Text: JX kin
Source: Hive Finance
Editor's Note: The original title was "Sandwich" Exchange Marginalization Crisis "
In February of this year, the exchange platform tokens contended for the spring. In line with the progress of each exchange's public chain main network, OKB, HT, and MX took turns performing on stage. Users holding these platform tokens constantly compared the gains of each token.
During the same period, the once "dark horse" FCoin ended darkly, exacerbating the anxiety of another group of users, and the criticism was concentrated on old platforms such as Bibox and LBank.
The LBK, which briefly fell below the $ 0.015 issue price, was criticized by users for not moving; in the Chinese telegram group of Bibox, users urged the platform to "tell stories", "What did Bibox do? Please let us see".
Since the beginning of this year, the Bibox platform token BIX has increased by 50%. It looks powerful, but in fact it is on the verge of breaking. LBank's "blue shell" LBK rebounded after a short break.
Both platforms are old brands, but have been criticized by users for "weak operations." Bibox, which laid out contracts before Binance and Huobi, failed to seize the opportunity to gain more market share; LBank, which launched the platform token last year, was a flash in the pan. On the track of the heavily-operated exchange, the status of the "Buddhism" Bibox is facing a crisis.
In response to user-criticized operational problems, LBank founder He Wei said that after the opening of the year, the team has been adjusting its strategy, and will announce new products and related progress of LBK operations.
Bibox said that the price of BIX is underestimated. In 2020, the platform will continue to promote global compliance and make more innovative explorations around the value of BIX, including innovation in AI asset custody products, and speed up the listing of Bibox Europe on the London Stock Exchange. Process.
"BIX is the only platform currency stuck"
On March 2nd, in the telegram group of Bibox, user LH (net name) seemed angry at the trend of BIX, "BIX is the only platform currency that has been locked up." Non-trumpet shows that since this year, BIX has increased by 50%. The current price of 0.136USDT seems to have risen sharply. A closer look reveals that it is also 19% lower than the 0.17USDT at the end of 2017 crowdfunding.
At this time, OKB and HT successively broke "7" and "Broken 5" this year. You should know that the launch time of these two platform tokens was later than BIX, and it is no wonder that the holders of BIX were dissatisfied.
BIX, LBK price trend since going live
OKEx ’s “extreme deflation” gameplay has attracted Huobi, ZB, MXC and other platforms to follow up. Although the effect is not as good as the first “Exit Crab” OKEx, at least the market has seen these exchanges around Things "mind. The FCoin, which also followed up on the destruction of the platform token, eventually messed up and "destroyed the platform" directly.
The exchange circuit is always the survival of the fittest. Platforms that have established a brand have different methods. Bibox and LBank, which also have a brand, show silence, and the noise is concentrated in the user group.
On the evening of February 27, LBank ’s platform token LBK fell below the issue price of US $ 0.015 for a short period of time, and users approved that “the mud ca n’t help the wall”.
Users of "Love of Deep Responsibility" also exist in Bibox. In its official Chinese telegram group, users urged the platform to "tell a story." Someone asked, "What did Bibox do? Please let us see."
The activity of other platforms and the death of FCoin have made users feel anxious about these platforms that operate the "Buddhist Department".
Judging from the direct operation of the platform token "repurchase + destruction", Bibox and LBank appear weak compared to competing products.
In December 2017, BIX started trading. In addition to BNB, the emergence of BIX predates many current mainstream platform tokens. BIX issued a total of 270 million, the team held 140 million, and the market crowdfunding share was 130 million.
The early value-enhancing means of BIX was the "incentive" dividend. At the time, this was also the mainstream gameplay of platform tokens. In August last year, the "incentive" was no longer issued directly to users. Bibox changed its strategy and began to buy back BIX from the secondary market for destruction.
The official rules show that starting from the first quarter of 2018, Bibox took out 25% of the proceeds every quarter to buy back and destroy BIX. As of the fourth quarter of 2019, the cumulative destruction amount was 12.7 million.
The activities around BIX also include discounts on fees, invitations to rebate friends, voting, etc. These activities are also common practice on various platforms.
These actions failed to help BIX continue to reach a high position. Non-small numbers show that after the BIX went online, it opened at $ 0.29 and rose to $ 3.2 within a month. The highest price in history was $ 3.79, but the decline became the main theme. As of 4:00 pm on March 2, 2020, BIX temporarily reported $ 0.13, which not only broke the hair, but also fell below the crowdfunding price.
