Token Design

$BIT token

$BIT is the native ERC-20 token on BetBitX that is be tradable on various DEXes. Further characteristics of $BIT are as follows:

1. 1 $BIT can be converted into 1 $esBIT.

2. 1 $BIT can be burnt into 1 $xBIT.

$esBIT token

$esBIT is the time-locked version of $BIT, which is a non-tradable token. Further characteristics of $esBIT are as follows:

1. $esBIT can be converted back into $BIT tokens after a vesting period of 6 months.

2. 1 $esBIT can be burnt into 0.8 $xBIT, with the remaining 0.2 $xBIT to be shared amongst existing $xBIT stakers.

3. $esBIT can be staked on our platform to earn 5% of the revenue earned from our platform.

4. $esBIT stakers will also earn protocol emissions in $esBIT.

5. There is no locking period for staking $esBIT and users can choose to unstake their $esBIT to receive $esBIT tokens back instantly.

$xBIT token

$xBIT is the burnt version of $BIT, which is also a non-tradable token. Further characteristics of $xBIT are as follows:

1. Burning $BIT or $esBIT into $xBIT is a permanent process, which means $xBIT cannot be converted back to $BIT or $esBIT.

2. Users can only burn $BIT into $xBIT if they possess a ERC-6551 BetBera NFT wallet.

3. $xBIT does not need to be staked. As long as xBIT is held in the NFT 6551 wallet, it will allow users to earn 25% of the revenue earned from our betting platform.

4. $xBIT holders will also earn significantly larger protocol emissions in $esBIT compared to $esBIT stakers.

5. $xBIT stakers will also earn a proportionate share of the $xBIT distribution when other users burn $esBIT to $xBIT (see above for details).

6. $xBIT also holds governance and future anchor utility within BetBitX's ecosystem.