Websea Building Value Through Scarcity, Unveils New Profit Plan for Community
In Brief
The Websea community recently took a big step by changing the total supply of WBS tokens, which involves removing a vast majority of them. The project also upgraded its token holder profit plan.
So, what is Websea? It is a Web 3.0 digital asset trading platform geared toward the younger population and offers spot, futures, and margin trading. It enables users to take full advantage of the exciting crypto opportunities. Additionally, the platform provides intelligent copy trading features, allowing users to copy the trades of top traders with just a single click and achieve huge profits.
Amidst the recent development, the WBS tokens, which serve as the lifeblood of the platform, surged to new highs, hitting $3.50 last week. At the time of writing, the token trades at $3.3578, marking over 165% gains this month.
These massive gains came for WBS amidst the plan to remove the native token supply. Earlier this month, the project team made a proposal for discussion in the community regarding the implementation of the removal of WBS tokens and how to execute it.
Then, voting on the proposal commenced, involving two parts: the vote count period and the community voting period. The voting power was determined by the average holdings of each user, where every 100 WBS equals one vote.
To galvanize community engagement and foster a collective decision-making process, the Websea team rallied all members and WBS holders to partake in the voting to jointly decide the future development path of Websea and to work together in building a more open and prosperous Web3 world.
Rewarding the Community
Besides strengthening the value of its token, the project that fosters collaborative building and sharing has also been rewarding the voters for their participation, driving decentralization and empowering the Websea community. Those who vote get a share of $20,000 worth of WBS for contributing to the future of WBS.
Interestingly, most recently, the team announced that it has decided to initiate the “Websea Community WBS Holder Profit Upgrade Plan” after discussions, proposals, and voting across the community.
The plan involves a complete reform of WBS futures trading. To make this happen, Websea will temporarily suspend WBS deposits, withdrawals, and on-chain transactions on its platform on March 18, though spot trading will remain unaffected.
Between 19-27 March, the futures update will be initiated, with a 1:1 mapping and upgrade of on-chain WBS tokens. On March 28, the upgrade will be completed, and WBS deposits and withdrawals will subsequently be resumed.
The successful completion will reduce the total WBS token supply to 300 million, while the tokenomics, distribution ratios, and lock-up rules will remain the same. But this is not all. Websea will utilize 10% of its net profits earned from transaction fee revenue each month to repurchase and further remove WBS tokens until the total supply is reduced to 100 million.
While the protocol is seeing major changes, the Websea team has been busy taking the project to the masses. For this, the team has been hosting global Web3 tours to educate the broad market and explore the innovative potential of Web3 along with GameFi and DePIN.
The event brought together industry experts to have discussions on tokenomics models, exploring the spirit of community governance, the potential role of DAOs, balancing player rewards, game developer interests, and ecosystem health, and further delved into the prospects and challenges of Web 3.0.
In addition to holding events, the platform has been constantly listing new tokens to enhance the user trading experience. This expansion covers several BTC trading pairs as well as other listings, including SLN, LENDS, JASMY, SUI, PIXEL, GPT, and more.
Besides trading trending tokens, within the Websea ecosystem, users can also participate in various domains such as NFTs, SocialFi, GameFi, and more. Websea users further get an earning opportunity simply by holding WBS tokens and reaping the rewards through ecosystem development.
Disclaimer
In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.
About The Author
Gregory, a digital nomad hailing from Poland, is not only a financial analyst but also a valuable contributor to various online magazines. With a wealth of experience in the financial industry, his insights and expertise have earned him recognition in numerous publications. Utilising his spare time effectively, Gregory is currently dedicated to writing a book about cryptocurrency and blockchain.
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Gregory, a digital nomad hailing from Poland, is not only a financial analyst but also a valuable contributor to various online magazines. With a wealth of experience in the financial industry, his insights and expertise have earned him recognition in numerous publications. Utilising his spare time effectively, Gregory is currently dedicated to writing a book about cryptocurrency and blockchain.
