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Bingus is a community-driven crypto project that donates 1% of all transactions to charity, especially related to Animal Shelters.
The Bingus Network is a cryptocurrency project launched as an animal charity/meme token on the Binance Smart Chain (BSC). It provides a cryptocurrency investment that benefits animals with each transaction. The Bingus Token is a deflationary meme token that donates 1% of all transactions to charity. The initial contract was created by a programmer with a hobby. It was meant to be a meme token.
What are Deflationary Tokens?
Cryptocurrency deflation refers to a situation where the intrinsic value of a cryptocurrency increases over time due to a decrease or constant supply. Deflationary cryptocurrencies like Bingus Token have a different strategy, as they aim to reduce the token supply.
By reducing the number of new coins, the value of the coins is expected to at least stabilize despite continuous demand. Moreover, the process is intended to gradually reduce the number of tokens while maintaining practical utility. The process is to also reduce them without creating imbalance or causing market uncertainty.
Deflationary tokens don’t have a fixed deflation rate in their protocol, unlike their inflationary counterparts. Instead, the protocol outlines the conditions under which tokens are removed from circulation, usually through the burning process.
Moreover, this mechanism decreases the supply over time. However, the rate of decrease is not set for a specific period and varies based on network activity. For example, a token with a 2% deflation rate will reduce its total supply by 2% annually. A deflationary token may have a fixed or variable supply cap that limits the number of tokens. It is said to create a scarcity in the market, meaning that the value of tokens will rise.
A Fatal Flaw in Bingus and How It Was Solved
Despite quickly gaining a small following, it was discovered that the contract had a fatal flaw. The flaw was that new tokens could be minted at will. The ability to mint tokens in a contract is incredibly dangerous for a token’s longevity. That is because it meant that the contract creator could generate new tokens out of thin air. This will result in rendering everyone’s holdings worthless.
The Rediscovery of the Mint Function
When the mint function was discovered, even though never used nor intended, it was deemed too unsafe, and all holders were advised to sell. A few of the first investors held on to their token holdings so others could exit. They could also recoup some or all of their initial investment.
However, these individuals decided to start again and launched Bingus 2.0.
Nowadays, the term Bingus has multiple meanings. It is still, of course, the pictured cat. In addition, it is also used to refer to the token itself and is a collective for the wider project. Moreover, it is an idea that animal lovers around the world can hold a meaningful investment that benefits animal charities and shelters.
Since March 2021, the Bingus project has grown with the help of a friendly and dynamic community. Moreover, it has become a global network with followers from all around the world. We are all united by two things: our love of animals and our love of crypto.
The Launch of Bingus 2.0
Bingus 2.0 gained significant popularity and market value, reaching a peak of $24 million. The project attracted attention from online influencers and celebrities who recognized its potential.
Furthermore, as the project evolved and more people joined the team and community, it became apparent that much more could be done to help animals worldwide. As a result, the concept and goals of Bingus changed, and the existing contract was no longer sufficient to meet the project’s expanding needs.
Therefore, it had to migrate to a new contract, a decision that was not taken lightly. Despite the additional effort and confusion it may have caused among thousands of holders, many positive reasons for the migration were detailed in the whitepaper.
Bingus Tokenomics
As it is well known, Bingus is a community project that is driven towards the objective of providing for animals. After the launch of its Network, it offered an opportunity for Bingus 2.0 holders to claim the new token based on their previous holdings.
Out of the total BINGUS supply of 100,000,000 tokens, 74.0% is made available for the Bingus 2.0 holders to claim, while 20.7% is held in reserve for any disputes. In addition, 3.1% is paired with the BNB removed at a snapshot in Apeswap Liquidity The remaining 2.1% is held by the project for promotions, competitions, CEX/DEX listings, etc.
According to the whitepare of the, any unclaimed allocation or unused disputes will be returned to the project, and the community will decide on how to use them (burn, staking, CEX, DEX, etc.).
The new variant reached a peak market cap of $24 million, but the infamous month of May 2021 caused a decline in interest in small-cap cryptocurrencies. It led to a decrease in price and highlighted issues with the existing smart contract around liquidity and raising capital for charity and marketing. However, as the crypto market grows, investors are becoming interested in ‘cause’-driven tokens like this. It helps not only the investors make gains but also the crypto project to execute its mission.
Summary
After correcting the flaws in the first version of the token, the foundation of Bingus 2.0 resulted in a strong community that came together to support the cause. Moreover, during the summer of crypto, the core team took decisive action and redesigned the future of this community. They concluded that the existing contract could no longer take them where they wanted. As a result, Bingus 2.0 migrated to a new smart contract, and the project was formally rebranded as the “Bingus Network.” This new name reflects the project’s core values and utility platform for animal shelters and rescues while keeping the origins and meme stance alive. The “Network” part of the name draws attention to the project’s global community.
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading in stocks, cryptos, or other related indexes comes with a risk of monetary loss.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
