we hosted an amazing AMA with BNBOOM on the 21st of August
And here we will put some of the best questions:
Q1. Can you please introduce yourself as well as BNBOOM ?
My name is JJ, I’m from Canada, I’ve been around crypto for a few years moreover on Binance trading. I was introduced to the BSC space with a very interesting project and soon became interested due to low fees and reduced congestion. I, like many others, encountered constant fraud across the network so myself and @dagashi83 launched BNBoom to provide a safe, effective reflection token with an innovative tokenomic structure.
We built BNBoom, due to the increasing market share of binance we believe it will be a great long-term hold (BNB). Also we reduced buy fees to incentivize buyers and our holders to increase holdings thus resulting in additional rewards. We also attempted to install as many safety-nets as possible for the community to ensure safety of their investment.
These are the tokenomics for BNBoom
8% Buy Tax
-3% BNB Rewards
-2% Manual Buyback/Burn Function
-2% Liquidity Pool
-1% Marketing
18.8% Sell Tax
-7.05% BNB Rewards
-4.7% Manual Buyback/Burn Function
-4.7% Liquidity Pool
-2.35% Marketing
Q2) What are the advantages of Your project ?
Mainly 2 things: 1) Our transparency with the community, there are no hidden wallets, we welcome questions both easy or hard and we pride ourselves on being open with our investors. 2) Of the 26.8 buy/sell tax combined only 3.35% goes to marketing, the rest goes back to our holders in the form of BNB reflections, liquidity added to the project to create a higher price floor and the manual buyback wallet
Q3) please tell us about the goal you want to achieve in this year
By the year’s end we would like to have built a strong ecosystem. I won’t predict a market cap as that is a very difficult thing to do however, we would like to have our NFT segment and Game segment online before the end of the year to create additional utility for our token.
Alongside that, we are building toward higher trading volumes to provide additional benefits for our holders and if I had to project, somewhere between 5-10m in total market cap
Q4) Every project has a story behind their name, Can you tell us more about the story
As mentioned before, I was in the BSC space and constantly looking for the next good project. My first entry had been very successful but subsequently there was a lot of let’s say “tragedy”. The space was unsafe and devs were frauding investors left and right. Myself and @dagashi83 were sick of it so we formed our token based on that as well as to provide a token for holders that would earn them a return as well as prevent them from being dumped/swing-traded/botted upon
And here we will put best questions from our members and BNBOOM fans:
Q1) Can you share some details about your seed investors? Also since we are secondary buyers how can you guarantee that they will not dump on us?
Great Question, two things, we don’t have any seed investors(NO presale/private sale) as this project was self-funded by myself and @dagashi83, for that we took an allocation of 4%(2% each) of the tokens which are timelocked and vesting over 8 days. We cannot guarantee that no one will sell, however, if they do you would
receive reflections in bnb as well as the buyback would continue to build up. We still have not used it from launch so should we need to, it can be used to offset any dumping. Also as you can see we hit an ATH yesterday and held on for quite some time, and now, a minimal 15% correction. Our holders are strong and we are not looking to build a 1 week coin, we are building steadily and organically.
On a side not, the rewards just paid out so there is a bit of a dip right now, nothing out of the ordinary.
Q2) One of the best features I have seen in your project is the unique Anti-Whale/Anti-Bot which allows good growth.. can you tell how it works? What is its unique point? and how do you make sure it will be effective in Anti-Whale / Anti-Bot?
Yes, so the anti-whale function is a max buy/hold feature, it’s currently set at 4% of the total supply, no one can exceed that amount to buy or hold. Regarding the anti-bot it
was put in place so that if a bot buys and tries to sell within an allotted amount of time they are taxed at a rate of 1.5x the usually sell rate so around 28.2% instead of the usual 18.8%.
Q3) Every day Many projects are launching and they promise growth but after some time they just vanish away!!
So How you will sustain yourself in this very competitive environment of cryptocurrency?
This is an issue that all of us see in the BSC space, generally speaking it comes from pumping and dumping. For us at BNBoom, we are trying to grow steadily and organically and build a sustainable model, not a pump and dump. In order to do that, our marketing funds are going to find organic investors such as yourselves rather than the usual swing traders. If you look at our chart, we are growing in just that way and our holders are always holding strong!
Another issue is the lack of utility in many tokens, having both high buy/sell tax will result in investors being hesitant to continue reinvesting into a project that they need to cover 50%+ in tax to make a profit, Our taxes being a smaller amount allows us to have our existing investors reinvest as well as incentivize new buyers due to the low buy tax.
