Buzzex Update May 9 – Gradual, Steady Growth

3 min read

A lot of things have been happening lately, mainly the big news of Binance getting hacked and losing 7000 BTC in the process has been a huge shock.

While they are cleaning up their mess, we have made some important decisions which are guaranteed to benefit Buzzex a lot.

In this update, You’ll learn more about that and some exciting things that have been integrated and are coming up soon, so here we go.

Global Order Book

Some members have been reporting bugs on the Buzzex Exchange, which we tried to resolve the best as we could.

We have to admit however that we made a mistake in overestimating the capabilities of crypto exchanges like Binance.

Our idea was to create a unique feature called the global order book, which would allow traders to trade from multiple crypto exchanges at the same time on just one order book.

The idea came from forex and stock trading venues that use smart order routing to provide this service to high volume traders.

The truth, however, is that even the biggest crypto exchanges don’t even come close to the infrastructure needed to build a setup like this.

99% of the issues we have faced are caused because of the integration of external orders on our own order book, and a weak external API that constantly causes problems.

So we have made the wise decision now to completely turn off the global order book feature and only focus on our own internal order book.

We will definitely consider rebuilding the global order book in the future though, but in a different form. More info will be provided about this later.

As a result, You’ll surely notice that trading will go much smoother from now on.

Withdrawals

With the global order book, we needed to have funds in an external exchange to allow instant trading from an external exchange on Buzzex.

Because of the issues in Binance at the moment, we need to wait for them to open up withdrawals again before they can get processed on Buzzex.

Gradually we will add more and more wallets to our own setup which will avoid things like this happening.

We thank you in advance for your patience on the matter.

Ethereum Setup

We are getting very close to finally being able to add hundreds of Ethereum Tokens to Buzzex.

This will also allow us for regular deposits and withdrawals for Ether and all ERC20 tokens.

An addition like this will allow us to not only add 100’s of ERC20 tokens but also allow us to invite their communities to trade on Buzzex.

Trading Competition

As mentioned in an earlier update, we have made some changes to the trading competitions on Buzzex, allowing traders to earn more Buzzex Coins while trading on Buzzex.

Every coin has a total of 7 competitions in between certain milestones based on trading volume of that coin.

Top 3 traders will be able to earn 20-40,000 BZX each, allowing them to earn passive income forever from dividends.

Want to get started?

Check out the amazing trading competition on Buzzex here.

Already won a trading competition?

Now you can claim your earnings here.

Coin Partner Program

In addition to the trading competition for traders, we have also integrated a feature allowing us to assign coin partners.

Coin partners are the developers of coins who we’ll offer rewards in 2 ways:

  • Announcing that their coin is listed in several ways
  • When their followers start trading on Buzzex

Every time a milestone is reached, the coin partner will also earn BZX coins, which will obviously encourage them to promote Buzzex more!

If we add 100’s of tokens, 100’s of coin developers will start inviting their followers to start trading on Buzzex.

This has been our main marketing strategy which will soon commence.

Guess Contest And BZX Bonus

We want to assure that we are working on adding the earnings of winners of the guessing contest and the daily bonus rewards for pre-launch buyers to their account.

The company is staking BZX and all earnings are accumulating right now.

50% of those staking rewards will be added to pre-launch buyer’s accounts, the other 50% to people owning dividend shares.

All BZX will be added to your account at once when the setup is integrated and will be added daily from then on forever!

Conclusion

Turning off the global order book will be somewhat of a relief. As mentioned, the vast majority of issues sprung from this integration and our wrong belief that exchanges like Binance have a mature enough infrastructure to support a feature like this.

I think it became very clear that this is totally not the case, hence an important decision to benefit Buzzex needed to be made.

Our focus will be on the gradual, steady growth of Buzzex and its own internal order book. We are 100% convinced that we have built a very solid exchange with fast loading order books and a sleek design, allowing traders to get an enjoyable trading experience.

You can be the judge if you notice a difference when trading on Buzzex’ internal order book. 😊

That’s it for now, have a great day!

The Buzzex Team

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