BurnifyApp: Empowering Token Holders with Fairness and Rewards

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Projects are allowed to BURN tokens! (some) Lower supply = higher pamp when liq comes. BUT What if, token holders can BURN as well? Let's break down @BurnifyApp 🧵 ↓ RT is much appreciated! #EGLD #MultiversX @pulsarmoney send 1000000 MEX to 200 reactions

@BurnifyApp is all about fairness! No privileged access for the team. No private sale, marketing allocation, team allocation, or treasury allocation of Tokens So, @BurnifyApp lets you burn tokens while earning their protocol token + #EGLD.

🔴 Tokenomics They've got a fixed supply of 5,010,000 $BFY tokens, and they're 100% owned by the community. No additional tokens will ever be created! Why the $BFY token? Burning! $BFY is the "proof of burn" token, tied to the burning process.

🔴 Burning Process Burning happens in cycles, each lasting ~24 hours. Starting with 10,000 $BFY on day one and decreasing by 0.2% each cycle. All you need to do is send at least 1 batch into the Smart Contract and receive staked $BFY tokens at the end of the day + #EGLD.

🔴 Rewards The more you burn, the more you earn! At the end of each cycle, you'll receive staked $BFY tokens, proportionally based on the number of batches you've sent + #EGLD. You can send up to 10,000 batches.

🔴 Cycle Distribution They list tokens like $MEX, $ONE, $JEX, and more, then at the end of each cycle, they burn all tokens except $EGLD. That means those tokens go up in smoke, creating a leaner and stronger ecosystem!

🔴 Boost Option Projects listed in @BurnifyApp can boost #EGLD rewards for users sending batches with their tokens. It's a win-win for the project and the participants. p.s This feature will be live soon after launch

🔴 DAO Governance They're building a DAO after the main features go live. And your voice matters! You can vote on token listings, protocol enhancements, and more. You'll be able to shape the Burnify ecosystem.

🔴 NFTs Burning Burning isn't just about tokens. In the works, it's a mechanism to enable projects to burn NFTs too. Find the perfect balance between tokens and NFTs, creating value and generating rewards.

🔴 $BFY Utility - Earn #EGLD by staking $BFY Tokens. - Collaborating with other projects to unlock exciting perks for $BFY holders.

- Exclusive benefits within partner ecosystems. - Holding $BFY means being part of a vibrant community and part of the protocol.

🔴 Claim Rewards When a cycle ends, your $BFY tokens are automatically staked in the protocol. Claiming them stops the generation of protocol fees ($EGLD) for that cycle. Stake them again to start earning $EGLD.

🔴 Claim Protocol Fees You can withdraw your protocol fees ($EGLD) anytime you want. Your hard-earned rewards are yours to enjoy whenever you choose.

🔴 Staking $BFY Unclaimed and staked $BFY tokens generate passive income in $EGLD. Your share of the reward pool keeps decreasing if you only participate in Day 1. Stake back your claimed or unstaked $BFY to continue earning rewards.

🔴 Roadmap They have interesting plans for the future, among which these sparked my interest: - Boost options - DAO governance - NFT burning - Collaborations

🔴 Team Behind @BurnifyApp we got @OneDex_X, @buidly_, and @EgldInfo, which have been around in this ecosystem for a long time. I believe they are amazing devs and will deliver a great app, plus if users won't be satisfied, they will for sure adapt to the feedback!

Conclusion As for the protocol at this stage, I thought of it a bit annoying that I have to send #EGLD along with tokens for burning, but hey, if I am going to get back 90% of #EGLD + future #EGLD from burners, I am satisfied.

I'll give it a few shots and see how it will go along the way. I would love to see lots of initiatives and incentives from Token projects to use @BurnifyApp, like rewarding community members who burn tokens.

Another thing I like is the fact that, if a single user sends 1 batch in a day, they will receive all the $BFY tokens emitted for that cycle and #EGLD share according to their share % of $BFY Staked.

So, no matter when you enter the protocol, you will get #EGLD rewards according to your % of $BFY staked. The more you stake, the more you earn.

If you want more information about tokenomics and how rewards are distributed, @OvidiuArion did an awesome job. Please check it out here: twitter.com/OvidiuArion/status/1661721807261401088?s=20

That's a wrap, guys! *The info on this thread should NOT be considered financial advice, please go and check the out for yourself and decide if it's a protocol you might be interested in, or not! *This thread was sponsored by @BurnifyApp

You can read the unrolled version of this thread here: typefully.com/AndreiMX_/W4yQiWG