Blockchain Migration, 10% burn & much more
This week we have the 1st BasketCoin Birthday! After a year, we completed multiple milestones and achieved a couple of things.
1/ How many BSKT tokens have we burned?
2/ What are the benefits from the ETH->BSC migration?
3/ And what we’ll accomplish in 2022?
Scroll down and check what we’ve prepared:
Table Of Contents 📝
- Massive BSKT Token Burn.
- Migration from Ethereum to Binance Smart Chain.
- What we’ve accomplished in 2021?
- What we’ll accomplish in 2022?
- Article Summary
1/ Massive BSKT Token Burning
First things first:
We have reached the milestone of burning over 10% of the total supply
(2 156 000 BSKT of 21 000 000 BSKT).
It’s a part of our deflationary coin model.
How does it work?
It’s a simple mechanism of token burning & “charging” each transaction.
In a year, we’ve buy-backed & burned 920 205 BSKT.
June -> 85 438 BSKT.
September-> 229 083 BSKT.
December -> 257 326 BSKT.
March -> 348 358 BSKT.
From the transfer fee, we burned 1 235 953 BSKT.
(Each transaction involving BSKT tokens is subject to a fee of 2,5% of the total transaction value (1% of this fee is burned out, another 1% is redistributed through the BSKT staking platform, and 0,5% is set aside to provide liquidity in future networks).)
2/ Migration from Ethereum to Binance Smart Chain
As you know from the previous article, we planned to create an entirely new BSKT smart contract to move the token from ETH to BSC.
What are the benefits?
- Transaction fees are much lower. $20 -> $0,2. It’s essential because now we have a wider entry point for retail investors. In other words, even fish can put the skin in the game — not only whales.
- What’s more, the volumes are much higher. We have been on Binance Smart Chain for 77 days. The total volume over that time is about $3,3M. On the contrary, the trading volume on ETH blockchain from the last 77 days is about $0,33M.
“OK, but why is that important?”
Transaction volumes might be a crucial puzzle element for increasing the future BSKT deflation.
Why did we decide to do the migration?
The main reason: because of high gas fees on ETH, the trading volume decreased, which was the obstacle to the proper working of the BSKT deflationary token feature.
Plus, with the BSC network, we’re able to expand easier.
3/ What we’ve accomplished in 2021?
- Setting up the company.
- Listing on DEX (PancakeSwap).
- Filling our token basket with BTC, ETH, SKEY, DOT, YF-DAI, USDC and BSKT tokens.
- Dividing funds from the basket between multiple DeFi protocols.
- Launch of the staking platform.
- Development & issuance of 1/4 NFT cards.
- Development of operational rules for the Governance Platform.
- CEX listing.
- Launching $BSKT statistics platform (stats.basketcoin.org/)
- First marketing publications.
- Adding new tokens to the basket.
- $BSKT migration from ETH to BSC (and a new smart contract).
In a meantime, we have collected 82 000 BSKT (from a 0.5% transfer fee) for future LP pool creation on another blockchain.
Below are the plans for the current year:
4/ What we’ll accomplish in 2022?
- BasketCoin Financial Audit (an inherent part of being transparent).
- Re-branding (refreshing the company UX & UI).
- Cross-chain solution (easier brand expansion).
- Governance Platform Launch (BSKT investors will be able to participate in the Basket Coin development actively).
- 2nd, 3rd and 4th NFT collection launch.
Article Summary 📝
Thank you for your time! More articles coming soon. We will keep you updated with the newest BSKT hot-takes.
The future is brighter than you think!
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