Read on Twitter
Projects are allowed to BURN tokens! (some)
Lower supply = higher pamp when liq comes.
BUT
What if, token holders can BURN as well?
Let's break down @BurnifyApp 🧵 ↓
RT is much appreciated! #EGLD #MultiversX @pulsarmoney send 1000000 MEX to 200 reactions
Lower supply = higher pamp when liq comes.
BUT
What if, token holders can BURN as well?
Let's break down @BurnifyApp 🧵 ↓
RT is much appreciated! #EGLD #MultiversX @pulsarmoney send 1000000 MEX to 200 reactions
1/ @BurnifyApp is all about fairness!
No privileged access for the team.
No private sale, marketing allocation, team allocation, or treasury allocation of Tokens
So, @BurnifyApp lets you burn tokens while earning their protocol token + #EGLD.
No privileged access for the team.
No private sale, marketing allocation, team allocation, or treasury allocation of Tokens
So, @BurnifyApp lets you burn tokens while earning their protocol token + #EGLD.
2/ 🔴 Tokenomics
They've got a fixed supply of 5,010,000 $BFY tokens, and they're 100% owned by the community.
No additional tokens will ever be created!
Why the $BFY token?
Burning!
$BFY is the "proof of burn" token, tied to the burning process.
They've got a fixed supply of 5,010,000 $BFY tokens, and they're 100% owned by the community.
No additional tokens will ever be created!
Why the $BFY token?
Burning!
$BFY is the "proof of burn" token, tied to the burning process.
3/ 🔴 Burning Process
Burning happens in cycles, each lasting ~24 hours.
Starting with 10,000 $BFY on day one and decreasing by 0.2% each cycle.
All you need to do is send at least 1 batch into the Smart Contract and receive staked $BFY tokens at the end of the day + #EGLD.
Burning happens in cycles, each lasting ~24 hours.
Starting with 10,000 $BFY on day one and decreasing by 0.2% each cycle.
All you need to do is send at least 1 batch into the Smart Contract and receive staked $BFY tokens at the end of the day + #EGLD.
4/ 🔴 Rewards
The more you burn, the more you earn!
At the end of each cycle, you'll receive staked $BFY tokens, proportionally based on the number of batches you've sent + #EGLD.
You can send up to 10,000 batches.
The more you burn, the more you earn!
At the end of each cycle, you'll receive staked $BFY tokens, proportionally based on the number of batches you've sent + #EGLD.
You can send up to 10,000 batches.
5/ 🔴 Cycle Distribution
They list tokens like $MEX, $ONE, $JEX, and more, then at the end of each cycle, they burn all tokens except $EGLD.
That means those tokens go up in smoke, creating a leaner and stronger ecosystem!
They list tokens like $MEX, $ONE, $JEX, and more, then at the end of each cycle, they burn all tokens except $EGLD.
That means those tokens go up in smoke, creating a leaner and stronger ecosystem!
6/ 🔴 Boost Option
Projects listed in @BurnifyApp can boost #EGLD rewards for users sending batches with their tokens.
It's a win-win for the project and the participants.
p.s This feature will be live soon after launch
Projects listed in @BurnifyApp can boost #EGLD rewards for users sending batches with their tokens.
It's a win-win for the project and the participants.
p.s This feature will be live soon after launch
7/ 🔴 DAO Governance
They're building a DAO after the main features go live.
And your voice matters!
You can vote on token listings, protocol enhancements, and more.
You'll be able to shape the Burnify ecosystem.
They're building a DAO after the main features go live.
And your voice matters!
You can vote on token listings, protocol enhancements, and more.
You'll be able to shape the Burnify ecosystem.
8/ 🔴 NFTs Burning
Burning isn't just about tokens.
In the works, it's a mechanism to enable projects to burn NFTs too.
Find the perfect balance between tokens and NFTs, creating value and generating rewards.
Burning isn't just about tokens.
In the works, it's a mechanism to enable projects to burn NFTs too.
Find the perfect balance between tokens and NFTs, creating value and generating rewards.
9/ 🔴 $BFY Utility
- Earn #EGLD by staking $BFY Tokens.
- Collaborating with other projects to unlock exciting perks for $BFY holders.
- Earn #EGLD by staking $BFY Tokens.
- Collaborating with other projects to unlock exciting perks for $BFY holders.
