OOGI is a Solana-powered token developed by the BabyApes development team. The OOGI token was introduced as a meme token for the community of BabyApes. BabyApes are the NFT collectibles living on the Solana Blockchain network. The OOGI is the native token of the BabyApes community. However, after the partnership with Turtle Launchpad, the token has its initial utility.
In addition to that, the platform aims to introduce staking as a feature of the OOGI token. Staking allows token owners to stake their OOGI coins on the available exchanges and earn tokens as rewards. Moreover, the platform intends to enable its token holders to benefit from upcoming Turtle Launchpad projects.
According to the whitepaper, the launchpad aims to offer 10% of the total presale supply for all the turtle launchpad projects to the OOGI coin owners. However, token holders can use the tokens only for the allocated presale supply. Besides, the launchpad aims to offer an affordable price with a reduction of 50% to the original price. And lastly, the platform aims to burn the tokens used to purchase from the presale supply. Cryptocurrency burning is when a fraction of tokens are sent to a wallet with no private key. This means the tokens are lost forever. Tokens are usually burned to reduce availability and increase market value.
And in tokenomics, the allocation of 25% of the total tokens is for airdrops. An airdrop is a marketing method for the distribution of specific cryptocurrencies. Also, the platform plans to offer these tokens voluntarily to the Solana ecosystem and BabyApes NFT owners. Besides, 20% of the tokens are for liquidity. Liquidity is the easy conversion of an asset into traditional currency without impacting the market price. In addition, 10% of the tokens are for the team and 15% for marketing. Moreover, 5% is for the partnerships that bridge different communities, projects, and organizations. And lastly, 25% is used for the staking rewards.
