BBOD establishes a new industry standard for cryptocurrency futures traders by providing high-speed leverage altcoin trading, $0.00 fee trading, stablecoin deposits, and non-custodial client accounts.

Company overview

Key Metrics Ticker BBD Listing Price 0.65 TUSD Total Supply 275,803,582 Platform Ethereum, ERC-20 Token Type Utility Sector Exchange token Website https://bbod.io/

Blockchain Board of Derivatives (BBOD) is a non-custodial, zero-fee crypto derivatives trading platform for retail and institutional clients, offering a secure and transparent marketplace to trade Bitcoin and a wide range of Altcoins futures contracts with a TUSD-stablecoin collateral.



Unlike many exchanges and crypto projects who are issuing a coin offering, our trading platform is already live and onboarding new clients. We opened BBOD for business in November 2019 and already list 17 perpetual futures contracts.

Our goal is to grow to the level of Bitmex and Huobi within the shortest possible time frame. We want to grow our technology department, acquire new users, grow our volume up as quickly as possible and build an engaged community of traders, therefore we will be conducting a pre-listing offering of our existing tokens to help us reach the next level of growth.

BBD Token overview

BBD is the exchange token of BBOD. The first listing will take place on BBOD on 10th December 2019 with intended price of 0.65 TUSD

BBD is an ERC20 token. You can find it on etherscan here.

– Total supply: 117,399,409 BBD (341 addresses)

– Max. supply: 275,803,582 BBD (356 addresses)



Note: Max. supply is higher than total supply because BBOD executed a ‘token migration’ in 2018. BBD token-holders migrated the tokens from the old contract address to the current contract address. As a result, BBD token-holders received additional BBD tokens. The split ratio was 100-for-1.The old contract address: 0x5ca71ea65acb6293e71e62c41b720698b0aa611c

Utility of BBD token

BBD is the native utility token that functions within the BBOD ecosystem and has several core use cases, including:

COLLATERAL BBD is used as collateral for margined positions on the BBD-settled futures market (eg. BTC/BBD perpetual contract.) This increases utility and demand for BBD. ZERO-FEE TRADING There are no transaction fees (zero) on the BBD-settled futures markets (eg. BTC/BBD perpetual contract).

FEE DISCOUNTS

Users pay reduced trading fees on the TUSD-settled futures market based on their BBD balance and daily trading volume. Staking tokens slows down the velocity of the coin and increases its value. REWARDS Earn more in trading competitions when you hold the BBD Token. Gain access to a premium affiliate link.

Our discounts are one of the most attractive in the crypto derivatives industry. Up to 20% discount, and the minimum needed to get a life-time 10% discount is just 500 BBD ($130 worth / $0.65 per BBD).

If you are an active trader (+$100,000 volume/day) and you purchased 10,000 BBD tokens during the public sale for 10,000 * $0.26 = 2,600 TUSD you can enjoy a life-time discount of 20% off the fees and expect that the BBD token’s value will increase vs. USD.

If you are a less active trader, e.g. you trade once a week, then you can buy 500 BBD tokens for 500 * $0.26 = 130 TUSD, enjoy a life-time 10% discount on fees and expect that the BBD token’s value will increase vs. USD.

For comparison, you will need $1,300 of funds – that you can’t trade – in OKB (at Okex) just to qualify for a reduction in taker fees from 0.075% to 0.072% (4%).

The table below presents the current fee discount structure.

The tables below presents fees comparisons for Bitcoin/USD and IOTA/USD contracts across top exchanges.

BBD Pre-listing Token Offering

BBOD decided to offer 8,000,000 tokens with discount for the public sale ahead of the first listing. This non-dilutive secondary offering does not dilute tokens held by existing token holders because no new tokens are created.

BBD/TUSD will be listed on the BBOD exchange on December 10th, 2019. BBOD is aiming to list the BBD token at 0.65 TUSD per 1 BBD. We also will list BBD tokens on two additional exchanges by the end of Q1/2020.

Total tokens left for sale 8,000,000 (3% of Max. supply) The sale starts November 19th, 2019 at 9pm HK time The sale ends December 9th, 2019 at 9pm HK time First listing BBD price 0.65 TUSD First listing time and date December 10th, 2019 Accepted currency ETH Minimum size 1 BBD

The prices for BBD tokens are displayed as an ‘estimated price in USD’ due to change of ETH price. BBOD will adjust the price in ETH during the offering.



