Africa’s leading cryptocurrency marketplace, Bitfxt has announced the listing of its utility token BitDeFi (BFi) on CoinMarketCap. This represents a huge milestone achievement for the platform following the launch of the DeFi token less than a month ago. BFi, a governance token is built on the ethereum blockchain and provides visible utility and real-time use cases for the blockchain ecosystem.
Apart from being listed on CoinmarketCap, the BFi token is also listed on other aggregators such as Moonstats, Coinpaprika, Coingecko, CMC.io, Blockspot, CoinAbitragebot among others. The utility token is also available on Bilaxy, Bitfxt and Uniswap with an ALTH of $25.
What makes BFi unique?
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.
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.
Coin burning is a 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.
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.
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.
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.
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.
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.
Some solutions that BFi brings
- Centralised governance
- Community inclusion
- Liquidity pools
- Lending protocols
Pillars of Bitfxt:
Boundlesspay is essentially a Decentralized Finance (DeFi) system that allows you to make swift, secure, convenient, and affordable transactions globally without limitations.
The transactions stem from making payments for utility services, micro-savings opportunities, subscribing to educational packages, and lots more.
The BitSwap is basically an easy swap feature included in the Bitfxt package. Here you can easily swap your currencies without hassle for a slightly higher rate than can be found on the Trade platform. It is mostly used by newbies who have no knowledge of trading. BFi is listed on BitSwap with ETH, NGN and BTC pairs.
BoundlessReps (B-Reps) are a group of exceptional individuals who represent Bitfxt and promote blockchain products of the company. B-Reps will earn $200 to $1000 monthly in commissions.
The B-Dev is a blockchain developer community that is focused on building decentralized blockchain use cases leveraging on our Boundlesschain and Ethereum solidity.
BoundlessChain or B-Chain is the ecosystem where the B-Devs operate. Developers and Programmers from around the world can create and build products on the BoundlessChain Blockchain.