Popular crypto exchange Bitrue has announced a joint campaign with Sportzchain, the world’s first Engage-to-Earn (E2E) platform. The launchpad sale of $SPN, the platform’s native token, just finished on the exchange on August 30th, as 125 million $SPN went up for sale at 0.0024 USDT. According to the Bitrue team, the exchange will be the only CEX to list $SPN, starting from September 14th.
Engage-to-Earn (E2E), converting passive fans to invested fans
Most NFT and DeFi users are already familiar with the Play-2-Earn model, where users can receive rewards in the form of non-fungible tokens for competing against each other. However, the Engage-to-Earn model allows regular sports fans and fanatics to receive monetary benefits for their everyday fan engagement.
Sportzchain has pioneered E2E to tokenize fan membership programs – converting passive fans to “invested fans.” The Sportzchain platform is a digital world for sports fans, where they can interact and share opinions with like-minded supporters. Every engagement on the platform is rewarded with off-chain tokens (RWRD), which can be redeemed for $SPN and traded on the Bitrue exchange. Fans can also receive other rewards for their engagement on the platform, such as signed jerseys, meet and greet events, and even matchday tickets.
$SPN: supply, burn and listing on Bitrue
According to Sportzchain, $SPN has a total supply of 10 billion tokens, with a current market cap of 24 million USDT. The platform has announced its burn mechanism, where 1-5% of the non-circulated tokens will be burned in the first two quarters following the launch. Sportzchain will also buy back and burn $1000 worth of SPN for the first 30 days following the Token Generation Event (TGE). This mechanism is expected to substantially reduce the token’s circulating supply and keep its price less volatile.
Through listing $SPN, Bitrue will become the first centralized exchange to provide trading for E2E tokens. The exchange is expecting major interest for fan tokens, especially with this year’s FIFA World Cup just on the horizon. Users of the exchange will have the exclusive opportunity to monetize their daily fan engagement activity through $SPN.
Bitrue is a Tier-1 cryptocurrency exchange based in Singapore. It’s among the top ten most visited crypto exchanges on the web, with a trust scope of 8, according to Coingecko. The platform is famous for listing new and trending tokens faster than other top exchanges. It also offers several advanced trading features, including spot trading, futures trading, OTC trading, high-interest yield farming, leveraged ETFs, and pledged loans.
One of the unique features of Bitrue is its ‘Power Piggy’ staking program, which allows users to earn up to 10% of passive interest on their digital assets. All staked assets are stored in cold wallets, maximizing user security. The exchange allows trading for over 200 different cryptocurrencies and has an average daily trading volume of over $1 billion.