Algorithmic stable coins use an algorithm that issues more coins when prices increase and allows users to buy the token off at a discount when the price declines. But, the bulk of the current algorithmic stable coins do not have a pragmatic use case; this is a problem Bingo Cash aims to solve with its issued algo stable coin on the BSC network.
What is Bingo Cash?
Bingo Cash, built on the Binance Smart Chain (BSC) network, is a casino dapp platform that utilizes an algo stable coin for the platform’s native token.
Its stable coin will be the first with an actual use case for the numerous casino games available on the platform, including Yield Farming, a boardroom, bond services, and the governance layer of its protocol.
Decentralized Finance (Yield Farming and Staking)
Algorithmic Stable Coin
The project is still at its teething phase, scheduled to officially launch on the 20th April 2021, a few days from the date of this project review. It has, however, implemented some of the planned features of its platform scheduled to go live soon.
Casino Platform: To give its stablecoin the unique attribute of a practical use-case, Bingo Cash will launch its casino games portal, featuring numerous multiplayer games. The platform will also include live games including Baccarat, Roulette, Dragon Tiger, and Sicbo. Numerous Slot Games are also available for users’ entertainment and relaxation.
The idea behind the casino games is to give an essential layer of utilities to its issued algo stable coin. Bingo Cash is the first to do so on the BSC network, simultaneously delivering entertainment to the increasing DeFi users.
Users can start playing casino games on the platform when the platform goes live by connecting their wallets to the Dapp and depositing funds. Currently, there are no complete details regarding the withdraw and deposit features/process.
Yield Farming and Staking: Stake your Liquidity Provision (LP) tokens and earn high yields through the algo stable coin and other liquidity incentives.
Steps to add LP tokens and farm the share bond token (sBGO) are found HERE. Liquidity addition is primarily through the PancakeSwap AMM platform.
During the first seven days. 4 BGO farms will be available for the public. These farms will distribute a total of 98,000 BGO with the following allocation:
Pls, Note: For the first week, 75% of your BGO reward will be locked away for 30 days. 25% will be tradable immediately. After the first 30 days, BGO locked will be slowly released at the rate of 7,5% per day.
After these first seven days, sBGO farming pools will open for people to stake their LP tokens. These pools will last for 12 months and a 75% reduction in farming rate each month.
Pls, Note: For the first two weeks, 75% of your sBGO reward will be locked away for 50 days. 25% will be tradable immediately. After the first 50 days, sBGO locked will be slowly released at the rate of 7,5% per day.
BGO/WBNB pool will be introduced after the first seven days have passed. Full details about pool allocation are explained HERE.
Bingo Bond: Users will be able to buy bonds to exchange later for a higher profit with Bingo Bonds.
Using the Bond, users can redeem their BGO for a profit when the token price goes above $1.0. However, there is a 10% penalty fee when redeeming as indicated.
Bingo Boardroom: Lock your share token (sBGO) and earn Bingo Cash (BGO) at a 2% expansion rate and 1827% APR. This system utilizes seigniorage to distribute inflation rewards to users.
Pls, Note: Epoch lasts for 8hrs, and there is no expiration of the bond.
Governance: The voting protocol will be the platform upon which the community decides major decisions.
New farm pools will be open based on the community’s vote when the governance protocol goes live. Supply/reward mechanisms are a couple of examples of parameters that will be votable on-chain by governance.
Bingo Share (sBGO) listed on BKEX, a blockchain asset subscription and trading platform under BK Group, on April 16th.
Source : bsc.news
Founded in 2020, BSCNews is the leading media platform covering decentralized finance (DeFi) on the Binance Smart Chain (BSC). We cover a wide range of blockchain news revolving mainly around the DeFi sector of the crypto markets. BSCNews aims to inform, educate and share information with the global investment community through our website, social media, newsletters, podcasts, research, and live ask me anything (AMA). Our content reaches hundreds of thousands of global investors who are active in the BSC DeFi space.