5 Weeks Since OTN Launch. Positive Market Reaction
Open Trading Network is revolutionising trading cryptocurrencies by offering a cross blockchain platform to the marketplace — a first to the crypto trading sector.
Positive Market Reaction
After the 1st emission, October 16th, The value of OTN tokens has ascended rapidly — reaching a market capitalisation exceeding over 40USD million in the first few weeks of trading and with only 1.7 million OTN tokens in circulating supply out of a total potential circulating supply of 80 million OTN tokens. This, alongside fast- growing trading volumes, is a sign of a positive market reaction.
Market participants recognise that this crypto launch is offering a solution to a problem that has been growing for crypto traders, especially through the course of 2017. Specifically, OTN offers the ability to trade between cryptocurrencies simply and free from unnecessary paperwork and delays.
A further feature that has received positive reactions from the market is that the crypto launch has been ICO free. ICOs have been developing a bad reputation of being high risk and based on superficial purposes. OTN on the other hand, has not sought any external funding and has been backed by the well- recognised IQ Option trading platform. OTN has also presented a valuable use case for their platform and a well-defined purpose and plan within their whitepaper.
Emissions Update
The team behind OTN began distribution of OTN tokens on Monday October 16th, 2017. OTN will continue issuing these tokens each Monday for 104 weeks moving forward in accordance with the schedule that rewards IQ Option traders with free tokens based on the amount of crypto trading the trader completed in the previous week. During the first week, 350,000 OTN tokens were distributed to traders using the IQ Option platform for trading crypto instruments and subsequently OTN tokens began trading on crypto exchanges for external free market sale and purchase.
37,500 tokens will be distributed next Monday 27th November 2017 and 105,676 users have already received OTN tokens. These users are already successfully capturing the benefits of the OTN platform and cryptocurrency and interest in the platform and its features has been growing from strength to strength.
OTN Token Benefits — Pay for Commissions in IQ Option
These 105,676 users have received their OTN tokens as a free reward for their trading activity and are now able to exchange OTN tokens for OTN coins at a ratio of 1 to 1. The OTN coins can then be used towards paying for commissions for future cryptocurrency trading on IQ Option.
OTN Token Benefits — In Open Trading Network
After users have converted OTN tokens to OTN coins they can also use these coins for paying for transactions in the OTN network, to sign blocks of transactions with the Proof of Stake consensus algorithm or as collateral within the depository.
OTN coins trading at $19.22 USD per coin
Alongside the many other benefits and solutions OTN offers, these factors have contributed to a rapid ascent for OTN in its first 5 weeks of operation.