A few weeks ago our new platform was launched on and the feedback so far has been great.
We created a new on the named BetKingToken (BKT) which allows holders to get huge discounts on any platform fees including and investment commission.
It also allows holders to get a share of the sites profit.
Originally the plan was to issue dividends where BKT holders would receive a share of our profit every hour.
However, after feedback from a number of people in the community, we have decided to change to a buy back model.
Now we are doing hourly buybacks where we take ALL the profit we made in the previous hour, use it to buy BKT from our exchange and burn the purchased.
There are a few benefits to this model instead of dividends:
Liquidity
We now have a market for BKT since every hour we use our profit to buy at market rate.
There are four pools of funds used to buy, one for each currency we support betting and with.
These are , , and .
If we made profit in in the previous hour we would take the pool funds to buy on the EOSBKT pair.
If we made profit in , we would take the pool funds to buy on the BTCBKT pair and so on.
Supply
At the end of the week we take all the purchased in the previous week and burn them thus reducing the total supply.
This makes each more valuable provided we continue to grow and bring new players and traders.
We also take any BKT used to pay for investment commission, trade fees and withdrawal fees and burn them too.
Today we took the BKT we collected in fees so far and burned them, just over 350,000 BKT. Here’s a link to the transaction
Circulation
There was a total of 10,000,000,000 BKT created.
We locked 30% for bet . This is rewards that players get for betting with , , LTC and ETH. Roughly every $1 bet mines 100 BKT
We also locked 20% for promotion such as our hourly leaderboard and future marketing bounties coming to the platform.
Airdrop
We reserved 30% to distribute in our airdrop.
We took a snapshot of the on the 14th of February and dropped just over 3 BKT per 1 held in accounts on that day.
One thing to note here is we excluded eosio.stake and b1 accounts from the distribution calculation.
When it came time to airdrop the we didn’t send to accounts with over 250,000 in them as we assumed these were likely to be exchange accounts.
We will contact exchanges and if they agree to distribute BKT to who held in the exchange we will send them the BKT.
Otherwise these BKT will be burned, so that could reduce the supply dramatically.
We so far dropped to accounts with 250,000 down to around 130 in their accounts, about 75,000 accounts, as our first test.
We will likely continue to drop down to accounts with at least 1 in the snapshot, though it might make more sense to do the second drop as an air grab instead.
BKB
There was 10% of BKT reserved for BKB (our old ETH ) holders to swap at a rate of 20 BKT for 1 BKB.
BetKing already owned around 70% of all BKB and those will not be swapped for BKT. So roughly 7% of BKT would be burned instead of swapping our own holdings.
Around another 10% of BKB have been swapped for BKT so far.
Finally, 10% of BKT was reserved for the team but these are not being listed for on the exchange and are effectively locked.
So with all that lets have a look at the current total circulating BKT of a 10,000,000,000 max supply.
20,748,073 / 3,000,000,000 mined from bet
2,997,600 / 2,000,000,000 awarded from leaderboard promo
642,530,692 / 3,000,000,000 airdropped
190,000,000 / 1,000,000,000 swapped for BKB
1,000,000,000 reserved for team.
351,170 burned.
Meaning a total of 855,925,195 BKT are in circulation, only 0.86% of the total supply!
If you held over 130 in your own account on 18th February and didn’t get any notification check your account for BKT then head over to to start playing and earning.
Published at Mon, 04 Mar 2019 17:13:09 +0000
