AWC Token on Binance Chain – Advantages of Binance Chain
Atomic Wallet Token (AWC) is one of the most popular tokens, issued by a decentralized cryptocurrency wallet. Since its launch 2 years ago, AWC value has greatly increased. Recently we have reached a $1.25 all-time high price and over 100,000 token holders. There are plenty of the token use cases such as cashback, affiliate/airdrop, bounty programs, and newly implemented staking with up to 23% yearly yield.
Atomic wallet itself has over 500,000 app downloads across all the platforms and thousands of daily users. It’s a sustained profitable business since early 2019 despite the recent bear market. However, speaking about AWC milestones, most of the success was possible due to issuing AWC on the Binance mainnet last year. This brought significant benefits for AWC holders, traders, airdrop and bounty hunters, investors, the wallet, and the Binance blockchain itself. Here is the timeline with the major AWC cases on Binance Chain to date.
Migration to the BNB Mainnet
Initially, AWC was deployed on the Ethereum blockchain with a total supply of 100,000,000 tokens. In April 2019, 50% of the total supply was burnt on the Ethereum blockchain with the same amount minted on Binance Chain. Currently, 50,000,000 AWC is on Binance Mainnet and the other half, 50,000,000 tokens, on the ETH blockchain with a total circulation supply of 10,000,000 AWC. The main reason for migration was a new promising blockchain based on Tendermint/Cosmos consensus and upcoming Binance DEX launch. Currently, AWC is one of the most popular tokens on Binance Chain with around 500,000 transactions.
You can find the token metrics here.
Listing on Binance DEX
Later in May 2019, AWC became one of the first projects listed on Binance DEX, a decentralized exchange that granted traders improved security, fast transaction speed, and overall smoother experience. Since then, tokens have been distributed among 70,000 users addresses with about 10,000 of them, who had approximately $100 AWC worth.
On June 20, 2019, we hosted the 400,000 AWC Binance DEX Trading Competition lasted for 35 days. More than 1000 users participated, which made this contest one of the first large events for AWC token and the biggest one for Binance DEX, running by an external team. The main goal was to take part in the Binance Community listing campaign, and even if AWC didn’t win, we have got a lot of new token holders and spread awareness about AWC token.
In June 2020, AWC staking with 20% yearly yield was implemented to Atomic wallet. Rewards are allocated from our foundation pool of tokens, reserved for the next years to incentivize the AWC awareness. We also can buy back tokens from our profit.
AWC staking on Binance Сhain means a special freeze transaction. This transaction is completed from the Atomic wallet app. Users still have full control over their funds with private keys. Users can unfreeze tokens anytime.
Each Monday we do manual snapshots of frozen/staked balances, using a special Binance chain tool.
Afterward, we calculate rewards manually according to the staked balances, then distribute the rewards with the multisender utility. Users can compound tokens. Frozen tokens also participate in our membership program to earn cash back from each exchange in Atomic. Soon we are going to bring more use cases for staking members.
Since its launch 7 weeks ago, almost 3,000,000 AWC (more than $3M USD) was already staked in total by 3900+ users. Currently, there are 10,000-20,000 active AWC users apart from airdrop and bounty hunters. It’s expected that with the rise of AWC staking popularity, the number of users/holders will increase.
Affiliate Airdrop Program
The very first AWC token use-case on the BNB mainnet was the launch of the affiliate program. The community got powered with the rewards for downloading the wallet, signing up for the airdrop, and inviting other users to try the app sharing their own referral link. At once, it was possible to receive 10 AWC and get extra rewards for each referral signed up with the personal promo code every month later. Over time, the program has become popular among various YouTubers, writers, podcasters, and influential users. (At the moment, it’s temporarily suspended due to the massive abusing until the team improves the verification system for legitimate users.)
Later that month, the first Membership Program of the decentralized wallet was released, and it made possible to get cashback rewards up to 1% for any exchange within the wallet. The program is eligible for AWC token holders on Binance Chain, and there are more than 10,000 participants of the program since its launch.
Buy AWC in Atomic with order on Binance DEX
To try AWC in all use-cases described above, you can simply buy it with BNB in the Atomic app. The BNB/AWC pair is supported by Binance DEX, i.e., you place an order directly to the exchange with market price while still holding the private keys in the wallet and not jeopardizing the safety of your funds.
What is the future for AWC on the BNB Mainnet?
Atomic wallet is following up on the development of Binance Chain, and we are considering the possibility of a full migration to the BEP2 standard. We also plan to support the new Binance Smart Chain upgrade with smart contracts and so-called Decentralized Finance services (DeFi). BSC upgrade will introduce governance of parameters on system contracts and a new BEP8 token, which will bring an easy cross-communication with clearer protocol stack, better scalability, and uniform error handling, allowing the token issuers to unbind and manage the tokens more smoothly on two chains up to their needs. Currently, Atomic wallet is one of the biggest apps, utilizing Binance Chain.
Advantages of Binance Chain for AWC
- Really quick and cheap in terms of transactions fees;
- There are powerful tools to work with a large number of holders (balances snapshots, mutisending, etc.);
- Easy to implement integration with Binance DEX to purchase tokens right from the wallet app when private keys always remain on the users’ side.
- A great supportive community and strong brand.
- Still short in traders number and liquidity on Binance DEX
- No smart contacts yet or supported services for DeFi applications to expand tokens usage;
- Far less centralized exchanges support the BEP2 protocol, most of them are asking us for the ERC20 integration.
What is Atomic Wallet
Atomic is a multi-asset decentralized wallet that supports over 40 separate blockchains and over 300 various tokens. Founded in early 2018 by former CEO and co-founder of an instant exchange Changelly Konstantin Gladych, the project has grown up to 150,000 users only within the first 6 months, becoming profitable despite the bear market in 2019. The wallet was one of the pioneering companies adding cross-chain Atomic swaps, its own native token, and a decentralized loyalty program. Atomic wallet gives users a secure way to store, buy, exchange, and stake many digital currencies as well as get bonuses in AWC for these activities. All in one simple interface. Currently, Atomic has over 500,000 downloads across all devices, desktop and mobile. Our main goal is crypto adoption for mass-market users.