On a last note, our goal to expand the ecosystem is one of the top priorities for this project. Having a reward token with no additional utility is not a long-term plan. NFT Market as well as our plan for an integrated game is what gives us hope for the long-term viability of this project
Q4) Are you working to AUDIT YOUR PROJECT to make it more secure and reliable?
We do not currently have an Audit in place but we have already inquired with Dessert Finance and Techrate for audits and they will be executed in accordance with the roadmap on our website, bnboom.club, this was one of the issues we faced due to funding the project ourselves. In the meantime, we do have safety nets in place, such as the team tokens are locked, liquidity is locked, and as you can see I have video doxxed.
Q5) How I can use $BNBOOM for in Bnboom’s Ecosystem? Is there any reward mechanism for holding $BNBOOM token? What are the benefits of holding it in the long term?
Sorry just to add, here are the links.
Liquidity Locked 6 months – https://team.finance/view-coin/0x97E19171E13325c6AA5ef436216A0458f65848f1?name=BNBOOM&symbol=BNBOOM
Team Tokens Locked- https://dxsale.app/app/v2_9/dxlockview?id=0&add=0xbE45b62C33db2B7777f7C344C5900bfbb99A0836&type=tokenlock&chain=BSC
Hi, great question again, you can purchase BNBoom using pancake swap and the tokenomics are listed below. The long-term benefits are that you would continue to earn 10% BNB reflections long after you cover your investment rather than earning a token that you may not want. We also will be continuing to add NFTs in the future and we have plans for a bustabit type game for our ecosystem to create additional utility.
TAXES8% Buy Tax
-3% BNB Rewards
-2% Manual Buyback/Burn Function
-2% Liquidity Pool
-1% Marketing
18.8% Sell Tax
-7.05% BNB Rewards
-4.7% Manual Buyback/Burn Function
-4.7% Liquidity Pool
-2.35% Marketing
Q6) While you build your project, do you take into account community feedbacks and demands?While you build your project, do you take into account community feedbacks and demands?
This is an important question, we are always making polls and determining the overall sentiment and wishes of our community. No one’s voice is silenced and everyone is free to voice their opinions. On certain matters, the team will make the final decision but only if the community is unsure or split on a decision. Just one example is yesterday we were planning to use the buyback but the community overwhelmingly voiced that they would prefer to wait, so we waited and still have our buyback to use now
Q7) In how many ways or what are the ways your project generate revenue? What is the revenue model? How it can be beneficial for both investors and for project itself?
This is a great question regarding the long-term viability of our token. At the current stage (initial) we are building up holders and volume to allow us to implement our true vision for the token. The NFT platform as well as the gaming platform will be our main sources of revenue in the future, not just the buying/selling of the reward token.
Q8) Is token burn important to increase token value and price? does your project have a repurchase system or may it catch fire and how does it work?
We have a 6.7% (buy/sell combined tax) buyback wallet that is used in cases where we feel we need a push or price correction. The manual buyback sits on a contract that is executed by the dev team. When executed the contract will purchase and then send all the tokens bought to the burn address thus propping up the price of the token.
Q9) Do you guys feel satisfied by seeing your progresses and achievements till now, when you look back to the day when you have started this project?
Absolutely we are pleased but not satisfied, we are going to keep growing! While we are a small community, this is a self-funded project with no private or pre-sale. Our goals are clear and transparent and we have the overwhelming support of our community. That alone gives us the motivation to work every day and continue building the BNBoom Ecosystem
Q10) Recently, most of the projects have pulled the carpet and got rid of the scams. Why should we trust your project while it’s still happening? How do you plan to spread awareness and action?
While there is no way of ensuring no rugpull up to the point of renouncing, our safety nets in place are instituted for the safety of the community. Myself and the other dev @dagashi83 have both been through multiple fraudulent projects and we built the contract in order to provide the maximum amount of security possible to our holders. If we reach a point where the community requests us to renounce we have no issues doing it but it does present other problems for long term sustainability.
Also as mentioned earlier, our liquidity is locked, our team tokens are locked and all our team wallets are multi-signature so no one member of the team is able to go rogue. We have additional security features such as a time-lock for the contract planned as well.
And this was the end of our AMA with BNBOOM.
If you have any other questions you can ask here:
ℹ️ℹ️ Useful links ℹ️ℹ️
Website :- https://bnboom.club/
Twitter :- https://twitter.com/bnboomclub