The decentralized auction platform, Bounce Finance, offers more than just auctions for tokens and NFT’s. Bounce also offers liquidity mining, decentralized governance, and prediction markets to its users.
As Non-Fungible Token (NFT) marketplaces are slowly being saturated by players like OpenSea and Rarible on Ethereum, NFT projects like DEGO, Juggernaut, and Bounce have emerged on the BSC. The way forward is by innovating. Bounce centralized NFT marketplace will provide its users with a smooth experience when trading or auctioning their NFT’s.
The marketplace offers the usual NFT’s ecosystem services, but the platform supports both audio and video NFT’s on the Bounce Marketplace. Overall, Bounce allows users to create their brand by minting unique NFT content, building brand awareness, and ultimately promoting their NFT products.
Here is an in-depth article on the BSC NFT space for those who wish to learn more.
Point to Point Skills Marketplace
Bounce features a Point to Point (sub)tab, allowing NFT creators to list their skills, allowing people to post jobs offering a commission. The artist can choose from the list of jobs and can, upon completion, take the commission provided for the work. This can be art-work, video, or audio NFT art.
Bounce Finance offers two markets for auctions, which each have three sub-options for the type of auction you wish to create.
For the token auctions, you can choose from the following three options:
Fixed Swap Auction:
The fixed swap (or price) auction sets a set price for the product, auctioneer and participants agree on the set price; as soon as the contract, which is time contingent, executes the swap will be made automatically by the contract. Ideal for transactions, as the contract holds the funds, the risk is minimized for both parties.
Sealed Bid Auction:
In the sealed bid auctions, users can place a (sealed) bid on the auction; after the timer on the contract runs out, the contract will fill the highest bids ratio until all tokens have been sold (pooled tokens).
Dutch auctions will start at a set ceiling price; then the price will drop by X per interval (could be 0.1 $BNB per 50 blocks, or any other combination)
The Token auctions will support both ERC-20 and BEP-20 tokens.
For the NFT auctions, there are also three options to start an auction:
NFT Sealed Bid Auctions:
In principle, this is the same as with the token auctions. The highest bid gets the NFT, which the contact will execute directly after the auction timer finishes.
NFT English Auction:
Most people are familiar with the “English auction”, used in many traditional auctions such as antiques, art, or jewelry.
The auction creator sets a reserve price, the auction starts, the auctioneer then solicits for higher bids. After bids stop coming in, the final bidder will be the buyer and receive the NFT paying the offered price.
Both Tokens and NFT’s can be offered as lottery auctions, allowing up to 60,000 users to participate in the lottery. This system works by allowing the pool creator to set a principle amount. Once set, users can then buy lottery tickets, and the contract will randomly pick the winner(s). Once a winner is selected, they will receive the Token or NFT as the auction creator gets his funds; this process happens simultaneously. If you didn’t win, the best part is you can get your principal back from the pool.
Social Verified Auction Pools
The social verified pools’ mechanism is somewhat different; it aims to give more security against rug-pulls and scam/fake pools.
To create a socially verified pool, a projects information form must be submitted to inform participants about the new project pool. This is done through an information page containing verifiable data such as project name, website, and other related details. The data will be recorded “on-chain” and presented on the information page.
Another difference is that the creators of a socially verified pool cannot launch the pool themselves. Approval from the Bounce Community will decide if the pool will launch or not.
Bounce Locked Liquidity Pool Auctions
The Locked Liquidity Pool is an improvement of the current Bounce Token auctions. A smart contract will automatically create a locked liquidity pool on a DEX when the auction is finished, using the funds raised in the auction. Saving users time and securing initial liquidity
BOT Key Metrics
Bounce Native Token ($BOT)
Currently the $BOT token is inflationary, but, in time, it will become deflationary. In the first period, the token will be used to grow and incentivize the platform’s user base. Once matured, the platform will be entirely under the community governance function’s influence, where tokens will gradually burned from transactions. The $BOT token can be found on both the BSC as the Ethereum Network, where it can be swapped cross-chain 1:1 via Binance Bridge functions. There are currently 500,000 ERC-20 and 10,000 BEP-20 $BOT tokens in circulation (Ethereum is at its max supply).
For those who wish to learn more about deflationary tokenomics models check out this article.
So what is the $BOT token used for? Let’s have a look:
Exclusive auction creation and participation
BOT token holders can create more advanced auction types. Also, $BOT holders can take part in exclusive pools with beneficial token prices.
Medium of Exchange
The BOT token can be used as a currency for pool creators; They can choose to receive auction proceeds in $BOT tokens.
One vote per $BOT token for voting in the decision-making process of the Bounce platform. The more BOT tokens you hold in your wallet, the higher the voting power and influence you will have on proposed changes.
Transaction Fee Buybacks
Fees collected from auctions and pools are collected; the amount is based on the number of tokens the pool creators receive after the auction. These fees are used to market-buy BOT tokens. That will be distributed to BOT stakes that are in the “transaction fee staking.”
Social Trust Verification
To reduce fake/scam pools, BOT token holders can take the responsibility to create social verified pools. Users need to stake BOT tokens to support and vet social verified pools.
In the Bounce prediction markets, users can create pools to speculate on cryptocurrency price movements. Participants can use BOT tokens to call or put for price movements.
Earn or Buy
You can earn $BOT tokens by either staking for the transaction fees buyback rewards or providing liquidity on UniSwap, creating an LP token, and staking it on the earnings page. For now, the staking only works on the Ethereum Network. The $BOT token is currently trading for $398- and is supported by significant exchanges as Binance, Huobi global, and OKEx. BOT is also listed on several DEX AMM’s like UniSwap, 1inch, and SushiSwap.
Bounce Finance is an innovative player in the NFT space. Their NFT marketplace offers innovation through the different kinds of auctioning methods, the automation through contracts, making the process safer for both auctioneer and buyers. The project also caters to many users, being on both the Ethereum and BSC networks. As previously mentioned, the $BOT token is supported by major exchanges marking Bounce as a significant player in the De-Fi and NFT marketplace landscape.
The easy to use website can be accessed from both the Ethereum and BSC network. You only need to switch networks in your wallet to access BSC or Ethereum products on the Bounce Finance site.
The staking and fee reward structures for staking are an excellent incentive for users. Overall, the $BOT Governance token can be used for staking, governance, and discounts on NFT trading and creation.
Bounce Finance is doing a good job innovating its products, making auctions more secure for its users through smart contracts. Have a browse, maybe you will find a nice NFT for yourself or begin minting NFTs in no time.
Source : bsc.news