You’ve heard it before; a new token that promises you the world but has no utility. Or perhaps utility is on the roadmap, with plans to implement it at some undefined point in the future. No fear — that’s not the case here. With MBXN, the utility already exists — the token is the lifeblood of the UpBots trading ecosystem. Here’s everything you need to know about MBXN in 2024.
What is the MBXN token?
MBXN is the utility token native to the UpBots platform. The portfolio management platform is best known for its unique trading bot marketplace. Users can trade their portfolios on centralized exchanges (CEXs) or decentralized exchanges (DEXs) via its sister company, Superbots.
So, where does MBXN come in? Well, traders can use the native token to pay fees on the SuperBots and UpBots platforms, including for trading bot rentals. MBXN is also useful for other reasons. The platform works as a marketplace where developers can host their trading algorithms. Other platform users can then rent these bots. In exchange for their bot’s success, developers earn a commission in the form of MBXN.
Additionally, when you refer a friend to the platform, both parties can earn a commission. Lastly, staking MBXN allows users to earn a portion of the total fees from services provided on UpBots and SuperBots. In short, MBXN is the latest installment in UpBots’s history. Its launch is part of a wider growth initiative and Monetum’s takeover of the UpBots and SuperBots brands.
How does MBXN work?
Holding MBXN is key if you want to utilize the full capabilities of the UpBots platform. As stated previously, the token has a few primary uses. Firstly, you can use MBXN to pay for bot subscriptions, training, and other marketplace services.
Both bot rental and copy trading are paid in MBXN. Crucially, only successful trades incur a fee for bot rentals. Traders will be able to use MBXN for many existing and upcoming features on both UpBots and SuperBots.
UpBots
UpBots is an asset management platform that consolidates your centralized and decentralized portfolios. Here, you can trade on five different CEXs (with new exchanges being added regularly), stake, and monitor your wallets.
Users can rent and create trading bots. They will earn a commission on all successful trades from other users who rent their bots. All bots must undergo quality assurance testing before entering the bot marketplace.
- Deposits: Use MBXN for all deposits on UpBots.
- Trading fees: MBXN will pay for trading fees, making transactions more cost-effective.
- Algorithm subscriptions: Pay for trading bots with MBXN.
SuperBots
While UpBots deals with everything centralized, SuperBots allows you to deploy trading bots on decentralized exchanges. SuperBots trading algorithms are only available on BNB Chain and are somewhat limited compared to those on UpBots.
SuperBots employs “Vaults” to implement automated trading strategies. In this process, users deposit their funds into a pool where bots utilize automated trading strategies. Fees are only paid after successful trades, and rewards are deposited automatically.
- Performance and transaction fees: MBXN covers transaction and performance fees within vault trades.
- Algorithm performance fees: SuperBots operates similarly to UpBots, meaning you incur a fee only upon successful trades.
Staking
Users can stake their MBXN tokens on both the UpBots and SuperBots applications to implement yield farming strategies. Fees incurred for utilizing services on both platforms generate the yield for stakers. For those who utilize trading bots and stake simultaneously, this can act as a trading rebate.
To be clear, there are two features at play here, the liquidity pools and the trading platform itself. As mentioned earlier, traders must pay for trading bots and other services in MBXN. They must purchase MBXN from a liquidity pool to pay for fees.
Stakers provide the liquidity to these liquidity pools. Likewise, the fees paid for using the trading bots also go to the stakers (and bot creators). There are two types of liquidity pools, one for the native token and another for DEXs.
Burn
MBXN is deflationary and employs a burn mechanism at the application level. When you pay for services on the UpBots platform, a portion of the fees are burnt. Note that this mechanism is on the honor system and isn’t built into the token itself. Notably, the burns are always publicized on X, and transactions are traceable on-chain.
Furthermore, 15% of the income from UpBots and SuperBots goes to buying back and burning MBXN. Profits from the liquidity pools also buy back and burn MBXN. This system is in place to ensure that rewards are somewhat stable during times of low prices and transaction activity and in case of a low traders-to-stakers ratio.
MBXN tokenomics
The total supply of MBXN is 500,000,000. It is a BEP-20 token, the ERC-20 equivalent of the BNB chain. Its allocation is as follows:
- Partnerships, marketing, and advisors (30%): For strategic alliances, promoting MBXN, and consulting services for growth and adoption.
- Operating expenses and R&D (20%): Covers operational costs and research and development for continual improvement.
- Rewards for staking and burning (20%): This portion is dedicated to paying out staking rewards. Another portion is dedicated to buying back and burning MBXN.
- Liquidity on CEXs and DEXs (15%): This portion will provide liquidity on exchanges for buying and selling MBXN. This supply is partially locked and will be released over a 12-month period.
