In this article, im going to talk about BAGS token. But first, lets do a recap what DEFLATIONARY Token is?
In cryptocurrency, INFLATION is one of the few factors of price volatility. It is not unusual since blockchain networks needs to generate new tokens to reward mining and staking nodes.
Any cryptocurrency may lose its value if the supply is greater than the demand. Hence, many platfoms are destroying a certain amount of tokens in order to reduce the circulating supply. It is called BURNING.
Some new cryptocurrencies take token burning into a next level. These are called DEFLATIONARY TOKENS.
Deflationary tokens burn a portion of the total amount of transaction every wallet to wallet or decentralized exchange tranfer. Due to the tokens decreasing over time, this creates scarcity, which is created when demand exceeds total supply. This causes the value to increase.
So, now to the main topic.
WHAT IS BAGS?
BAGS is a platform developed by small but dedicated international team with a shared passion for blockchain technology. Since its launched on June 2019, BAGS already have a decent amount of active and supportive community and continuesly growing.
Ok, so HOW GOOD IS BAGS?
BAGS has the best way to solve the most common crypto enthusiast's problem, holding an unwanted or low-value tokens from inactive or abandoned projects.
Many projects were able to gain profit during the ICO madness on 2017 bullrun. Then lost their token value in the bear market and came to a halt. People were left holding tokens in vain. Most of them are forced to sell at a huge loss.
BAGS aims to upcycle your unwanted token to more valuable token. You dont need to sell them, they only need $0.01 value of tokens from you and they will send you BAGS Tokens.. All you have to do is join BAGS Token Community.
But WHAT IS BAGS TOKEN?
BAGS Token is a deflationary token with a yearly burn rate halving.
1st year - 2%
2nd year - 1%
3rd year -0.5%
4th year - 0.25% and will sray fixed at 0.25% forever.
This deflationary system is designed to follow the token growth curve, benefitting small holders and small transactions who are protected from excessive deflationary fees. Another good thing is, If you send 10 tokens or less to an exchange or to another user, there will be no token burn.
LAUNCH SUPPLY: 1,000,000 tokens
CURRENT SUPPLY: 972,683 tokens
CURRENT TRANSACTION BURN: 2%
Every transaction sent throughout the Ethereum Network (wallet-to-wallet/dex trade) BAGS will incinerate 2% of the tokens.
With recent partnership with parjar, BAGS gain more traction and awareness to its value.
DISCLAIMER: Im not a financial or investment advisor. Everything written in this article is based on my own opinion and for informational purposes only.Please do your own research.. Join the Community!
More activities and events like BAGS BAZAAR, BAGS TV and more bounties.
Telegram group: https://t.me/bagstoken