On September 4, 2021, BurningMoon held its first live token Buyback and Burn Event. The event created wide interest from investors, and it also gave rise to positive market response. More than $100 000 were bought back from the market and burned during the first Buyback event. In a statement by the lead developer of BurningMoon, Rainhard, they plan to Buyback and burn tokens regularly every week.
Rainhard said, "We are aiming for the fastest rising price floor of any token." He further explained that after the successful launch of BurningMoon on September 28, more than 25% of the token supply would have been burned. If this becomes successful, it will be more than Safemoon has burned in its entire existence. Rainhard further revealed that everything about BurningMoon is designed to ensure that the token supply is burned quickly. By doing this, the team increases the scarcity of the token and, in turn, more value for investors.
This will be achieved through the regular token Buyback and Burn Events, in addition to other functionalities implemented into the project's smart contract. Some of the features include the possibility for any holder to sacrifice tokens to increase rewards permanently or acquire Lottery tickets. BurningMoon has also confirmed its new partnership with Pocket Doge. Pocket Doge will serve as the promotion token, while BurningMoon itself will be used as an Earn Token at Pocket Doge. As BurningMoon and Pocket Doge look forward to a fruitful partnership, they both aim to build a rewarding and secure environment for investors. They are also seeking to develop NFTs and a gaming and gambling-based ecosystem.
BurningMoon's smart contract has been fully audited by Solid Group. Its elaborate code has been thoroughly optimized, tested, and audited before it was released. The team did this to ensure the project is well secured for investors while also maximizing their returns. Some of the innovative features were successfully tested in live conditions. A good example is BurningMoon's innovative fair-launch system with its decreasing tax system, which was integrated into BabyDot for the first time.
The BurningMoon Token
BurningMoon token is a hyper-deflationary reward token designed with several use cases. The token also has a unique tokenomics designed to sustain the entire ecosystem. With these unique features, BurningMoon is completely different from most of the current tokens available in the crypto space. The BurningMoon project was completed after three months of extensive research and development and a full pre-launch audit.
According to the BurningMoon whitepaper, the token is built to ensure its long-term success and security. One of the project's test tokens known as "EarnADA" gave rise to the "Earn coin" wave due to the uncountable number of forks and copies. The project's next token, called "BabyDot", introduced an entirely new type of fair launch that offers high liquidity and security against crypto Whales, Bots, Snipers, and Dumps as the case may be.
There are approximately 1,000,000,000 tokens in total supply, and BurningMoon rewards are generated via taxed transactions. These rewards do not need a specified minimum amount of BurningMoon tokens, and they are automatically staked, and can be claimed at any time. The rewards are claimed in BNB or any other token available on the Binance Smart Chain (BSC). Furthermore, holders can compound their rewards and then use them to buy BurningMoon tokens tax-free.
Holders of the Promotional Token enjoy additional benefits such as 3% tax reduction on all "sells" and "buys." The rewards are generated using a variable tax structure designed to accommodate different market conditions. The taxes can not exceed 25%, and the limit is encoded into the smart contract. You can access certain functions like claiming, compounding, acquiring, gaining access to lottery tickets, and sacrificing tokens directly via BurningMoon's decentralized application (DApp). The DApp interacts directly with the smart contract.