If you are a budding crypto-trader like me, there’s high chances of you starting your trading career on Bitfinex, Kraken, or GDAX, and being quickly enamored by the high fees which were practically your budget for tomorrow’s lunch.
As if transaction fees weren’t enough !
And then, in August 2017, came a company out of three cities at once — called Binance.
Its C.E.O, who goes around crypto-town by “C.Z”, was poised to end the expensive fee problem and did a rather strange thing — offered an “exchange token”.
The fundamentals were simple, the token acted as a currency pair, and each time you traded using the token, it rebated trading fees by as much as 90 percent. A HUGE, HUGE benefit.
Needless to say, Binance reached billions of dollars in revenue in FIVE FRICKING MONTHS !
Post this, every crypto-exchange took a cue from Binance’s success, and came up with their own tokens, with the singular narrative of reducing fees.
This makes me question.
If a blockchain token exists for the singular purpose of reducing fees, isn’t it like the irritating discount coupons given away at grocery shops when all you really need to buy is some milk ?
Kinda reminds me of the butter robot from Rick & Morty, who exists, and was built for one singular purpose.
Moving beyond this absolute waste of a blockchain, is an upcoming exchange I am deeply interested in, and looking forward to, which offers its own token — the ETER.
However, unlike the butter-passing robot and the shady grocery store offers, ETER goes beyond a discount and introduces a token “membership”, with transactions recorded on the blockchain and various benefits offered to different tiers-holders of the membership.
In case you are wondering what ETERBASE is, I wrote a small article —
Coming back to ETER, the token, the guys at Eterbase aim to offer you an “exchange experience”
Just like AmEx gives you lounge does if you HODL enough fiat money in their accounts.
There’s also no lengthy process to be classified as either one of these tier-members. You simply buy enough ETER, and the system grants you various rights.
A token which adds value.
The ETER is based on and complaint with ERC20 standards, and can be traded on the exchange using any of the available currency pairs.
However, every trader on ETERBASE is by default a member, albeit of the “Basic” stage.
Based on the membership tier a trader is at, Eterbase opens the kimono bit by bit as per the following points —
One of the biggest benefits for an institutional level trading firm is the number of accounts an exchange can provide them with.
But, current crypto-exchanges are at an appalling state, and do not allow for more than ONE trading account.
An institutional turn-off.
However, holding ETER opens up the possibility of having several trading accounts, up to 100 on the highest level, and this allows for hegde fund to solely use Eterbase’s platform to conduct their trades.
One can only think of the exchange liquidity if this happens.
The core-matching engines of ETERBASE can execute millions of trades every second, rubbing shoulders with the likes of Wall Street level exchanges.
Furthermore, the exchange boasts direct market access, making large-scale orders fulfillment a breeze.
You want more speed? Fret not.
Premium users can get a dedicated trading server allocation, with close fiber proximity to the eterbase main server, ensuring trade lag is in microseconds.
Using this, a single trading account can place 5,000 trades every second.
Now this, is the largest complain when it comes to crypto-exchnages.
A brief glance over Reddit proves that many traders are victim to extremely poor levels of customer support, with transfers and issue tickets taking several days, or even weeks, to get acknowledged.
But with the ETER, customers enjoy 24/7 customer case. Be it Christmas, new year, or the end of the world. If you’re trading, and the system is running, ETER ensures someone is there.
A small disclaimer thou, this applies only to the premium level.
To increase liquidity and incentivize trading, Eterbase tries to minimize commissions and reduce trading fees for the user wherever possible.
Market maker fees can be reduced to a lucrative -0.02%, effectively giving market makers a rebate on their trades, and market taker fees may go as low as 0.03%.
The withdrawal fees discounts are significant as well, with discounts between 10% and 75%.
I can go on and on, but that would go beyond the scope of this article. In short, aforementioned were the points on why I believe ETER is quite possibly the most well-designed token, and most importantly, comes with a great cause.
P.s — I am no stakeholder of the project, but I write about projects I am deeply interested in.
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