We are happy to announce a new collaboration with a revolutionary project in the crypto burning field, namely with BurnifyApp, powered by Buidly, ONE Dex, and EGLD.info! ARC Stake will promote this valuable project and integrate it into its future products that will be announced soon, in full agreement with its primary mission, that of supporting projects with a positive impact on the MultiversX ecosystem.
The purpose of burning crypto
Burning crypto refers to a deflationary process that permanently removes cryptocurrency tokens from circulation. This is done to decrease the total supply of a digital asset as an attempt to boost demand and increase market value. It typically involves sending the coins or tokens to a wallet with no known private keys. This wallet can only receive assets, thus effectively making them inaccessible.
Why BurnifyApp
BurnifyApp is a special application, designed for burning tokens on MultiversX, which offers rewards for participation, improves the value of processed tokens, stimulates the growth of projects in the ecosystem and promotes price stability. Currently, the application supports the following tokens: $ONE, $MEX, $BSK, $JEX, $RARE, $ESTAR, $XLH, $KRO, $CTP, $HYPE, $AERO, $XBONK, $CPA, and $BFY. Rewards for participating in the burn process are assigned in the $BFY and $EGLD tokens.
The $BFY token
There is a fixed supply of 5,010,000 $BFY. The $BFY token belongs 100% to the community and does not imply private sale, team allocation, marketing allocation, or treasury allocation. It is 100% minted through the process of burning.
The burning cycles
The token burning process takes place in cycles of 24 hours. The first cycle begins with the distribution of 10,000 $BFY, an amount that decreases daily by 0.2%:
1st day: 10 000 $BFY
2nd day: 9 980 $BFY
…
365th day: 5 000 $BFY
…
~22630th day: 0 $BFY
In order to get $BFY, you need to send at least 1 batch into the Smart Contract in a cycle.
1 batch = 0.3 $EGLD in total
1 batch = 0.15 $EGLD + 0.15 $EGLD in $MEX/$ONE/etc. … (similar to adding liquidity on a DEX)
When the cycle ends, the Smart Contract distributes the $BFY allocated for that cycle proportionally with the number of batches a user sends.
Every cycle, all $EGLD goes into a pool and is distributed at the end of the cycle as follows: 90% goes proportionally to all cycle participants (anyone who burned at least 1 batch) and to all $BFY stakers; 10% goes to the team for administrative costs (3% team, 1% marketing, 1% design, 1% hosting, 1% new features development, 1% operations and administration, 1% partnerships, 1% reserve fund).
Staking $BFY
Unclaimed and staked $BFY tokens generate passive income in $EGLD based on the share of the reward pool entitled to each user. Unclaimed $BFY tokens are automatically staked within the protocol, so the process of claim-stake is redundant. Claimed or unstaked $BFY tokens need to be staked back into the protocol in order to be able to receive rewards.
In order to avoid flashloans, after staking $BFY, the user won’t be able to withdraw $BFY tokens for the current cycle and the next cycle, but they will generate rewards.
Metrics of BurnifyApp usage so far
We present a synthesis of the first 8 burning cycles, as well as the analysis of the situation on supported tokens:
Here you can see the token burning transaction which took place at the end of the second cycle, excluding $MEX, that was sent to the erd1deaddeaddeaddeaddeaddeaddeaddeaddeaddeaddeaddeaddeaqtv0gag address:
Why use BurnifyApp
- Earn rewards
- Enhance token value
- Foster ecosystem growth
- Support price stability
- Incentivize engagement
- Promote sustainable growth
- Achieve compound earnings
- Earn $BFY.
Roadmap
On the BurnifyApp roadmap, there are options designed to give the $BFY token utility outside the protocol as well. The features considered are: boost options for other projects, DAO governance, NFT burning and the diversification of the ways to earn with $BFY (by burning $BFY, BurnBonding Pool on QuantumX, farm on ONE Dex, etc.).
Team
The team of BurnifyApp is composed of professionals from the following projects buit on MultiversX:
- Buidly: https://twitter.com/buidly_
- ONE Dex: https://twitter.com/OneDex_X
- EGLD.info: https://twitter.com/EgldInfo.
The official BurnifyApp links:
Litepaper: http://litepaper.burnify.app
dApp: https://burnify.app
DAO: https://peerme.io/peerings/burnify
Twitter: https://twitter.com/BurnifyApp
