BasketCoin Staking Platform 2.0 (ENG)
Due to the feedback we received from you, we decided to introduce significant changes to the staking platform and also redistributing the form of BSKT tokens between stakes. We assume that the launch of the new staking platform on 1st of May 2021 will be, in our opinion, the most beneficial solution accelerating the further development of the project, while creating better conditions for using the platform by the community. Due to technical and organizational issues, some functions of the current platform will be limited — after 6 p.m. UTC+1 on the 4th of April, the staking option will no longer be available, and the option to withdraw funds will be available only under the “Unstake” button.
We have already transferred funds to private MetaMask wallets to all people who have staked BSKT tokens on the platform. Transfers have been made in the following amounts:
a) 300 BSKT tokens (equivalent to $ 66) as compensation for the transaction fee in the form of a gas fee
b) 8% of the value of staked tokens — it will cover the earnings that would be obtained for the entire month — April
In summary:
-> if you have staked 10,000 BSKT — as compensation, you will receive a total of 1,100 BSKT (300 BSKT + 8% of the value of staked tokens) on your MetaMask wallet
-> we advise to withdraw funds from the platform after 6 p.m. UTC+1 on 4th of April
-> you can use your funds after the BSKT token appears on Uniswap which will happen on 5th of April
In the table below you will find a short summary of the changes that will be introduced on the new platform — please read the description, and you will also find something special there!
We would like to remind you that your funds are safe, and the change in the functioning of the platform will bring significant benefits to all investors in the long run. We are deciding to take such an important step right now, because the number of people who stake BSKT tokens is currently not that high, and we are convinced that as the project develops, their number will continue to increase. We are aware that the situation may be uncomfortable for you, so we sincerely apologize for any inconvenience this may cause. However, we are convinced that the actions taken by us are strictly connected to the idea of the project, and additionally, this is our response to your feedback and tips regarding the staking platform.
About BasketCoin
BasketCoin is:
- Deflationary,
- With collateral — covering its value,
- With the system of repurchase and burning of BSKT tokens.
1. A fee of 2% of the value of each transaction will be taken from the transfer — half is burned out, the other half goes to the staking/reward redistribution pool which indeed speeds up the process of reducing supply. Smart Contract itself assumes that a total of 90% of all BSKT will be burned -> supply will decrease from 21,000,000 to 2,100,000
2. The BSKT token is secured with a basket of seven cryptocurrencies that cover its value. The security so adopted is intended to ensure a constant and stable increase in the value of tokens. Thanks to the correct match of coins in our basket, its value is less susceptible to fluctuations appearing in the cryptocurrency market. The BSKT token security chart looks like this:
- Bitcoin (BTC) — responsible for 25% of the value of the coverage,
- Ethereum (ETH) — responsible for 25% of the coverage value,
- Polkadot (DOT) — responsible for 10% of the coverage value,
- Smartkey (SKEY) — responsible for 10% of the coverage value,
- YfDAI.finance (YF-DAI) — responsible for 10% of the coverage value,
- USD Coin (USDC) — responsible for 10% of the coverage value,
- Basketcoin (BSKT) — responsible for 10% of the coverage value.
3. All listed cryptocurrencies that make up the BSKT basket will be used to generate additional profits on platforms such as:
- Crypto.com (profits of 3%-12% APR),
- YF-DAI (profits up to 72% APR),
- Swissborg (profits up to 20% APR),
- and other decentralized profit-generating platforms in DeFi format.
Revenues from these platforms will be used in the repurchase process for the redemption and burning of BSKT tokens, contributing to a significant reduction in supply on the secondary market. 90% of the above profits will be used for repurchase and burnout, while the remaining 10% will be used for ongoing and necessary expenses related
