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NO! We are not related to any launchpad or private sale of any $BFY tokens.
The only way to generate $BFY is by participating to the protocol. Any $BFY that exists, is the "proof of burn" minted from the protocol. It can't come out of thin air.
In order to acquire $BFY tokens, you have to participate in at least one cycle of the Burnify protocol, by sending at least 1 batch.
The token is envisaged to be listed on DEXes later on and you would be able to buy it, but NOT generate it. You would buy someone else's proof of burn.
Burnify is a new gamified mechanism in the MultiversX ecosystem meant to allows users to actively participate in the token burning process and earn rewards through the $BFY token.
Burnify project's team members do not possess privilege access to the token distribution.
There are no private sales, marketing allocations, team allocations, or treasury allocations. This ensures a level playing field for all participants to get their hands on $BFY.
Tokenomics: 5,010,000 $BFY tokens. 100% would be minted through the process of burning.
The burning process is set to occur in cycles, with each cycle lasting approximatevly 24 hours.
In each cycle, a fixed quantity of $BFY tokens would be minted, starting from 10,000 tokens on the first day and decreasing by 0.2% each cycle.
Users may acquire $BFY tokens by sending at least 1 batch into the protocol during a cycle.
At the end of each cycle, the protocol is designed to distribute $BFY tokens allocated for that cycle to participants proportionally based on the number of batches they've sent.
The maximum number of batches allowed per user is 10,000.
At the end of every cycle, all $MEX/$ONE/$<other project's tokens> would be burned.
The $EGLD tokens sent by users during each cycle go into a pool and would be distributed as follows: 90% would go proportionally to all cycle participants and $BFY stakers 10% would go to the team for administrative costs and development.
After a cycle ends, the $BFY tokens assiged to a user are projected to be automatically staked in the protocol.
Users may choose to claim their $BFY tokens, but doing so would stop the generation of protocol fees ($EGLD).
To start earning $EGLD again, users would be required to stake their $BFY tokens. There would be no lock/unbonding period for claiming $BFY.
In order to avoid flashloans, after staking $BFY tokens into the protocol, please note that users they won't be available for withdraw for current and next cycles!
Participating in the token burning process would offer several benefits, including earning rewards in the form of $BFY tokens and $EGLD, providing a burning service, fostering ecosystem growth, supporting scarcity of your project tokens, incentivizing engagement, promoting sustainable growth and the potential for compounding earnings over time.
Yes, we have a lot of features to implement, but we have to discuss all of them thoroughly in order to not disturb the main mechanism. We'll update the Roadmap section constantly, please check them there.
Even if we consider this case as very unlikely, if there aren't at least 1 batch sent during a cycle, $BFY tokens would not be issued for that particular cycle.
It is essential to maintain $BFY tokens linked to the proof of burn concept. No burn, no tokens. That simple.
Burnify is not a Ponzi, not a MLM scheme. It does not rely on new participants in the Burnify ecosystem.
The protocol is designed to reward active participants based on their contributions to the burning mechanism. In time, the rewards diminish for users that do not participate. If the first participants do not contribute to the protocol, their rewards would decrease constantly and will end up under 1%. If in the 1st day a user may have 100% of "reward power", the next day that would decrease up to 50% and the 3rd day even lower, as there are new tokens minted into circulation and available for anyone.
MLMs involve a pyramid-shaped commission structure where participants earn rewards primarily by recruiting new members into the system. In contrast, Burnify focuses on token burning, staking and rewards users for their active participation in the protocol.
The rewards in Burnify are generated from tokens contributed by users and do not rely on new member's contributions or recruitment. It is seen as a sustainable ecosystem based on participation rather than a recruitment-based model.
Don't you wish to buy Bitcoin in 2009 or MultiversX/$EGLD (ex Elrond/ERD) on Binance's launchpad when it first launched? In the same time, there are cases where the price from the launchpad was higher than the price it had on a DEX/CEX. The market does what the market does. Regarding Burnify, a user joining on a later day, such as the 3rd day, may have the same "reward power" as a user who joined on the 1st day.
The distribution of rewards is conceived as proportional to the number of batches sent.