Road to Liquidity
Ensuring that Experts and WHEN Token holders have multiple options for liquidity has always been a high priority for WhenHub. I am pleased to report two new developments that take our ecosystem further along the road to liquidity.
Hotbit Exchange Listing: As of Monday, April 1, 2019, WHEN is trading on Hotbit, a leading cryptocurrency exchange. The listed trading pair is WHEN-BTC. With this listing, WHEN is now available on two exchanges, LATOKEN being the other exchange with WHEN-ETH trading pair. In the coming days we will announce additional listings as they go live.
We recognize that getting WHEN listed on higher volume exchanges is important for liquidity, and are therefore moving quickly, but cautiously to achieve this goal. One important consideration for us is to be mindful of quality over quantity. While there are many exchanges with very high volumes, much of that volume comes from market making bots which isn’t desirable. We are targeting exchanges where real humans can see how much potential WHEN has based on the rapid progress we have made with the product and ecosystem and value it accordingly.
Token Burn: At the time we wrapped-up our ICO last year, we committed to burning leftover tokens after the first quarter of 2019. It’s that time now and we have followed through on that commitment. On Wed., April 3, 2019, we burned 375,000,000 WHEN Tokens by calling the Smart Contract’s authorizeIcoBurn() function. These tokens represent unused ICO tokens and a reduction in tokens of the user incentive pool. Here’s a snapshot of WHEN Token allocation and circulation:
The initial total supply of WHEN was 875,000,000.
After burning 375,000,000 WHEN, the total supply is now 500,000,000 (ref: burn transaction). Of these, 220MM vest over three years and are reserved for employee incentives (186MM), charity (17MM) and business partnerships (17MM).
By burning these tokens, we are sending a clear and unambiguous message to all WHEN Token holders – liquidity is a high priority for us. By reducing available tokens through the burn, and constraining supply through vesting, anyone trading WHEN can be confident that there won’t be any sudden, large influx of tokens to wreak havoc with the token’s price trajectory.
In addition to these actions, we are collaborating closely with partners to help increase visibility of WhenHub Interface and WHEN Token in Asia which includes language translations and strategic meetings. We are confident these actions will reap great dividends and continue to propel WHEN Token further on the road to liquidity.