Inspired by traditional markets and driven by a daily trading volume increase from Jan 2020 to present from $61B to $170B, VRM, a proprietary high-frequency trading company that reported average daily trading volumes between $15B – $20B in March, has developed a liquidity provision and order execution solution called Black Ocean.
FLY, an ERC20 token designed for usage within the Black Ocean ecosystem and other VRM products, will be available for trading on May 27, 2021, at 17:00 KST on ProBit Global.
Black Ocean wrapped up a $4.3M investment round back on March 14, 2021, including top VC in the space prior to setting up listing plans for FLY tokens.
FLY plays a fundamental role in stabilizing order liquidity leading to price stability and decreased slippage. The most anticipated VRM product, Black Ocean, offers crypto custody and lending functions for corporate clients. Hosted on the top DEX Uniswap, Black Ocean boasts competitive functionality through liquidity provision to decentralized markets.
VRM leverages AI-based high-frequency trading (HFT) strategies when trading in cryptocurrency markets and offers exchange market-making solutions. The structure of VRMs’ innovative ecosystems spawns from conclusions drawn from research facilitated by core PhD-level traders on the VRM team.
The VRM ecosystem is diverse and includes dedicated VRM research, VRM Quant, Black Ocean, VRM capital management, VRM mining, and native token FLY. The issuance of the FLY token is aimed at capturing capital inflows to generate rapid growth throughout the VRM ecosystem.
FLY has many potential usages across numerous VRM products, ranging from ecosystem perks, lucrative discounts, increased yield, and access to liquidity pools. FLY’s primary function to date remains as a discounted payment vehicle for any of VRMs services including future roll outs featuring FLY perks and functionalities to acclimate to changing market conditions.
FLY’s holding requirements to receive product discounts and other benefits range from 1-3M FLY tokens. The mining hotel is an outlier and requires users to hold 150 FLY tokens per kWh to receive the 5% discount.
In accordance with tokenomics best practices, VRM will implement a destruction protocol to support market demand and price growth. Monthly buybacks funded by a portion of profits from FLY token purchases on public trading portals will be forwarded to a predetermined wallet and subsequently burned. VRM boasts a 1,700,000,000 FLY token supply with over 1M burned to date to support a positive growth trajectory.
VRM currently has no external investors and averaged a daily trading volume in 2020 of $2.7B, with the daily trading volume zenith at $10.8B in December. Self-funded growth coupled with year-to-year increases in trading volume speaks to VRM’s organic growth potential in the cryptocurrency space and their planned future traditional market integrations.
ABOUT PROBIT GLOBAL
ProBit Global is a Top 20 crypto exchange worldwide servicing crypto enthusiasts with unlimited access to trade and buy Bitcoin, Ethereum and 600+ altcoins in 1000+ markets.
ABOUT FRANKLIN
Franklin (FLY) is an ERC20 token native to the VRM ecosystem. Users holding specific amounts of FLY tokens will be awarded substantial service discounts and ecosystem perks. Built-in destruction mechanisms, future use-case expansion, and an experienced team underpin FLYs positive growth trajectory.
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