ADA BOY (ADABOY) is a BEP-20-based token created by Cryptomatch, a crypto matching app similar to any dating app. BEP-20 is a token standard on the Binance Smart Chain and is an extension of ERC-20. Binance Smart Chain is an alternative to DeFi products and Ethereum and is utilized to implement smart contract-based applications.
According to the litepaper of the token, ADABOY is a dog-themed meme coin that seeks to reward the holders. Meme coins refer to tokens associated with a joke or meme rather than being a serious product. ADABOY possesses meme humor and seeks to enable traders to navigate for more information through the proprietary app called Cryptomatch.
ADA BOY tokens reward the holders in Binance-Peg Cardano. The Binance-Peg Cardano refers to a token available on the Binance Smart Chain, indexed on the Cardano coin. The reward holders chose to get rewarded in Cardano to reduce the future volatility risks of the ADABOY. The team also burns the ADABOY tokens from time to time. Coin burning refers to removing tokens from circulation to maintain the value of the coin.
There are several use cases of ADA tokens like staking as ADA BOY seeks to offer the users to stake ADA BEP-20. This process allows holders of the token to earn more through ADABOY. Moreover, ADABOY is the native token of the CryptoMatch app, whereby the team behind ADABOY aims to ensure the growth of the token's market cap.
It is important to note that ADABOY seeks to have proven reliability, and to show the token's legitimacy, the team aims to appoint Certik, an auditing firm, for auditing the token. In fact, the project is also sought to be secured under Skynet, which is a 24/7 smart contract monitoring system.