⁉️FAQ

1. Are you involved in the launchpad or sale of any $BFY tokens?

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.

2. What is Burnify?

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.

3. What fair launch means?

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.

4. How does the burning process work?

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.

5. How are $BFY tokens distributed in 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.

6. What happens to the $MEX/$ONE and $EGLD tokens?

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.

7. How can users claim their rewards?

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!

8. Why should I participate in the burning process?

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.

9. Are there any future plans?

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.

10. What if there are no batches sent in a cycle?

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.

11. It looks like an MLM or a Ponzi scheme.

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.

12. Will early participants have an advantage?

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.

You can check the examples from the lite paper for more details

If you have any other questions, please contact us here: https://t.me/Burnify

13. What is the BUFU NFT Collection?

The BUFU NFT Collection is an integral part of the BurnifyApp ecosystem. It serves as an additional reward mechanism where 50% of the Burnify protocol fee is allocated to BUFU NFT strength holders. Owning a BUFU NFT grants holders a share of these protocol fees based on the strength of their NFTs, providing an extra incentive for participation and support within the BurnifyApp community.

14. How does staking $BFY work?

Staking $BFY tokens involves locking them within the BurnifyApp protocol to earn rewards in the form of $EGLD. Unclaimed $BFY tokens are automatically staked, ensuring continuous reward generation. If users choose to claim their $BFY tokens, they must re-stake them to resume earning $EGLD rewards. There is no lock or unbonding period required for staking or re-staking $BFY tokens.

15. How secure is the BurnifyApp protocol?

BurnifyApp prioritizes the security of its users and the integrity of the protocol. All Smart Contracts are thoroughly tested and audited to identify and mitigate potential vulnerabilities. Additionally, the decentralized nature of the protocol, combined with transparent operations, ensures that all transactions and token distributions are secure and verifiable on the blockchain. Users are encouraged to follow best security practices, such as safeguarding their private keys and using reputable wallets.

16. What wallets are compatible with BurnifyApp?

BurnifyApp is compatible with a range of MultiversX-supported wallets that allow users to interact with Smart Contracts and manage their $BFY tokens. Users should ensure they are using a compatible wallet that supports token staking and DEX trading to fully participate in the BurnifyApp protocol. Detailed instructions and recommended wallets are available on the BurnifyApp website and documentation.

17. How does BurnifyApp handle token price fluctuations?

BurnifyApp incorporates a slippage mechanism to account for token price fluctuations during batch creation. Users can set a slippage percentage to determine the acceptable range of price movement. If the price of a token exceeds the set slippage during a transaction, the batch will fail to protect users from unfavorable price changes. Any excess tokens beyond the slippage tolerance will be returned to the user, ensuring fair and transparent transactions.

18. What support is available if I encounter issues?

BurnifyApp offers comprehensive support to assist users with any issues or questions they may encounter. Users can reach out to the BurnifyApp support team through the official Telegram channel https://t.me/Burnify or consult the detailed documentation available on the BurnifyApp website. The community-driven support system ensures that users receive timely and effective assistance.

19. Can I participate in multiple cycles simultaneously?

Yes, users can participate in multiple cycles by contributing batches in each cycle independently. However, each cycle operates on a 24-hour basis, and contributions are tracked per cycle. Users must ensure that their batches are sent within the designated cycle timeframe to be eligible for $BFY rewards and participation in that specific cycle.

20. How are administrative costs managed?

A portion of the $EGLD contributions, specifically 5%, is allocated to cover administrative costs. These costs include team expenses, marketing, design, hosting, new feature development, operations, partnerships, and reserve funds. This allocation ensures the continuous development and maintenance of the BurnifyApp platform, supporting its growth and sustainability.

If you have any further questions or need additional clarification, please refer to the relevant sections of the litepaper or contact the BurnifyApp team directly through https://t.me/Burnify.