The public offering schedule with details is presented in the table below:

Start - End Discount Price 19 November - 25 November 60% $0.26 19 November - 2 December 30% $0.455 3 December 2019 - 9 December 10% $0.585 Listing BBD/TUSD at BBOD - December 10th, 2019 0% $0.65

Please check the full details in our Whitepaper.

Intrinsic value estimation

Exchange tokens exhibit heterogeneity in terms of token economics which drives a wide range of absolute valuations ranging from a couple of $mil to $3 billion (BNB token). There are many factors which impact the price of an exchanges’ tokens including its token utility, brand trust, an exchange age and trading volume at the exchange.

Below is an overview of top exchange platform tokens:

We decided to find the most similar exchange to gauge the potential value of BBD, by taking into account the following factors:

products offering

age

token economics

Our pick is FTX (ftx.com). This exchange is relatively young – it was launched in May 2019, and similarily offers numerous futures contracts on Bitcoin and Altcoins which are stablecoin-settled. Token economics assumes offering a substantial fee discount for FTT holders.

There are 350,000,000 total FTT tokens. On 29th July 2019, the price of the FFT token at the close of the first day of listing was $1.65 (based on the ftx spot market). This means that market capitalisation based on a fully diluted number of tokens was 350,000,000 * 1.65 = 577,500,000 USD.

Fully diluted number of BBD tokens (Max. supply) equals 275,803,582. If BBD tokens were offered at the same valuation, this implies that the BBD token would be offered at the price 577,500,000 / 275,803,582 = $2.0938 or 2.0938 USD per 1 BBD token.

However, we decided to offer BBD tokens with a 70% discount in relation to the FTT valuation at the first day of listing. The BBD tokens will be offered at the base price $0.65 or 0.65 USD per 1 BBD during the first day of the listing at BBOD. During the token sale, we will offer further discounts of up to 60% for users who will purchase tokens during the round of the sale and they will pay as little as $0.26 or 0.26 USD per 1 BBD which results in a massive 87.5% discount in relation to the FTT token valuation.



Demand for BBD tokens should increase very steeply

BBOD is the world’s first cryptocurrency derivatives exchange which will introduce zero-fee trading on BBD-settled futures contracts (to be launched on December 10, 2019). This kind of trading venue is highly anticipated on the crypto market.

To be able to pay zero fee, traders needs to buy BBD Tokens as a collateral for margined positions. This will increase demand for BBD tokens. Additionally, the traders will have incentives to hold BBD tokens as a collateral to earn the right to keep trading without fees. This in turn slows down the velocity of the BBD token and increases its value. Velocity influences the long-term, non-speculative value of a token.



Intended use of proceeds

Development: 60%

Marketing: 30%

Others: 10%

How To Purchase BBD

Please go to https://bbod.io/ and follow the buying instructions on the homepage. There is no KYC but the jurisdictional requirements for buying BBD are the same as those for trading on BBOD.



Roadmap

2018 – Q3/2019 Q4/2019 Q1/2020 Q2/2020 Q3/2020 Q4/2020 Founded and the development began Private Beta launch The official launch Ladder trading Zero-Fee trading Spot exchange launch Futures Contracts on +20 cryptocurrencies API release Futures Contracts on +50 cryptocurrencies Mobile app (Android, iOS) Fixed-date futures contracts Rebranding Adding forex, commodities, equities, fixed income Futures Contracts on +100 cryptocurrencies Vanilla options on perpetual contracts

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Disclaimer : BBOD Research is an independent cryptocurrency research-house. The company has not received any remuneration (cryptocurrency or otherwise) in preparing this analysis. This report has been prepared solely for informative purposes and should not be the basis for making investment decisions or be construed as a recommendation to engage in investment transactions or be taken to suggest an investment strategy in respect of any financial instruments or the issuers thereof. This report has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research under the Market Abuse Regulation (EU) No 596/2014. Reports issued by Trade the Future Holding (“BBOD Research”) or its affiliates are not related to the provision of advisory services regarding investment, tax, legal, financial, accounting, consulting or any other related services and are not recommendations to buy, sell, or hold an asset. The information contained in this report is based on sources considered to be reliable, but not guaranteed, to be accurate or complete. Any opinions or estimates expressed herein reflect a judgment made as of this date and are subject to change without notice. BBOD Research will not be liable whatsoever for any direct or consequential loss arising from the use of this publication/communication or its contents. Trade the Future Holding and its affiliates hold positions in digital assets and may now or in the future hold a position in the subject of this research.