position also prevents extreme inflationary pressures on BIKI prices, preventing the formation of economic bubbles. According to reports, there are presently locked-in positions of more than 50 million BIKI, accounting for 15% of the overall circulation.
Both aforementioned steps are instrumental in reducing the total token supply in circulation, thereby increasing the token’s value and subsequently creating demand for it.
Increased Demand from Additional Use Case Scenarios
The value of a platform token is intrinsically and inextricably tied to the developments on the platform and BiKi is no different. BiKi has announced that it will launch a BIKI transaction pair in the future, whereby projects will then raise funds in BIKI instead of in ETH. This move once again increases demand and value for the token simultaneously.
While many other platforms regard the fees that platform currencies bring in as profits, BiKi has devoted 100% of its fees to buybacks in a bid to raise the value of its platform currency. High quality platform coins strengthen trading platforms and attract more users and investors to the platform.
Six months into 2019, BiKi’s unique set of implemented strategies has indeed given the token a strong start thus far. Decreased supply has inevitably increased demand, and the token has established a generally upward trajectory in value and looks poised to continue its upward surge. More users and investors on the platform results in more community partners (and in turn more referrals) who believe in the rising value of the locked-in BIKI token – a self-sustaining cycle that guarantees the vitality of the platform. All of this can only be good news for listed projects who can tap into the strong framework and growing user base of the exchange.
Headquartered in Singapore, BiKi.com is a global cryptocurrency exchange that provides a digital assets platform for trading more than 100 cryptocurrencies and 220 trading pairs. Since beginning operations in June 2018, BiKi.com is considered one of the fastest-growing cryptocurrency exchanges in the world with an accumulated 1.5 million registered users, 130,000 daily active users, and daily trading volumes of USDT 20 – 100 million.
Chang Jie Lin, BiKi.com