The Charitable token $Munch announced the creation of a bridge to Binance Smart Chain and looks to build on a big initial launch
Munch Smells Pancakes
On June 9th, a new charitable token dropped onto Binance Smart Chain (BSC) DEX PancakeSwap with their own network bridge called MunchBridge. The new bridge has come amidst great excitement and developments from the token. Just barely two months old, MUNCH is quickly becoming one of the top charity tokens in DeFi.
If this launch is anything like the first, it should be impressive. The team’s first launch on Uniswap raised over $2.2 million USD. Munch also hopes the lower gas fees on BSC will attract smaller donations scared away by large fees on Ethererum.
Details about the Launch
The Munch Team initially announced the launch on Twitter, inviting users to join their nearly 6,000 member Telegram early Wednesday. The team then kept users and fans antsy most of the day with updates on Discord and Telegram. The launch went live around 11:00 PM UTC.
The Munch team provided a tutorial on YouTube instructing users how to transfer their assets from Uniswap on the Ethereum mainnet to PancakeSwap. The new Binance Bridge will not charge conversion fees, only the network transaction fees on the separate blockchains.
The proceeds of their initial launch were given to Give Well Charities. For the bridge to BSC, Munch will raise money for the Yellow Brick Road Project, an organization that helps fund research for a cure for children born with the rare genetic mutation, HNRNPH2. The charity retains full control over donations.
According to data published on their Telegram (below), Munch had donated 78.7 ETH, nearly $200,000USD, just over 6 hours after launch.
-100 trillion tokens of total supply between all blockchains (unchanged circulating supply)
-Only 7,000 holders
-Low Market Cap at 12million
– 5% of each transaction is distributed amongst holders
– 5% of each transaction is converted to ETH automatically and then sent directly to the charity’s wallet address.
MUNCH acts a bit differently than most tokens. All transaction fees are collected and converted to ETH at the point of the transaction. The reason is that Ethereum has a more stable value than a token like MUNCH that has a low market cap. Also, the 5% fee is given directly to the charity and the Munch Team never has access to the wallet of funds. This is a purely trustless model.
The group sees the small transaction fees as a way of taking a small ‘bite’ out of each transaction. Plus, the other 5% fee produces a flourishing financial ecosystem that affords members investments in their futures while giving back to a good cause.
Overall, the outlook for MUNCH is bullish. Some predictions show that it will rise 70 percent in 2021 and gain 8,500 percent by 2025, based on data from MarketRealist. MUNCH traded at $1.627e-7 eight hours after the release to BSC.
Rewards for Munchers
Those who buy MUNCH should plan to hold their MUNCH on PancakeSwap between June 9 to June 16 for rewards eligibility. Apart from the automatic 5% return Munchers will get from every transaction for being a holder, the Munch team will airdrop 300 lucky winners $110, totaling $33,000 in $MUNCH. There will also be a $2,000 Grand Prize given to a lucky buyer.
Because Munch donates so much of their proceeds, using the token only helps to donate to charity. There is no action necessary by the user, making this a simple way to influence the world positively with crypto.
Finally, a user on Twitter named Kraken_Coke joined the giveaway, parting with five $Munch Mugs for some simple social media follows, likes, and tags. The gifts are part of many Tweets the self-styled “crypto fanboy” has shared in support of the project.
Why Should You Munch So Hard?
The altruistic approach from the team at Munch provides an attractive crypto model with a real purpose and cause to rally behind. Munch, with its appealing Simpsons-esque donut, is showing that crypto can be more than just bulls and bears, or pumps and dumps. The project is community-run, and members choose and vet the charities collectively.
There are many reasons to take interest in the Munch project. First, the group was initially inspired by The Hunger Project, which uses pioneering strategists to combat world hunger rooter sustainability and grass-root, women-centered initiatives. They also announced a detailed road map in April, with exciting expectations for the rest of 2021 and into 2022. Projects like charity NFTs and additional Initial DEX Offerings (IDO) are on the way.
The Munch Model wants to tackle a problem in the nonprofit industry. The California Department of Justice reported that for the year 2008, commercial fundraisers collected $355.8 million in donations and, after expenses, sent $156.4 million of it to the charities. The approach by Munch will seek to reroute assets directly between actors to eliminate operational leakage.
Check out the Munch whitepaper for all the details on the project!
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.