Bonk describes itself as a proof of art and Non Fungible Tokens coupled with a decentralized volume-dependent staking protocol. You can trade, stake, add liquidity and farm on the platform. It has a thoughtfully planned bonus system, where the ultimate purpose of the staking mechanism is to maintain the admission at a lower cost. Subsequently, the entry point is pretty easy for everyone to participate.
Bonk offers free staking fees to all their investors who come on board the platform. With 10 BONK threshold as a qualification to become a stakeholder, the team believes it is the ideal means to have an inclusive ecosystem.
The platform has a 9 per cent mallet fee which goes to enrich the investments of the shareholders since they receive 1 per cent of all transactions. Moreover, they also receive 9 per cent of the un-stake fees based on their investment portfolio. Bonk wants to incentivize its hodlers, but the focus is on the Non-Fungible Token evolution, which is the grand scheme of things. The idea for NFTs is to employ them in many ways in the entire ecosystem of the project.
The team’s vision is to see professional artists commissioning artistic works as well as the community coming out with designs tradable in their in-house market. Afterwards, there will be an inroad into games focused around the establishment of users’ NFTs. It is their mission to offer the most pleasant user experience desirable whenever they are using the Bonk platform. The aim is to avail the best space where NFTs will thrive to the utmost level.
The native utility currency of the Bonk ecosystem is the BONK token. Everything in the entire platform runs around BONK for every aspect of it to work placidly, placing it at the heart of the system. It is for staking and rewarding those who also stake on the platform as well as liquidity providers. Without its role, nothing will function to make the business model of Bonk a reality.
When you have to mint an NFT on BONK, it is the token that you have to fall on. Every mint requires 1 BONK ad Ethereum gas fees to make it happen without any bottlenecks. In fact, the tokenomics of BONK token is very simple and straightforward. Half (50 per cent) of the entire supply of three million will go to Stake Drop, which basically means users who are staking BONK.
Then, 25 per cent allocation of the rest gets utilized for metadata storage costs which are very vital for the platform’s successful operation. The remaining 25 per cent supply is for the future development of the Bonk project so that they can keep innovating and bringing to market new products and services.
Why Non-Fungible Tokens
Bonk’s approach with staking stands on formulating a protocol that rewards staking with NFTs which are ERC271, based on how many BONK one is locking in, which defines the scarcity of the NFT. According to the team, they are engaging ETHVerse to migrate the NFT within their ecosystem. Consequently, the terminal goal is to accommodate a twofold purpose for the Bonk NFTs. Interestingly, the platform intends to provide staking incentives simultaneously with in-game operatives.
In the pipeline is the implementation of tangible Bonk NFT staking, allowing investors to stake the 1155’s in order to earn rewards in BONK Tokens too. That’s where the dual benefits manifest lucidly with their business model and the use case application. At the end of the day, the Bonk team desires to experiment with the value of images since the value of an NFT, reflects in its connection.
Quite impressively, there is devotion towards the development of a panacea for an NFT card that comes through a lengthy time of staking as well as how its worth gets interpreted on ETHVerse.
Join Bonk Community
There is more to learn about how the Bonk Protocol works, especially if you want to put your money into the project. It is therefore very vital to join their community to engage the team and members to expand your understanding of the entire ecosystem.
Here are their social media accounts links:
For the technically disposed the Bonk Github is the right place for you to check the source code. Remember, don’t trust, verify!