FloatSV was created in response to the mass delisting campaign against Bitcoin SV (BSV) that happened in April 2019.
Since then FloatSV has averaged several hundred thousand dollars in daily trading volume over the last two years. Today we have over 150 different trading pairs, with the majority of volume done on BSV pairs. In the last month daily trading volume has hit over $1 million per day on some days and our all-time peak daily volume has been over $5 million.
We’ve had a few thousand users sign up to our platform and today we are announcing the FloatSV Token (FLT). FLT is a gesture of gratitude to our most loyal traders and as a way to reward traders in the future.
We thank you for supporting us all these years.
FLT has a fixed supply of 200,000,000 tokens.
20,000,000 (10%) of FLT will be airdropped to early traders of FloatSV on a pro-rata basis from the amount of trading fees paid between the launch of FloatSV on 17th April 2019 and 17th April 2021.
A total of 60,000,000 (30%) of FLT supply will be airdropped to traders who pay fees over the next 105,120 blocks (~2 years), starting at block 683,215 (17th April 2021). Airdrops will happen every 10,512 blocks from then on (~10 weeks).
FLT Distribution Between 17th April 2021 to 17th April 2023:
Bitcoin SV Backed Address and Revenue from Trading Fees
Every week, 50% of the profits made from trading fees on FloatSV will be sent to the FloatSV Bitcoin-Backed (BB) address. FloatSV earns revenue in multiple coins so this revenue will be converted to BSV if necessary in order to fulfil the 50% BB address criteria. Other sources of revenue besides the trading fee may or may not be included in the BB address.
FLT holders will be able to redeem FLT for BSV pro-rata based on the amount of FLT tokens and amount of BSV in the BB address. Redemptions will only activate six months after the launch of FLT.
FLT tokens will be live for the 105,120 block period. There will be a further 25,920 blocks (~6 months) where FLT token holders will be able to redeem FLT for any BSV in the FloatSV BB address. After this point any remaining BSV will belong to FloatSV. FLT will cease to have any utility, purpose or value after. FloatSV may choose to create another loyalty token after this point.
Vesting Schedule for Founders and Team Tokens
On our roadmap over the next two years we want to create a more seamless bridge between any and all assets on FloatSV to become wrapped tokenised assets on the Bitcoin SV blockchain. If successful, this bridge would create a way for tokens on other blockchains, for example BTC, ETH or DeFi tokens to be wrapped onto the BSV blockchain.
FloatSV may also try to list RUN tokens in the future. As we are in a whitelabel partnership with OK Group, we would have to first seek OK Group’s approval before being able to list RUN tokens. As RUN tokens are not currently in OK Group’s technical roadmap — and may never be, FloatSV will likely have to renegotiate our current partnership agreement for this to ever happen. Our current agreement accrues 50–70% of trading fees generated to FloatSV where maker fees are 0.1% and taker fees are 0.15%.
FloatSV as a centralised exchange could bring extra liquidity to the emerging decentralised token ecosystem on BSV, including the recently announced DEX created by the RelayX team.
FloatSV is a whitelabel partnership with OK Group. Therefore the custodian of all funds deposited is OK Group. On October 16th 2020 withdrawals were halted due to an incident at OK Group which also affected FloatSV withdrawals. FloatSV cannot guarantee that such an event or similar event may happen again in the future.
The whitelabel partnership is renewed on an annual basis and is based on mutual benefit. It is not guaranteed that the partnership will renew each year due to unforeseen changes in the economics of the agreement and/or business model of FloatSV and OK Group.
If the partnership with OK Group were to terminate it is likely FloatSV’s business model will terminate too. There are also other risk factors which may be outside of FloatSV’s control which may lead to the termination of FloatSV.
Traders should view the FLT airdrop as a reward for using the FloatSV platform and not as a speculative instrument or a security. The value of FLT is backed only by the amount of BSV held in the public Bitcoin-Backed address and not by other assets owned by FloatSV. FLT may or may not trade above the intrinsic value of BSV held in the Bitcoin-Backed address. All risks associated with buying FLT tokens are the trader’s responsibility.