In the world of cryptocurrency, decentralized exchanges (DEX) are becoming increasingly popular due to their transparency, security, and immutability. However, there is still a need for centralized exchanges (CEX) to provide fiat on-ramps and support high trading volumes. The InfinityBit Exchange aims to bridge the gap between DEX and CEX by offering complete on-chain verifiable trade executions, deposits, and withdrawals.
What is InfinityBit?
InfinityBit is a CEX that aims to provide the transparency of a DEX by enabling anyone to audit the exchange at any time. The Infinitybit Exchange has developers all around the world, with the core developers and team members based in Palau, Canada, and Italy. InfinityBit.io will be the first CEX to offer complete on-chain verifiable trade executions, deposits, and withdrawals.
IBIT Token Whitepaper
The Infinitybit Token (IBIT) does not provide any ownership of the InfinityBit Exchange. Instead, it acts as a token that will enable reduced fees and other benefits on the exchange. The IBIT token is the subject of a whitepaper released on 12 February 2023.
IBIT will have an initial supply of 10,000,000,000 tokens, with a hard-coded maximum supply of 10,000,000,000. There will be no way to mint additional coins in the smart contract. The token will be offered for sale at 250,000,000 IBIT = 1 ETH during a private sale on 14 February 2023 at 7:00 PM UTC. The maximum wallet during the private sale is 50,000,000 IBIT.
43% of the supply will be burned after the private sale, reducing the total supply to 5,700,000,000 IBIT. A liquidity pool (LP) will be initialized at Uniswap V2 Router with 20% of the initial supply, which is 2,000,000,000 IBIT tokens paired with all of the ETH from the private sale.
The IBIT smart contract address will be announced approximately 32 blocks after it is deployed. The smart contract has a built-in “Anti-Snipe” function that will lock the IBIT tokens of any wallet address that purchases the token before 30 blocks have passed since the deployment. These IBIT tokens will not be unlocked.
IBIT will have taxes on transfers, DEX buys, and DEX sells. Taxes are adjustable in the smart contract but cannot exceed 5% total, as there is a hard-coded 5% maximum total tax. The PR & marketing tax wallet will receive 3%, broken down into 2% for influencer and media partnerships and 1% for the community management team. The development tax wallet will receive 2%, broken down into 1% for the development of the InfinityBit Exchange and 1% for the development of the IBIT cross-chain bridge.
IBIT token will provide access to the AI-powered automated trading system that the InfinityBit Exchange is developing. This system will be capable of executing automated trades of Crypto currency pairs on the InfinityBit Exchange based on customizable AI-enhanced signals set by the user. IBIT token will also enable reduced trading fees on the Infinitybit Exchange. Maker and taker fees will be reduced by 50% when paid using IBIT tokens.
Legal Considerations, Risks, and Disclaimer
It is important to note that the purchase of the IBIT token carries considerable risk, and purchases cannot be refunded. There is no guarantee expressed or implied to the function or value of IBIT tokens. It is recommended that anyone interested in purchasing