Rewards Token (REWARDS) Goes Live on Binance Smart Chain’s PancakeSwap, Incentivizes HODLing by Rewarding USDT
Rewards Token, a yield farming, and liquidity mining protocol has launched on the top Binance Smart Chain (BSC) decentralized exchange PancakeSwap. The project is a platform where users HODL to earn passive income in USDT and REWARDS—its native token.
The DeFi Tide
In the wake of DeFi, projects across the board are innovatively coming up with exciting, differentiated products to draw more users.
A big part of this revolution is creating passive income-generating protocols riding on the trustless operations of client-facing, transparent blockchains like the BSC.
As of late July 2021, different DeFi protocols in Ethereum and BSC managed over $72 billion of assets.
This figure expands and contracts, depending among many factors, the respective prices of ETH and BNB–directly impacted by supply and demand dynamics.
On the other hand, individual DeFi token prices depend on user demand. It is why upcoming but ambitious projects strive to release unique solutions distinguishing themselves from existing solutions.
The Rewards Token, for example, is deflationary.
As such, over time, the total supply of REWARDS will drop, propping prices and increasing the protocol’s overall valuation.
To encourage HODLing, the platform will be redistributing USDT—the world’s most adopted and liquid stablecoin—and REWARDS tokens to holders.
This redistribution is from the 12 percent tax imposed on each buy transfer.
A sell transfer, on the other hand, will attract a 15 percent tax.
This taxation model has been added in their audited smart contracts and will be a core part of the protocol’s philosophy..
The team will, for example, redistribute eight percent of all buy and sell transactions to REWARDS holders in USDT.
At the same time, four percent of every sell and buy transaction is added to boost the REWARDS token liquidity in various supported pools.
Meanwhile, for every sale, two percent of the transaction will be redistributed to holders in REWARDS.
Token Burning—Following Binance and Tron
These efforts directly draw demand for REWARDS tokens to supplement burning, which removes more tokens from supply. One percent of every sale transaction will see its equivalence in REWARDS burned.
Already, the REWARDS team has burnt 20 percent of the total supply of one quadrillion tokens.
Burning has been effectively used as a suitable strategy by some leading protocols such as Binance and Tron.
Binance has committed to halving their total supply to 100 million, progressively, in the years to launch.
Consequently, they have destroyed billions worth of BNB, increasing the token’s scarcity and indirectly lifting its valuation due to rising demand.
BNB is now the third most valuable crypto project only after Bitcoin and Ethereum.
It is the same strategy that Rewards Token has adopted, only that REWARDS holders would benefit from two fronts: Capital gains due to price appreciation and more USDT by rewarding HODLing.
Rewards Token Continues to Build ahead of Presale
In addition, the team is geared towards building and continuously enhancing their platform—more so, the interface.
Ahead of their highly anticipated presale, Rewards Token plans to launch a portal like PooCoin.
Herein, holders would easily monitor the performance of the token in the market and other critical metrics.
The platform will be complete with charts, adverts, swaps, and other necessary tools beneficial for its ecosystem. This portal will supplement their IDO launching platform for meme coins they plan to release in the days ahead.
Focus on Marketing
Besides, Rewards Token has allocated a big budget to marketing.
This is crucial in developing a vibrant community and ensuring a high conversion rate, especially among adopting followers.
Supporting the project includes superstars like Soulja Boy—a U.S.-based rapper, Armani Izadi, Dan Folger, and more.
This outreach campaign will begin gathering steam in the second phase of the multi-stage Rewards Token rollout.
Rewards Token recently finished their successful presale and has already launched on leading Binance Smart Chain DEX, PancakeSwap. Post the completion of its presale, the platform got listed on CoinMarketCap (CMC) and Coingecko.
Interested individuals can check out the Rewards Checker app here.
Contract Address – 0x7B5B3BC6890c1dE78FeDE739C1b02D2e51B1b58c