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Bitpanda Ecosystem Token (BEST) Offers Exclusive Benefits and Rewards
The Bitpanda Ecosystem Token (BEST) is a utility token that serves as the ecosystem token for Bitpanda, a leading European digital asset platform. BEST was issued through an Initial Exchange Offering (IEO) on the Bitpanda platform in August 2019.
SatoshiLabs, the company behind Trezor, the world's first cryptocurrency hardware wallet, plays a significant role in the BEST ecosystem. A 20% discount on Trezor is available for BEST VIPs on Bitpanda.
BEST holders can enjoy various benefits, including reduced trading fees. A guaranteed minimum value of €0.132 for BEST was set for 2021, and this value will increase by 10% each year for the first five years, starting in 2020. BEST holders receive a 20% discount on trading premiums and fees when using BEST to pay them.
To qualify for BEST VIP Level 1, users need to hold a minimum of 5,000 BEST in their wallet. This low investment of well under 50 euros grants users access to exclusive benefits such as participating in BEST VIP votes and having a say in decisions on which digital assets Bitpanda adds next. BEST VIP Level 1 users who complete at least one trade per month can claim an additional +0.05% in BEST at the end of every month.
The benefits of a higher BEST level become effective from the day a user reaches their new BEST level. To reach the highest BEST VIP status, you need to hold 10 BEST tokens.
BEST VIPs also enjoy special benefits when using the Bitpanda Card, such as cashback in BTC. Bitpanda users can receive BEST Rewards at the end of each month by completing at least one trade and actively claiming them. BEST Rewards can increase a user's BEST holdings by up to 12.68% a year, with the amount depending on the user's BEST VIP level and trading activity.
A unique feature of BEST is the token burn mechanism. 25% of BEST received by Bitpanda through fee payments will be "burned" (destroyed) via the burn function in the smart contract at the end of each quarter. This continuous reduction of the BEST supply aims to increase the token's value over time.
In summary, the Bitpanda Ecosystem Token (BEST) offers a range of benefits and rewards for its holders, making it an attractive choice for those interested in the digital asset ecosystem.
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