"It can only be said that the value of BIX is currently seriously undervalued." Bibox told Hive Finance that BIX is the only token for the entire ecosystem of Bibox. The temporary price of BIX does not represent the value of the entire ecosystem of Bibox because the price needs to be in The value can be correctly reflected within a relatively long period of time. The application scenarios of BIX have also been widening. Currently, there are 11 application scenarios, including transaction fee deduction, currency dividends, debit cards, etc. We will also release the public chain in the future. BIX will serve as the sole underlying token of the public chain, injecting more value into BIX.
LBK, which entered the market last August, ushered in a high light moment with the "gold standard" token design, starting at an issue price of $ 0.015 and rising to a maximum of $ 0.12, after which it showed the same trend as BIX, February 27 It briefly rebounded after falling below the issue price. As of 6 pm on March 2nd, it temporarily reported at $ 0.016. The user pointed out that it had not seen the platform repo destruction for two months.
In response, He Wei, founder of LBank, replied that LBK's repurchase and destruction has been closely following discount subscription activities such as “Autumn Discount” and IEO. At the time, the original intention was that while platform users received benefits, all LBKs purchased by online users were destroyed. "Looking at it later, the welfare-giving activities attracted the Wool Party and were not the value investment users of LBK." He Wei said that he had deeply explored the repurchase and destruction mechanism of LBK, and would be deeply tied to LBK from the new asset business in the near future. .
Weak overall product operation
Compared to MXC and BiKi, two platforms that have risen last year, LBank is considered a predecessor in the industry. It was established earlier than 2017 and has the opportunity to compete with OK and Huobi. Established in November 2017, Bibox can compete with at least the "unicorn" Binance of the year.
From the perspective of business layout, Bibox and LBank are involved in infrastructure products such as currency trading, derivatives, and OTC. However, with the era of fighting for products and systems, operation has become the "nuclear weapon" of the exchange, and some of the old-established firms that started out have fallen behind.
Users are most concerned about the operation of the platform token by the exchange, and they map the market value of the platform token to the operating capacity of the exchange. What everyone concentrated on is "the weakness of Bibox and LBank in operating innovation."
On February 28, Bibox announced the "Hale Comet 1" program, a product of AI digital asset custody, which has no direct relationship with the operation of BIX. Compared to other platforms' "extreme deflation" and the introduction of leveraged ETFs, it is not very eye-catching.
However, Bibox said that "Hale's Comet" has already reported market enthusiasm, and the first period of revenue has reached an annualized 73.09%. Therefore, the second period was sold out soon after it was launched. "I think this may be the market's response to the Comet's products are more concerned about the reasons. "
On February 11, Bibox announced a strategic cooperation with the London Stock Exchange, and its European station plans to be listed.
In July of last year, Bibox Europe was launched, and OTC services including the euro, Swiss franc, and British pound were purchased for BTC and ETH, and then ONT and euro exchanges were added. This action users see in their eyes, but they feel that there is no direct relationship with the BIX they hold, "None can buy BIX in Europe", "then BIX will not have much effect, and the team is not focused on creating a BIX ecosystem."
Bibox European Trading Pair
Users value the circulation and value of platform tokens, and the two complement each other. Last year, OKEx cooperated with multiple trading platforms to push OKB out of the station, trying to increase circulation channels. BIX has also been launched on some exchanges in the circle. Binance, which also established a station overseas, has launched Binance America and Binance Jersey through external cooperation to tap European and American markets. On Binance America, which launched last year, BNB has opened up fiat currency transactions.
Bibox's layout on derivatives is also quite a lot, and the perpetual contract was launched as early as the end of 2018. At that time, Huobi and Binance's contract products were still in the pipeline. Today, Binance is working hard on the futures market. After acquiring JEX, it also wants to fight bayonet in the options field.
On March 2nd, the non-trumpet showed that the 24-hour trading volume of Bibox contract transactions was 1.57 billion U.S. dollars, ranking 10th overall, and the number of Huobi contracts trading at the top was US $ 10.2 billion.
Compared to Bibox, LBank is even more difficult. This year, its main action is the launch of leveraged ETFs. When the market was discussing the advantages and disadvantages of this derivative product and its ability to support platform tokens, some users of LBank showed exclusion to the product. "Coin transactions cannot be done well. What is the depth of ETF?"
