What Is Boda Token (BODAV2)?
Boda token (BODAV2) is a DeFi-based token that generates passive income in a stablecoin called BUSD as a reward. Stablecoins serve as a link between cryptocurrency and traditional currency since their prices are fixed to a stable asset like the US dollar or gold. BUSD is tied to the US dollar and is a regulated Binance stablecoin. One US dollar is maintained in reserve for every unit of BUSD. Represented by BODAV2, the Boda token seeks to mitigate the risks associated with cryptocurrency market volatility as a DeFi token that regularly pays users with a constant passive income for holding.
According to its whitepaper, the reward structure of the Boda token works in the same way as dividends do in the stock market. Users receive more rewards by holding more tokens. The platform seeks to let users earn up to 19 percent in BUSD from every transaction fee received. Additionally, as a mechanism to safeguard the reward system, the platform makes it mandatory to hold a minimum of three billion BODAV2 tokens to qualify for earning the BUSD rewards, subject to changes through community voting.
Further, the platform aims to offer more features for the Boda token, such as token burning and buy-back. Through auto-burning and manual burning, a portion of every transaction is sent to a dead or burn wallet, reducing the token supply. Burning or limiting a token’s supply serves to make it more rare and valuable over time by reducing the number of tokens accessible on the open market. The BUSD payouts per token grow as the token supply decreases. BODAV2 is a deflationary token as a result of this process.
Furthermore, the Boda token platform endeavors to launch a dashboard dApp wherein users track and manage BUSD earnings. Utilities such as yield farming, governance voting, token locker, token minter, lottery games, and NFTs are being proposed to be made available for the BODAV2 holders through this dApp.
History of Boda Token (BODAV2)
In April of 2021, the Boda token was launched for the first time. The team comprises Billy Thomas (CEO), Matt Grey (HR manager), Dave Reed (communications manager), among others.
The Boda token platform reports a total launch supply of one quadrillion BODAV2 tokens.