Bonfiretoken (BONFIRE) is a community orientated, frictionless, yield generating contract based on the Binance Smart Chain. The project is based on an RFI tokenomic model that takes a 5% fee on every transaction that is proportionally redistributed to all holders of the Bonfire token, and another 5% fee that goes into the liquidity pool to provide additional security for token holders. What is Bonfiretoken (BONFIRE) | What is BONFIRE token
In this article, we'll discuss information about the Bonfiretoken project and BONFIRE token
Bonfire is a frictionless, yield-generating contract that allows the user to seek shelter amidst the uncertainty of the market. The protocol was launched on April 18th, 2021 through an OTC presale mechanism on Binance Smart Chain (referred to as BSC). The token contract employs a static reward system—10% of every transaction is split into two parts—one part is distributed to holders, while the other 5% is used to fuel the liquidity pool on the PancakeSwap decentralized exchange. The tokens are permanently locked in the LP, effectively reducing the available supply. The token was launched with the idea of creating a community token with a self generating income mechanism for its owner.
The static rewards system is a concept that was pioneered by reflect.finance and popularized by Safemoon. It is a great alternative to the usual high-APY liquidity farms out there because of its unusually sustainable approach. The reward amount is conditional upon the volume of the token in the marketplace, thus alleviating sell pressure put on the token by early investors. In addition to all aforementioned, the mechanism encourages token holders to hold on to their tokens in order to earn taxes from the transactions on the market, which is based upon the percentage specified in the contract and dependent on the total tokens held by the owner.
Network: Binance Smart Chain (BEP-20)
Contract address: 0x5e90253fbae4dab78aa351f4e6fed08a64ab5590 Decimals: 9
Total Supply: 1,000,000,000,000,000 BONFIRE
Burned Tokens: 372,000,000,000,000+ BONFIRE (37.3% at the time of writing)
5% Distributed to holders
5% Added to liquidity
Unlike other protocols on the market, the contract does not employ a manual burn wallet (meaning the developer does not control a significant portion of tokens that can negatively impact the marketplace) and our community takes great pride in our excellent token distribution:
Bonfire differs from the rest of the De-Fi crowd because it has a passionate team working full time to develop a fully-fledged ecosystem of applications surrounding the token. We aim to not only have a financially appealing cryptocurrency asset for short-term traders, but a suitable long term asset for serious long term investors. Bonfire is a yield-generating contract that rewards its holders.
Bonfire belongs to the community and will use its new and restructured team to elevate its status in the De-Fi space, where we intend to reach new, exciting and promising opportunities in markets worldwide. Behind the project is a highly specialized team that dreads the lack of transparency present in other De-Fi coins and is determined to change the status quo with Bonfire. Check out our updated roadmap below, which we will be fulfilling over the remaining year of 2021.
FireStarter is a unique Launchpad project developed by the Bonfire team. It is the second step towards the building of the Bonfire dApp ecosystem, which will provide the token with several new use cases.
FireStarter will provide all the tools for new projects to reach potential investors through Initial Coin Offerings and Initial decentralized exchange offerings. FireStarter is a platform that allows its users to invest in newly established and thoroughly vetted and audited projects in the form of a presale with fixed token price, giving them an opportunity to buy tokens at a lower price than the listing price.
Bonfire is designed to be secure. As mentioned above, our token distribution is one of the healthiest ones currently available, with no whales controlling outlandish amounts of the circulating supply. In addition, the Bonfire smart contract has implemented two important security features, aimed at making the token fully autonomous and immune to malicious manipulation. Fraudulent blockchain-based schemes running on BSC are rife, and we take steps to ensure that Bonfire is as far from that space as possible:
LOCKED PANCAKESWAP LIQUIDITY
The liquidity pool tokens for Bonfire are permanently locked in the zero-address, meaning that the developers cannot pull the rug on the market, and the PancakeSwap market will always have liquidity on it.
The ownership of the Bonfire smart contract has been passed to the zero-address (0x000000000000000000000000000000000000000), meaning that nobody can change the settings of the contract, since calculating a private key for the zero-address is impossible.
In addition to that—Bonfire has been independently audited by Dessert Finance—we are at work to coordinate audits from larger companies (QuantStamp, CertiK, etc.) Inserted below is the link to their announcement tweet and audit. You can also find the audit link on the website at https://bonfiretoken.co.
BONFIRE token is now live on the Binance mainnet. The token address for BONFIRE is 0x5e90253fbae4dab78aa351f4e6fed08a64ab5590. Be cautious not to purchase any other token with a smart contract different from this one (as this can be easily faked). We strongly advise to be vigilant and stay safe throughout the launch. Don’t let the excitement get the best of you.
Just be sure you have enough BNB in your wallet to cover the transaction fees.
You will have to first buy one of the major cryptocurrencies, usually either Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Binance (BNB)...
We will use Binance Exchange here as it is one of the largest crypto exchanges that accept fiat deposits.
Once you finished the KYC process. You will be asked to add a payment method. Here you can either choose to provide a credit/debit card or use a bank transfer, and buy one of the major cryptocurrencies, usually either Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Binance (BNB)...
Step by Step Guide : What is Binance | How to Create an account on Binance (Updated 2021)
You need a wallet address to Connect to Pancakeswap Decentralized Exchange, we use Metamask wallet
If you don't have a Metamask wallet, read this article and follow the steps
Transfer $WBNB to your new Metamask wallet from your existing wallet
Connect Metamask Wallet to Pancakeswap Decentralized Exchange and Buy, Swap BONFIRE token
Adjust your slippage to 12%
Click "Settings" at the top right, and adjust your slippage to 12% (sometimes it may be a bit more, depending on how much demand there is).
Enter the amount you want to buy and swap away! Remember to have enough BNB for gas fees!
There are a few popular crypto exchanges where they have decent daily trading volumes and a huge user base. This will ensure you will be able to sell your coins at any time and the fees will usually be lower. It is suggested that you also register on these exchanges since once BONFIRE gets listed there it will attract a large amount of trading volumes from the users there, that means you will be having some great trading opportunities!
Top exchanges for token-coin trading. Follow instructions and make unlimited money
Find more information BONFIRE
🔺DISCLAIMER: The Information in the post isn't financial advice, is intended FOR GENERAL INFORMATION PURPOSES ONLY. Trading Cryptocurrency is VERY risky. Make sure you understand these risks and that you are responsible for what you do with your money.
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