Stable and fast market games
The old platforms that did not seize the first mover advantage were gradually surpassed by the latecomers. Compared to LBank, which has yet to be perfected in product lines and platform tokens, Bibox, a "everything" platform, is even more regrettable. In the user group, there are a lot of people who talk about their operations. Some people ridiculed that the technical department and operation department of Bibox are all "Chinese cabbage" level.
Bibox's slow action is typically not catching up with IEO. In April last year, Bibox hurriedly launched the Stellar program and launched 4 projects at one time. As a result, poor communication with one of the project parties led to the missing corner of the much-anticipated "F4". The platform and the project party "tear each other" were directly criticized by the industry as "removing the IEO bottoms", and cast a shadow on the already controversial IEO model.
A month later, Lei Zhen, the founder of Bibox, sent an open letter to users, acknowledging the platform's deficiencies in OTC transactions, internationalization, stellar planning, market launch, etc., and stated that they would be involved in BIX's token economic reform and decentralization. It has made efforts in the areas of exchanges, international cooperation, optimization of organizational structure, and good service for users and project parties. He sincerely asked the users for time and trust for the team, "We will start with a clear mind and move forward at full speed."
Bibox, which has fallen through the "stellar plan", does not intend to abandon the IEO market. So far, Bibox's "Stellar Project" has launched a total of 3 phases, with a total of 5 first-line projects launched worldwide, and some projects have a maximum increase of more than 600%. "Always, Bibox has been searching for high-quality projects suitable for the Stellar Project in more than 70 countries around the world. It has never stopped. If there is a new phase of recommended projects, we will inform you in time."
In terms of internationalization, Bibox has made progress, launched the European station, and opened up cooperation with the London Stock Exchange, but was accused by users of not having BIX transactions; in March 2019, it acquired the decentralized exchange Dex.top. But the outbreak of decentralized exchanges still has time.
Dex.top's 24-hour trading volume is less than 20ETH
It's been almost a year since Lei Zhen's open letter. From the complaints of some users, it is clear that Bibox's answer is not satisfactory to them.
Lei Zhen, who rarely shows up in public, is not as well exposed as Binance ’s CZ and He Yi; and there are no professional managers such as OKEx “Jielun” and Huobi “Seven Lords” who often participate in hot topics in the industry. He was a veteran of OKCoin and was responsible for an AI company "Limit Element" invested by his old club. Today, Bibox's perpetual contracts and asset management service products have the AI label.
Product technology has always been regarded as the core advantage of Bibox. "In the past few years, when the industry encountered a major technical security crisis, it has withstood the test." Bibox recalled that since it was launched, all the friends around it have been around for a while, and they have seen a flash of time. More, "It is our constant aim to make safe and stable products and provide reliable and reliable services."
After the FCoin accident, Du Jun, the founder of Node Capital, recalled the hidden worries of Zhang Jian ’s technology when investing in this exchange. “Exchanges need good technology, but they also need strong operations. Zhang Jian ’s technical background is to be an exchange. , I am not optimistic about myself. "
In the currency circle calculated by "day by year", the jungle rule of survival is even more brutal, because the assets and interests of users are directly related to the life and death of the platform. On this track, the locality is not large. It is a platform that seizes opportunities and even creates opportunities to compete for users and markets, and has more capital to break the existing structure. From this point of view, Binance, MXC, and BiKi are all game breakers.
Regarding innovative competition, Bibox stated that it refused to follow suit. "Like Coinbase and Bakkt, they move very slowly, every decision is rigorous, and they never follow suit, but what they do can stand the test of time. For As far as Bibox is concerned, the first consideration of a product from design model to development to operation is whether it meets and meets our concept requirements. Blind following the trend will make the designed product conflict with our concept, and the market response may not necessarily be final result."
User anxiety has been passed on to platforms such as Bibox in the "sandwich layer".
In this regard, Bibox believes that Bibox values "steadiness" more than "fast", "because the core competitiveness of digital asset trading platforms is security and stability, if you lose these two points, you do n’t need to talk about anything. Recently, Fcoin The incident is enough to teach everyone this truth. "
LBank has also noticed user feedback. On March 2nd, He Wei told Hive Finance that the next step will be to adjust the focus of work to high-quality new assets on the line, and to accelerate the deployment of products on contracts, leveraged ETFs and other products.