What Makes BFi Unique?
Bitcoin is the world’s first decentralized digital currency. Its value primarily comes from it being the first digital currency that no single person, organization or authority has control over. Anyone can buy it, anyone can receive it — and nobody can tell anyone what they can or cannot do with it. This is the uniqueness of Bitcoin.
What about BitDEFI (BFi)?
BitDEFI means Bitfxt Decentralised Finance token. BFi is a deflationary ERC 20 governance token issued by Bitfxt on the Ethereum Network. BFi is Bitfxt’s community token and is the major token powering all the products of bitfxt. The following are six (6) things that set BFi apart from other crypto tokens on the Blockchain.
What makes BFi Unique?
- It is deflationary
When it comes to crypto, deflation is all that matters. In the crypto space, people are encouraged to #hodl — the longer you hodl your coin, the higher the coin’s value will gain. This is what makes BFi a good store of value.
Take Bitcoin for example, the mechanism behind the coin is that it goes through halving every 210,000 blocks, about 4 years on average. In general, historical data shows that Bitcoin prices tend to jump around halving times. According to the Law of Demand, even if the demand for Bitcoin doesn’t increase (which is impossible, in Bitcoin’s case), the price will inevitably go up as the supply continues to decrease.
Apart from halving, coin burning is another unique concept to the crypto market and a popular strategy for projects down the road. BFi, which is issued by Bitfxt Technology and adopted by Bitfxt as its utility token, adopts a periodic coin burning mechanism “BFi Buy-back and Burn Mechanism” to add value for its holders. Coin burning is designed to reduce the total supply in circulation, as the coin is intentionally destroyed by sending it to a black hole address. Not only does it stabilize the valuation of the token, but the scarcity created also increases traders’ demand for the coin when there is a less amount of it available to satisfy everyone’s needs. 50% of unissued BFi will be burned on any on chain transaction above 10 BFi.
2. Has a low and limited supply
BFi has a Total Supply of just 200,000 BFi. During Pre-Sale 10,000 BFi @ $20/BFi was issued with a Circulating Supply of 20,000 BFi. With these figures, it is worth saying that the price of BFi will never go down completely due to the low and very limited supply of only 20,000 BFi for the next 5 years.
3. High yield liquidity farming
By Farming any DeFi token, you add liquidity to the BitSwap system and become eligible to be rewarded from BFi reward pool as well as APY of the chosen contract.
4. A fee earning structure also known as Transaction Mining
Share from the transaction fees generated on every successful swap of your farmed token paid to you every 24 hours.
5. It is a decentralized governance token
This feature allows BFi token holders to vote on changes pertaining to the fee rates, token burn, staking rewards and general decision making on products in the ecosystem. Basically, holding BFi makes you a shareholder of the company.
6. Rewards holders on a monthly basis
Every month, Bitfxt will take a snapshot of all holders of BitDEFI and smartdrop up to 7 DeFi tokens into their wallets as a reward for holding BFi.
- Hold up to 5 BFi — Get rewarded with 1 DEFi token monthly
- Hold up to 10 BFi — Get rewarded with 2 DEFi tokens monthly
- Hold up to 20 BFi — Get rewarded with 3 DEFi tokens monthly
- Hold up to 50 BFi — Get rewarded with 5 DEFi tokens monthly
- Hold up to 100 BFi — Get rewarded with 7 DEFi tokens monthly
Obviously, Bitfxt’s utility token; BFi has unique features that are both beneficial and rewarding to her holders. BFi has automatically brought solutions to four (4) known issues on the blockchain. They are;
Some solutions that BFi solves
- Centralised governance
- Community inclusion
- Liquidity pools
- Lending protocols
To the moon!!!.
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