BitWell CEO Jeff disclosed an open letter on Twitter, announcing the platform's development roadmap
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BitWell CEO Jeff disclosed an open letter on Twitter, announcing the platform's development roadmap
For the platform token WELL, we will continue increasing the burn rate, with the ultimate goal of reducing the total supply to 21 million, which is 1% of the original supply.
Navigating Web3 tides with focused insightsAccording to Cointelegraph, on November 23, BitWell CEO Jeff published an open letter via his personal Twitter account. As a highly sought-after project in this year's capital markets and one venturing into the relatively unique market of digital asset derivatives, both Jeff and BitWell have drawn significant industry attention.
The following content is translated by Cointelegraph Chinese. For the complete letter, please visit the BitWell official website:
Dear Well-Men:
Looking back at August, it has been over three months since I officially took office as CEO. During this time, I've been fully immersed in managing all aspects of the platform, and the days have passed like fleeting shadows. I'm pleased to see the platform developing rapidly, showing explosive growth momentum. For this, I want to express my gratitude to all our users who have continuously supported us these past few months.
I’m writing this letter today because amid the turbulent changes sweeping across the entire industry, combined with our own business development, I’ve gained some new reflections. This is an opportunity for us to review our progress so far, embrace the rapid evolution of the industry, and chart the course for BitWell’s future journey.
Our Achievements
Over the past three months, BitWell has achieved remarkable results that are evident to all:
We entered the market through options, aiming to enable more ordinary users to access and use this risk hedging tool. With the goal of lowering barriers, our team developed the "Easy Options" product, allowing users nearly zero-barrier participation in market trends via options. To date, this remains the most user-friendly options product in the industry;
In the first half of the year, the DeFi boom ignited the entire market, but its complex projects and high entry barriers left many users only able to watch from afar. To allow broader participation in DeFi and not miss out on this wave of opportunities, we actively responded to community feedback by launching DeFi options—the first globally. We later successively introduced innovative options on popular assets such as FIL and DOT. Several of our options products surged over 100x, drawing significant attention and discussion within the industry;
While the market was enthusiastic about DeFi liquidity mining, we announced our platform token WELL, innovatively integrating it with liquidity mining so users could grow alongside the platform through trading and staking. We also pioneered a dual-track destruction and extreme deflationary economic model, whose “explosive destruction” mechanism earned recognition and praise from the community. In just over two months, 329.7 million WELL tokens—15.7% of the total supply—have already been burned. WELL circulates via auctions, and its unit price has now risen to $0.17—17 times its initial price. Our products and team have received widespread acclaim from investors, and securing $30 million in funding during a bear market stands as their most direct endorsement of our team;
Over the past three months, our collaborations with more well-known projects have steadily progressed;
Meanwhile, to better popularize knowledge about derivatives, we established BitWell University, which has begun consistently delivering educational content on options. Our short video tutorials on options have already launched and received unanimous praise from users. Going forward, as our product line expands, BitWell University will continue producing higher-quality and more comprehensive content.
More importantly, we’ve built our community. Seeing users engage with our products and enthusiastically offer suggestions within the community makes me feel all our efforts have been worthwhile. Thank you to the community for joining us on this journey, making the path ahead sparkle with stars and ensuring we never walk alone.
Currently, we are running the “Limited NFT Privilege Card赠送WELL” program. The Genesis round has successfully concluded, with strong subscription interest from existing users; the Dawn round and Hero round will soon begin.
Our Roadmap
Over the past few months, many of our community members have actively contributed ideas and valuable suggestions for the platform. After listening to and incorporating community feedback, we discussed with our team and formulated our next-phase development plan—our Roadmap—which serves as the overarching blueprint for BitWell’s future.
We have divided it into three stages: Genesis Era, Dawn Era, and Hero Era.
1. Genesis Era: From present day until WELL enters on-chain circulation.
This phase ends before our platform token WELL goes live on-chain—our current stage. Outstanding products form the foundation for user acceptance and adoption. Therefore, during the Genesis Era, our core focus is refining our fundamental derivative services.
