Bomb Money Surges on BNB Chain, Ready to Peg with BTC

The platform saw a steady increase in $BOMB buyers recently, leading to a staggering 700% growth in seven days.

Dropping Bombs on BNB Chain

With more users joining, and more transactions with BOMB tokens occurring in recent days, Bomb Money has shown staggering growth, showing signs of the peg with Bitcoin in the near future.

As per a recent tweet from April 11, Bomb Money had crossed $10 million in TVL, and within 48 hours, the project reported exceeding $15 million in TVL. As a result, it has shown massive growth recently, with Bomb Money recording a 700% growth in just seven days. At this time, $BOMB is pegged at 0.0967 to $BTC, and with the recent trend, the token looks to reach its desired peg with $BTC soon.

“Maintaining peg should be the main aim for everyone; we can attract more investors, partnerships, and a higher TVL.” Bomb Money opens up in a Medium article. “In addition to this, BSHARE will keep increasing in value above peg, and we have provided great places to park your reward BOMB, largely xBOMB, with its 2,000+% APR that will be seen once out of debt phase”.

How Does Bomb Money Works?

Notably, as per the article, Bomb Money Protocol has four tokens. Each has a unique price and function to ensure BOMB’s price remains stable. The BOMB token is the main currency in the Bomb Money ecosystem. These tokens are linked to Bitcoin (BTC). To obtain XBOMB tokens, you need to stake BOMB. XBOMB tokens are primarily used as governance tokens.

BBOND, however, encourages users to trade their BOMB tokens when the price is low. By staking BOMB Share tokens (BSHARE), users can earn BOMB under the BTC price peg. Each time the $BOMB price rises, new tokens are minted and distributed to BSHARE holders. By minting these new tokens, the supply of BOMB grows, lowering its price. Conversely, if the $BOMB price drops too low, the protocol mints BBONDs. 

Those who hold BOMB can exchange their tokens for BBONDs, which users can further exchange for BOMB at a higher price. Due to this intricate system, the BOMB token’s price remains approximately 0.01 percent of the price of a BTC token.

According to the article, the peg increases when there are more buyers of BOMB than sellers. Additionally, Bomb Crypto confirmed in a tweet on April 9 that they secured a capital raise amidst all the developments.

“It is important to understand that our number one priority with investment capital is to generate a return for the investors.” Bomb Money expresses about the recent funding in a Medium article. “We will act in any ways necessary to protect the investors’ capital, regardless what this entails.”.

In light of Bomb Money’s recent run, more exciting updates seem likely in the future. Here at BSC News, we will keep a close eye on all the latest developments to bring you all the recent reports.

What is Bomb Money:

Bomb Money (BOMB) is a one-of-a-kind BNB Chain token with its value pegged to Bitcoin (BTC). As the price of Bitcoin fluctuates, BOMB’s proprietary protocol either creates new tokens or removes them from the total supply in an attempt to match the price of Bitcoin. 10,000 BOMB tokens should ideally be worth roughly one BTC, though this isn’t always the case.

Users benefit from Binance’s faster transaction speeds because BOMB is built on the Binance chain. Binance tokens can handle 100 transactions per second, whereas BTC can only handle about five.

BOMB users can also earn passive income by using their auto compounding vaults. These vaults look like traditional staking platforms. By staking LP tokens in these vaults, BOMB’s liquidity providers can earn the same LP tokens that they are staking.

Learn more about Bomb Money:

Twitter |  Website | Dapp | Medium | Discord | Telegram | Youtube

Source : bsc.news