What is Dogebonk?
Dogebonk (DOBO) is a decentralized finance (DeFi) project that is community-oriented and built on the Binance Smart Chain (BSC) network. As a blockchain network designed to run smart contract-based applications, Binance Smart Chain offers a perfect platform for DOBO to operate. DOBO is unique as it combines memes with utility. Meme tokens are cryptocurrencies inspired by memes or jokes on the internet.
According to the whitepaper, DOBO is a memetic concept of deriving value in the form of a $DOBO token, which is the native token of the platform. The project is completely community-driven, with all token holders being rewarded for memeing their tokens into the collective consciousness.
The DOBO platform offers a collection of memes created by community members on its website. The platform also allows for simple JPEG edits of already-existing memes. Members are continuously engaged in designing new memes on the platform and marketing the project.
DOBO is an automatic liquidity-providing protocol that offers static rewards to token holders. The concept of static rewards aims to solve the problems associated with mining rewards, where early adopters generally have more tokens than new traders. They only tend to earn the staking rewards because of more tokens.
DOBO employs two simple functions to pay rewards to users: reflection and liquidity pool acquisition. The reflection feature encourages users to hold the tokens to earn high rewards based on the total number of tokens owned.
On the other hand, liquidity pool acquisition is the feature that offers long-term stability on the platform. This is done by charging an amount as tax for trading tokens. For each transaction on the platform, the smart contract charges a 10% fee. The fee acts as a resistance mechanism and secures the volume of native tokens as a reward for the holders.
The liquidity pools at DOBO are permanently locked and are not available for the developers. This was done by sending all LP tokens to the burn address. The pool only remains intact to provide liquidity on the platform. Moreover, the team renounced ownership of the contract to prevent manipulation of the tax fees on the DOBO platform.
DOBO is a deflationary token with a maximum supply of tokens. The team intentionally participates in activities that reduce the token's supply. The most common way to do that is by coin burning. Cryptocurrency burning is when a fraction of tokens are sent to a wallet with no private key. This means the tokens are lost forever. Tokens are usually burned to reduce availability and increase the token's market value.
After an initial burning of 30% of the tokens, the current burn wallet at DOBO is still burning small amounts of DOBO tokens. This mechanism gradually increases the value of tokens held by the users.
To get DOBO tokens, users need to connect a BSC wallet and swap BNB tokens for DOBO. Traders can also get DOBO tokens by connecting their Trust wallet or MetaMask wallet.
Solidity Finance audited DOBO's smart contracts on November 8, 2021.
In conclusion, DOBO is a community-oriented DeFi project that offers a unique combination of memes and utility. DOBO employs a static reward system that offers long-term stability on the platform, and its deflationary token model helps increase the token's market value. As a project built on Binance Smart Chain, DOBO offers users fast and secure transactions.
The investment information, comments, and recommendations provided here do not fall under the scope of investment consulting. Therefore, making an investment decision based solely on the information and comments provided here may not yield results that meet your expectations.
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