10/
- Exclusive benefits within partner ecosystems.
- Holding $BFY means being part of a vibrant community and part of the protocol.
- Exclusive benefits within partner ecosystems.
- Holding $BFY means being part of a vibrant community and part of the protocol.
11/ 🔴 Claim Rewards
When a cycle ends, your $BFY tokens are automatically staked in the protocol.
Claiming them stops the generation of protocol fees ($EGLD) for that cycle.
Stake them again to start earning $EGLD.
When a cycle ends, your $BFY tokens are automatically staked in the protocol.
Claiming them stops the generation of protocol fees ($EGLD) for that cycle.
Stake them again to start earning $EGLD.
12/ 🔴 Claim Protocol Fees
You can withdraw your protocol fees ($EGLD) anytime you want.
Your hard-earned rewards are yours to enjoy whenever you choose.
You can withdraw your protocol fees ($EGLD) anytime you want.
Your hard-earned rewards are yours to enjoy whenever you choose.
13/ 🔴 Staking $BFY
Unclaimed and staked $BFY tokens generate passive income in $EGLD.
Your share of the reward pool keeps decreasing if you only participate in Day 1.
Stake back your claimed or unstaked $BFY to continue earning rewards.
Unclaimed and staked $BFY tokens generate passive income in $EGLD.
Your share of the reward pool keeps decreasing if you only participate in Day 1.
Stake back your claimed or unstaked $BFY to continue earning rewards.
14/ 🔴 Roadmap
They have interesting plans for the future, among which these sparked my interest:
- Boost options
- DAO governance
- NFT burning
- Collaborations
They have interesting plans for the future, among which these sparked my interest:
- Boost options
- DAO governance
- NFT burning
- Collaborations
15/ 🔴 Team
Behind @BurnifyApp we got @OneDex_X, @buidly_, and @EgldInfo, which have been around in this ecosystem for a long time.
I believe they are amazing devs and will deliver a great app, plus if users won't be satisfied, they will for sure adapt to the feedback!
Behind @BurnifyApp we got @OneDex_X, @buidly_, and @EgldInfo, which have been around in this ecosystem for a long time.
I believe they are amazing devs and will deliver a great app, plus if users won't be satisfied, they will for sure adapt to the feedback!
16/ Conclusion
As for the protocol at this stage, I thought of it a bit annoying that I have to send #EGLD along with tokens for burning, but hey, if I am going to get back 90% of #EGLD + future #EGLD from burners, I am satisfied.
As for the protocol at this stage, I thought of it a bit annoying that I have to send #EGLD along with tokens for burning, but hey, if I am going to get back 90% of #EGLD + future #EGLD from burners, I am satisfied.
17/ I'll give it a few shots and see how it will go along the way.
I would love to see lots of initiatives and incentives from Token projects to use @BurnifyApp, like rewarding community members who burn tokens.
I would love to see lots of initiatives and incentives from Token projects to use @BurnifyApp, like rewarding community members who burn tokens.
18/ Another thing I like is the fact that, if a single user sends 1 batch in a day, they will receive all the $BFY tokens emitted for that cycle and #EGLD share according to their share % of $BFY Staked.
19/ So, no matter when you enter the protocol, you will get #EGLD rewards according to your % of $BFY staked.
The more you stake, the more you earn.
The more you stake, the more you earn.
20/ If you want more information about tokenomics and how rewards are distributed, @OvidiuArion did an awesome job.
Please check it out here:
Please check it out here:
https://twitter.com/OvidiuArion/status/1661721807261401088
21/ That's a wrap, guys!
*The info on this thread should NOT be considered financial advice, please go and check the out for yourself and decide if it's a protocol you might be interested in, or not!
*This thread was sponsored by @BurnifyApp
*The info on this thread should NOT be considered financial advice, please go and check the out for yourself and decide if it's a protocol you might be interested in, or not!
*This thread was sponsored by @BurnifyApp
22/ Let me or @BurnifyApp know if you have any questions or concerns in the comments below!
If you found this thread interesting:
- Follow @AndreiMX_
- RT the tweet below.
Thanks!
If you found this thread interesting:
- Follow @AndreiMX_
- RT the tweet below.
Thanks!
https://twitter.com/AndreiMX_/status/1678434003299483649
23/ You can read the unrolled version of this thread here: typefully.com/AndreiMX_/W4yQ…
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