- Incentives or airdrops (10%): This will reward community loyalty and encourage ecosystem participation.
- Founding team (5%): The founding team will receive a portion of MBXN to align their interests with the projects. This supply is subject to a vesting period.
Notably, two key burn and lock measures have been introduced in a bid to ensure a seamless transition to MBXN. Firstly, UpBots plans to burn 100M tokens in one go to re-adjust the supply to a level similar to that of UBXN. Additionally, MBXN will continue to be burnt with the same mechanics as previously from performance fees.
The platform will also lock a significant percentage of tokens to demonstrate a long-term commitment to the project and provide more confidence to the market. This aims to restrict the circulating supply further so that it grows alongside monthly active users on both platforms.
MBXN vs. UBXN
While the MBXN token has inherited all of the functionalities of the UBXN token, it will also exist alongside the token. In other words, users can trade both. However, it is important to note that the primary token of the UpBots and SuperBots platforms will be MBXN. Here is how you can tell the difference.
The MBXN exists on the BNB Chain (BNB) with enhanced security features. It also allows permit extension, which enables gasless transactions. This makes the platform safer and more user-friendly. The token also has its own liquidity pools to allow staking of MBXN or adding liquidity.
UBXN still exists on both Ethereum and the BNB Chain. However, MBXN will now cover transaction fees, deposits, and staking rewards on UpBots and SuperBots.
| Features | MBXN | UBXN |
| Supply | 500,000,000 | 500,000,000 |
| Chain | BNB | Ethereum and BNB |
| Usage | Used for deposits, staking, and paying fees on UpBots and SuperBots | Can be used for trading |
MBXN airdrop: Key information
UBXN holders will be pleased to discover that they may be eligible for an MBXN airdrop. An airdrop is available for UBXN holders who were included in the snapshot on June 6, 2024. Users can claim MBXN tokens on the BNB chain. This airdrop is automatic if tokens are stored on UpBots or SuperBots platforms. Holders will receive the equivalent amount of MBXN to their UBXN, with an additional 20%. If MBXN was stored in a non-custodial wallet or off-platform, holders must note that their airdrop will not be automatic and must be claimed.
Stakers on Ethereum, BNB, and UBXN liquidity pools can also claim MBXN. Again, you will receive the equivalent amount, plus a 20% bonus.
MBXN roadmap
The team behind the MBXN token has a few more key events in the works. The roadmap is laid out into three parts from the token’s launch:
1-6 months:
In the first six months, you can expect new exchanges and blockchain integrations. The team will add new liquidity pools to accompany these integrations, and new trading bots will be introduced. Lastly, Monetum will finalize the transition of the MBXN token as the primary economic driver of the SuperBots and UpBots platforms.
6-12 months
Following the first six months, additional services will be added over the next half-year. Monetum will integrate its pre-existing services to include crypto-friendly IBANs for token holders, access to institutional-grade liquidity, and feeless trading.
This period will also mark the beginning of the development of copy trading features and collaboration with key opinion leaders (KOLs) in the crypto space. Additionally, the team will introduce vaults with leverage trading features and implement strategies to cultivate community growth.
12-36 months
The last period on the roadmap is outlined for a two-year period. In this phase, users can expect mobile app development and the addition of user-created vaults. This will expand the DeFi trading services (SuperBots), making it as extensive as the centralized counterpart for trading bots (UpBots).
A new and improved trading experience
Under the new Monetum leadership, the MBXN token is set to revamp the UpBots and SuperBots trading platforms. While users can still enjoy many of the existing features of both, such as bots, staking, and portfolio management, they can also expect some new services.
Whether you are a long-time user taking advantage of the airdrop or a newcomer looking to utilize automated trading and yield farming services, expect a new and improved UpBots platform with the same user-friendly experience, all powered by the native MBXN.
Frequently asked questions
MBN is the utility token of the SuperBots and UpBots platforms. UpBots allows for automated trading strategies on CEXs, while SuperBots is for DEXs. The “M” stands for Monetum, signifying the change in ownership to the Fintech platform.
MBXN is the current platform token of the UpBots platform. UBXN was the platform token of UpBots when it was owned by Solfin Consulting. While traders can still trade UBXN, MBXN is now used for all deposits, staking rewards, and payments on the platform.
UpBots is a comprehensive platform that puts your CEX accounts and DeFi trading wallets on a single interface. While UpBots is used for deploying trading bots on CEXs, SuperBots is used for DEX trading. Both platforms, however, utilize the MBXN token.
MBXN is used for paying bot rental fees on UpBots and SuperBots. Traders can also use it for staking. User will be paid staking rewards and referral rewards in MBXN.
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