Pantos vs. BEST 2.0 – what has changed?
Lukas Kurzmann
Almost two years have now passed since the last comparison in December 2020 and a lot has also happened with Bitpanda’s two tokens. If you are interested in Bitpanda and follow the company’s development, it is still almost impossible to get past the two tokens that are directly related to Bitpanda and not have read or heard something in a tweet or competition at least once. Having already discussed the differences between the two tokens, I would like to take a closer look at the development of the two favorites from the Austrian neobroker Bitpanda in this article.
Pantos – it becomes tangible
Let’s take a look at our “research project with an Internet of Things perspective” – Pantos, which has made some progress and achieved some milestones in recent times. First of all, in addition to simple cross-chain transactions of Pantos tokens, it is also possible to wrap other coins & tokens with the help of Pantos and then send them to any chain supported by Pantos. For example, you can. Polygon (Matic) and send it to the Avalanche Chain. It should also be possible to create your own new multichain tokens with Pantos.
First successful cross chain transactions
On November 25, 2021, the first successful cross-chain transaction of 100 pantos from the Ropsten testnet to the Binance Smart Chain (BSC) testnet was carried out and since then countless other transactions have been carried out from many different wallets on various chains (Ethereum, BSC, Avalanche, Polygon, Bitcoin RSK, to name just a few).
Update of the Pantos Website
After what feels like an eternity, the team behind Pantos has managed to carry out the promised update of the website. A lot of information and a roadmap of the next milestones can be found there. You can now also see who is really involved in the development of the project. If you haven’t seen the website yet, you should definitely click through to the pantos.io website.
Start of the Closed Beta
A handful of selected members of the community have been able to put the Pantos functions through their paces since mid-July. From this point onwards, you can also see in the explorers of the individual chains that the number of transactions has increased significantly.
Outlook for the future
After successful completion of the closed beta, the open beta will start, where everyone will be able to participate in testing the project. If this was successful, and the external audit was also successful, which will once again put the project & the technical implementation to the test through penetration tests, code reviews and the like. In summary, it can be said that the project has made some progress since the last update, but still has some way to go, but a product is now more tangible than ever. Let’s stay tuned to see what the team behind Pantos conjures up for us over the next few years.
Bitpanda Ecosystem Token (BEST) became BEST 2.0
As I have already mentioned in this article, BEST has also undergone a change recently. A brief preview: In addition to the change from 3 to 5 VIP levels, the fee reduction has also turned into a BEST cashback, the burns now take place monthly and the rewards are paid out weekly.
BEST VIP Level
Instead of 3, there are 5 VIP levels and the first starts at 10 BEST and the 5th at 50,000 BEST.
| BEST VIP LVL | Minimum amout of BEST |
|---|---|
| LVL 1 | >= 10 BEST |
| LVL 2 | >= 1,000 BEST |
| LVL 3 | >= 5,000 BEST |
| LVL 4 | >= 10,000 BEST |
| LVL 5 | >= 50,000 BEST |
Instant Trade Bonus (ITB) is the new “BEST Fee Collection (BFC)”
Instead of a fee reduction if you pay the fees with BEST, there is now the Instant Trade Bonus, which credits up to 0.25% of the volume as “cashback” in the form of BEST to the wallet, depending on the BEST VIP level. For example, if you buy BTC for €1000 and are BEST VIP 5, you will immediately receive €2.5 in BEST credited to your wallet. However, this function can also be deactivated if you wish.
| BEST VIP Level | ITB Crypto/Metals | ITB Bitpanda Stocks |
|---|---|---|
| 1 | 0.05% | 0.005% |
| 2 | 0.10% | 0.010% |
| 3 | 0.15% | 0.015% |
| 4 | 0.20% | 0.020% |
| 5 | 0.25% | 0.025% |
Spacing of BEST burns shortened
Since BEST 2.0, up to 25% of all fees paid by BEST VIP holders are burned every month. The total number of existing BEST is therefore decreasing and this fact has not changed. In addition, Bitpanda has also announced that it will continue to burn until there are only 250 million BEST left, instead of the previously targeted 500 million.
BEST Rewards weekly instead of monthly
There have also been some changes to the BEST Rewards: instead of monthly tokens, the additional tokens are now credited weekly. In addition to the time intervals, the % rate has also changed and it is now possible to earn up to 15.35% in rewards per year instead of 12.68%.
Differences between BEST & Pantos
Compared to December 2020, Pantos’ field of application is becoming clearer and more defined and we are already seeing tangible results on the blockchain explorers. Nevertheless, it is still not really clear when a finished product will be released. BEST has remained true to its policy of offering customers a transparent and quasi-finished product that will receive more and more use cases over time as new products or features are introduced at Bitpanda.
Even if there is no exact date for the completion of the first product at Pantos, you can already see the direction in which it is heading. Pantos will not have a use case encapsulated in an ecosystem, as is the case with BEST, but the technology is literally crying out to be taken out into the big wide world.
In summary, it can be said that a lot has happened with both tokens and that Bitpanda has not stood still here and has changed, developed and improved a lot. With the prospect of many more great news and developments, we can look forward to the next two years.
