DefiBids Milestone - Two Million BID Tokens Burned (And Two Million BID Tokens Rewarded to Stakers)

DefiBids Milestone - Two Million BID Tokens Burned (And Two Million BID Tokens Rewarded to Stakers)

By ShillzAndThrillz | Bid-Blog | 29 Dec 2020


This week an important milestone came and went for DefiBids (the decentralized crypto auction house), and in particular for BID token holders.  After just four months the two million BID tokens burned (forever) milestone was reached.  Or at time of posting it's actually 2,067,046 BID tokens burned - which represents 4.13% of the genesis mint of fifty million.  

For those who don't know the BID token is what's known as a deflationary token, which means that with every trade or transfer made with BID tokens a "tax" is removed from the amount and burned, permanently reducing the supply.  Sometimes referred to as a "weak hands tax", being as those who continue to hold strong (HODL!) tend to be the beneficiaries.  BID token certainly isn't the first cryptocurrency to make use of this deflationary mechanism, with others such as $BOMB (the first as I recall) having been around since 2019, I personally refer to tokens such as BID as deflationary 2.0. - due to the fact that the majority of the earliest deflationary tokens served no real purpose and/or offered no real benefit, other than to reduce in supply over time.  They had no use-case.  Whereas tokens such as BID offer this same mechanism, plus more tangible benefits in addition...


What do I mean by more tangible benefits?  Well, each transaction in BID tokens comes with a 2% tax.  With 1% being burned, and the other 1% being awarded to stakers.  So in addition to over two million BID tokens having been burned over the course of the last four months, another two million BID tokens has also been divided up and shared out among stakers via the BID staking pool... 


And the keen-eyed among you will notice that there was even a few thousand more burned/rewarded in the ten minutes or so inbetween me taking the two screenshots above.  :D

While also highlighted is one of the other main benefits of staking BID tokens - ETH rewards to the staking pool.  ETH rewards went live with the launch of the platform, less than a week ago at time of writing.  With 15% of all ETH spent on purchasing credits (needed to place bids on auctions on the platform) also being added to the staking rewards pool.  And paid out daily.  

Meaning that not only is BID token deflationary (supply reduces with every transaction), stakers also, daily, earn both BID tokens, and ETH.  The amounts vary in relation to both transactions, and on-platform activity.  But for a less than a week old platform, so-far-so-good.  And should the DefiBids platform go on to be the big success all token holders naturally hope it will be, those daily rewards could become very juicy indeed...


Fancy trying your luck and/or testing your skill at some lowest-unique bid crypto auctions, where packages of popular tokens such as ETH, UNI, BNB, and LINK could be yours for the taking?  SIGN UP HERE.  



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