What is the Whitechain Retrodrop & How You Can Get Started

This article is sponsored by WhiteBIT.

Founded back in 2018 in Ukraine, WhiteBIT has grown into one of the largest European centralized crypto exchanges. With over 1000 client service specialists and hosting more than 350+ trading pairs, 270+ assets, and 10+ state currencies, WhiteBIT is averaging more than $2.5 billion in daily trading volume.

In line with its vision to provide a secure and easy-to-use platform to promote and expand the crypto community, WhiteBIT has multiple partners from various organizations across education, traditional sports as well as e-sports. Just last year, the platform secured partnerships with the likes of FC Barcelona, Ukraine’s national football team, and also the gaming brand, DreamHack.

You might think that WhiteBIT is just another crypto exchange, but the platform hosts a ton of features that you might not find anywhere else. In addition, with its goal to create a fully-fledged ecosystem around its products in mind, WhiteBIT is soon launching its own blockchain called the Whitechain, with an ongoing retrodrop for early testnet users and the WB community. If you’re curious to find out, dive in to learn more about WhiteBIT and how you can participate in the retroactive airdrop for the upcoming launch of their Whitechain mainnet. 

WhiteBIT’s Exchange Features

Prioritizing the safety of users' assets, WhiteBIT stores 96% of their digital assets in cold wallets and utilizes a Web Application Firewall (WAF) to detect and block hacker attacks, so funds on the exchange are always protected.

The platform has been audited by Hacken.io - a leading specialist in providing services in the field of cybersecurity and blockchain technology. According to the audits of Hacken.io and the CER.live certification platform in 2022, WhiteBIT meets the highest security requirements and is among the three exchanges awarded the highest AAA rating. As shown below, WhiteBIT’s native token also scored top marks in Hacken’s Solidity audits.

Source: https://hacken.io/case-studies/whitebit-case/

WhiteBIT also complies with international Anti-Money Laundering requirements. The exchange automatically and thoroughly checks all addresses from which clients make deposits using the Anti-Money Laundering (AML) procedure. In addition, users can independently check any address for involvement in illegal activities on the exchange's website.

Besides the various security features implemented on the platform, WhiteBIT also offers a variety of other products and services for newcomers, veteran traders, and even businesses looking to integrate crypto:

• Spot markets with over 350 different pairs, up to 10x leverage on margin and 50х,100x leverage on Futures markets, respectively.

• Instant and free cryptocurrency transfers between wallets using WhiteBIT Codes.

• Through WhiteBIT Earn, formerly known as Crypto Lending, users can earn up to 18.64% APR in exchange for locking their assets on the platform.

• Whitepay is a SaaS platform that provides cryptocurrency payment solutions for businesses and charities, including merchant acquisition, POS terminals, and payment gateways.

• WhiteEX is a physical card to top up your balance on the WhiteBIT exchange. They are available in different denominations and are activated within 5 minutes. The card has three levels of protection and can be used with Whitepay’s POS terminals.

•  WhiteSwap is a decentralized AMM exchange currently live on Ethereum, Tron, and Polygon.

The WhiteBIT Coin (WBT)

The WhiteBIT Coin (WBT) is the platform’s native exchange token that offers various advantages to holders and stakers, such as trading fee discounts, daily free AML checks, free ETH and ERC20 token withdrawals, 50% referral link bonus increases, and much more. Based on the number of tokens held, users may get increased benefits and access to special activities in the future.

Source: Gagarin News

WBT has a maximum supply of 400 million tokens, with no further emissions planned. 80% of the tokens belong to the team and will be used to seed liquidity for WBT, grow its ecosystem, and be designated for user engagement, security, and lending, among other things. WhiteBIT will also use a portion of its trading fees and other revenue to burn WBT on a weekly basis.

The Whitechain Retrodrop

In preparation for the upcoming release, Whitechain has planned a retroactive airdrop of WBT coins to reward its supporters and early testers. However, users still have a chance to become eligible for the retrodrop before the team takes the final snapshot before distribution. Here are three ways to participate:

Perform tasks on the WhiteBIT exchange

To qualify for the retrodrop, users will first need to mint a WB Soul, a soulbound NFT on the WB testnet that acts as a digital ID for the WhiteBIT ecosystem. Each WB Soul comes with a few attributes, such as an indicator to show whether the user has been actively verified and their WBT holdings. To get even more tokens, users also have to hold a certain amount of WBT coins on their WhiteBIT Holding accounts. Simply put, holding more tokens equates to a bigger share of the retrodrop. 

Perform transactions on the WB Testnet

Similar to how newly-launched blockchains reward early testers and participants on their testnets, users may also perform a series of actions on the Whitechain testnet to potentially qualify for the retrodrop. The criteria for eligibility are still a secret, so do try as many actions as you can. To check out how to connect to the Whitechain testnet using your Metamask wallet and claim your testnet tokens, check out WhiteBIT’s blog post here.

Perform community quests on Zealy

In line with growing the community, users can also get rewards for performing different tasks on the social platform Zealy. These tasks require an existing Twitter and WhiteBIT account and are simple to accomplish, such as following WhiteBIT’s Twitter account or creating short guides and content highlighting Whitechain. New tasks are added on a regular basis, so be sure to check back even after you’re finished them all.

Even if you aren’t a WBT holder or haven’t got the slightest clue about what WhiteBIT is, there are plenty of ways for you to get involved. If you haven’t gotten started yet, now is the time to act, as the retrodrop will be ending later this month.

The Whitechain also plans to deliver more exciting products and integrations after the mainnet release, and participating in the retrodrop may be instrumental in getting early access to them in the future.