Our product offerings will center on options and perpetual contracts, with the primary goal of enabling users to easily build basic derivative investment portfolios and enjoy faster, more intuitive trading experiences. Our perpetual contracts are currently under full development and are expected to launch soon.
Regarding the community, we’ve already established the Knight Corps. Moving forward, we’ll expand its size as needed to involve more people in building and supporting BitWell and serve deeper within various communities.
Next, we will clarify the rights associated with the WELL token, complete its on-chain launch and genesis distribution. Liquidity mining has ended, and we’ve burned the remaining portion of the liquidity pool. Total WELL burn has reached 329.7 million (15.7% of total supply), and achieving extreme deflation for WELL remains our unwavering goal.
After concluding the limited NFT privilege card giveaway program, we will initiate WELL’s on-chain circulation at the appropriate time. As detailed in the official document “Rights and Economic Model of the BitWell Platform Token WELL,” we are unveiling WELL’s role as a catalyst and lubricant in ecosystem development, tightly connecting all parts of our platform.
2. Dawn Era: Officially begins when WELL enters on-chain circulation.
During the Dawn Era, we will build a comprehensive product system and continuously launch innovative financial products, transforming the platform into a one-stop blockchain derivatives service platform.
On the product side, we will keep introducing innovative derivatives including but not limited to: perpetual and delivery contracts, volatility contracts, ETFs, various index derivatives, insurance products, etc., enabling users of different risk appetites and capital scales to create suitable investment portfolios based on their needs.
Regarding WELL token rights, beyond basic transaction fee discounts and position fee deductions, we will introduce WELL as mixed collateral and activate community voting functionality. Additionally, we will advance a multi-track burn model—including weekly 50% profit buyback burns (far above industry average), team penalty burns, and community-governed burns—to accelerate WELL’s extreme deflation at a rapid pace.
For the community, we plan to launch a Community Partner Program and Institutional Partner Program during this phase, using partnership mechanisms to forge closer ties with users and allow deeper involvement in platform governance.
3. Hero Era: Begins 6–12 months after WELL enters on-chain circulation.
This year, the surging popularity of platforms like Uniswap and Miniswap has revealed the appeal of decentralized platforms to users. Some have asked why BitWell isn’t a decentralized platform.
We believe and firmly hold that decentralization is an inevitable future trend. At the same time, we recognize that current decentralization still has many shortcomings and cannot be achieved overnight—but we will do everything possible to drive change. We believe the future of centralization and decentralization is never an either/or proposition, but rather one of integration and coexistence.
Therefore, in the Hero Era, we aim to build a more robust and trusted decentralized financial services platform, integrating it with our existing operations while preserving its decentralized nature. We will also promote integration between the platform and traditional sectors, offering more financial services, positioning BitWell as a fair, transparent, world-class aggregation of blockchain services.
Product-wise, our main task is to further expand the boundaries of derivatives—integrating deeper with blockchain technologies internally while extending outward into traditional fields, providing derivative services such as tokenizing traditional assets, striving to deliver more financial solutions to traditional industries.
For the community, we will establish a Community Council whose members will have governance rights over the platform, granting WELL holders decision-making and governance power. We will also launch a community dividend program, enabling community members to share directly in the platform’s growth benefits.
For the WELL token, we will intensify our burn efforts, with the ultimate goal of reducing supply to 21 million—just 1% of the original total. At that point, WELL will become BitWell’s hard currency and serve as a bridge connecting BitWell’s blockchain world with the outside world.
BitWell’s Vision
We believe technology transforms the world and innovation creates value. We hope to use derivatives as an entry point to bring more blockchain applications to the public.
What everyone has seen over the past three months is merely the beginning of BitWell’s journey. I hope this Roadmap clearly communicates to our community and users what BitWell intends to do and where we aim to go. I believe, with the support and trust of our users and partners, and through relentless effort by our team, we will surely build BitWell into a fair, transparent, world-class aggregation of blockchain asset services.
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