Social payments app for cash and cryptos, Bundle Africa has introduced a digital native token called the “BXD“.
According to the company, the new token will allow users (Bundlers) to participate actively in making important decisions on the platform.
It added that it will provide incentives for users to continue growing the platform as a community.
Bundle currently has over 25,000 users
How BXD was Created
Explaining the tech behind the token, Bundle says the token is built on the Binance Smart Chain. Like Bitcoin, the token has a deflationary supply with a capped amount of BXD that will always be in existence pegged at Ƀ2.1 Billion.
The total supply of BXD that will ever exist is Ƀ2.1 Billion.
At launch, the company says 2,500 BXD will be released to the community treasury every 10 minutes.
Similar to Bitcoin’s halving, the number of tokens that will be released will be reduced by 50% every four years from the public sale.
Binance says this is a deflationary process to maintain the token’s supply. It also added that there will be periodical burns of BXD until a lifetime amount of less than 1 Billion BXD in circulation is achieved.
Uses of BXD
During the launch of the BXD, the company highlighted some uses cases for the new token.
The first is Fees Rebates and Trading Discounts. According to Binance, users will get up to 50% rebates on service fees when they pay with BXD on its platform.
BXD, is Bundle’s native token
The second is as a Governance token. Although this is a bit ambiguous, the general illustration is that BXD will empower holders with the ability to make decisions and will influence the direction of the plartform.
The final use case of BXD that was mentioned is as a DeFi (decentralized finance) utility token. This means users will be able to stake, lend and provide liquidity to DeFi pools supported on Bundle via BXD.
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