buying their onboarding UBT tokens on the backend using fiat. Can we assume there is an OTC desk facilitating this process?
I ask because the price spikes look very much like retail buys imo.
There is no OTC desk and all UBT tokens are in circulation
Oh wow well ok
Clients pay fiat that then buys UBT over time. The client can buy ubt, but to use Baseledger they do not have to hold UBT.
There will most likely be some TWAP in place since, as you might have noticed, the liquidity is not crazy as of now
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