TRACE Token Listing: Crypto exchange Bitbns has become the first exchange in India to list popular metaverse token ‘TRACE’ on its platform, a statement form the company said today (April 26, 2022). Trace token is used for accessorising digital avatars. Belonging to trace Network Labs, Trace token empowers network users with governance control over the protocol. It also provides better exposure to the world of NFTs expanding metaverse in the country.
With the listing on Trace token, Bitbns h has further expanded its collection of over 400 supported cryptos. Earlier, Bitbns had recently listed several other popular metaverse tokens, including Alien World, RFOX, and DEAPcoin.
According to the statement, Trace token carries other utilities in community incentivisation to reward network participants through various incentives, including staking and farming. The token is the fuel of the network used for multiple transactions besides participation in protocol operations. TRACE tokens will also be used as a base token fuel to mint and acquire NFTs and to settle minted NFTs over Trace’s network and ecosystem.
The native, interoperable utility token of the Trace Network is available for trading and staking in the pair of TRACE/INR.
What is Trace Network?
Trace Network is a decentralized protocol enabling a lifestyle for any multichain metaverse. It builds technologies that aims to transform the way people access any metaverse or metaverse assets. It allows people to become metaverse residents by creating their real-looking ‘Digital-Twins’, also known as ‘Digital Avatars’ and empowers them to roam freely across multiple virtual worlds in different blockchain networks.
Trace Network also enables lifestyle for these avatars in metaverses powered by NFTs and digital fashion. It envisions itself as the de-facto gateway for lifestyle brands to launch their new sets of limited-edition lifestyle & fashion products exclusively for the real-looking avatars. It thus aims to facilitate fashion brands to build an experiential ecosystem that encompasses building virtual stores with their exclusive digital merchandise on display.
Trace Network Labs is backed by investors such as AU21 Capital, NGC Ventures, OKex Blockchain ventures, LD Capital, Moonrock Capital, Moonwhale, and DAO maker, among others.
Commenting on the listing Gaurav Dahake, CEO, Bitbns, says, “At Bitbns, we have always looked forward to offering unique propositions to customers. With a seamless convergence of virtual reality (VR), AI, and augmented reality (AR), the Metaverse is taking the world by storm, especially in terms of offering unlimited opportunities to its users. With the addition of TRACE on Bitbns, we have broadened the metaverse offering on our platform. We are excited to allow our users to explore real-looking avatars and use them in another metaverse world. We are also exploring ways our users can mint their Avatars from within the platform.”
Lokesh Rao, Co-Founder and CEO, Trace Network Labs, said, “We are happy to have our token TRACE listed on Bitbns. Being an Indian-founded project, this listing will boost the nascent Metaverse & NFT industry in the country and provide the Indian users access to a Meta-token in the sovereign currency.”
