Blog / Latest Updates and Progress of ADBITS Token
Latest Updates and Progress of ADBITS Token
October 16, 2023
Dear Adbit community,
We're excited to announce our latest updates and the current status of the ADBITS token. As part of our ongoing commitment to providing a unique utility for our native platform token, we are now offering the ability to spend your ADBITS tokens within the platform in exchange for advertising credit.
Spending ADBITS for Advertising Credit
There are two ways to redeem ADBITS on the Advertiser Billing dashboard:
1. If you have not yet claimed your tokens to your cryptocurrency wallet, you can convert them instantly into advertising credit with no crypto payment required. Your balance simply gets converted internally with our platform.
2. If you do have tokens in your crypto wallet, then you can select ADBITS from the payment method dropdown and send the desired amount to your unique deposit address. You can send from both our supported chains - Polygon and Avalanche. Your payment will be credited once your transaction receives a few network confirmations.
For now, as we don't yet have a live trading market for our token, we've assigned a temporary fixed redemption price of $0.01 USD per 1 ADBITS when buying ad credit. This is not a guarantee of any real-world token price or what the rate will be once we become actively traded. Once trading goes live and there's a real price, we'll be updating our ad credit redemption value to match the daily average across known markets/trading pairs, with an added premium. This means ADBITS will always be a first-class method of payment for our advertising services, and our redemption rate will always be higher than the market rate. This creates a buying incentive for our token.
Our platform now has the foundations for a complete loop where ADBITS can be earned, claimed, and spent on advertisements, providing a unique utility for our native platform token.
Token Development Roadmap
Next, on our token development roadmap, we are focusing on two crucial features:
1. A cross-chain bridge allowing seamless (and no-fee, besides gas) transfer of ADBITS from Polygon to Avalanche blockchains and vice versa.
2. A staking contract for additional rewards and future profit sharing from the platform. This will allow you to stake your ADBITS to earn a yield of even more ADBITS, providing a new way to earn and incentive for buying and holding the token. More details will be announced soon.
Token Trading and General Updates
While we understand the eagerness for the ADBITS token to be available for trade on DEX protocols and exchanges, we are taking our time to ensure all basic utility and functions of the token are in place before launching. This includes being able to redeem with the platform, being able to bridge to each chain, and the ability to stake. We are not a "get rich quick" project aiming to launch fast just to "rug pull." We are building a real, tokenized economy, and we want you to join us in this journey.
Here are a few general updates on the token:
* We have surpassed over 100 unique token holders across Polygon and Avalanche chains. This represents organic growth, with the majority of holders being registered and approved publishers actively displaying ads from our network.
* We have minted 21 million ADBITS between both chains, out of a total 1 billion max tokens that we will ever create. This is entirely allocated towards funding platform rewards at this time.
* Over 2 million ADBITS have been claimed to wallets from the platform since launching the rewards system.
Thank you for your continued support as we work towards making Adbit the leading platform in the web3 ad media economy.