NEW YORK, Aug. 24, 2021 (GLOBE NEWSWIRE) — With vaccine passports touted to remain a permanent fixture of international travel, and even domestic mobility for the foreseeable future, this new crypto initiative seems to be riding the wave of recovery with its $COVAC cryptocurrency. The market appears to be loving it as its price has skyrocketed 180x in 2 months since its launch on PancakeSwap, a decentralised exchange running on the Binance Smart Chain (BSC), on 18 June 2021.
At the time of writing, the $COVAC token price was $0.000162 with a market cap of $2.46mil on PancakeSwap (as of 23 Aug 2021).
So, what exactly is COVAC? COVAC, which stands for COVID Vaccine, is a community-driven, fair launched DeFi token used to track the number of COVID vaccinated people around the world. This token was created as a countdown timer to when we can resume travel and get back to our pre-COVID travel lifestyle.
It currently has a growing base of holders, and is aiming to launch on Hotbit, a centralised exchange on 26 Aug 2021. The ambitious team behind this first-ever crypto COVID Vaccine token is forecasting price to grow a further 50 to 100 folds once the listing hits centralized exchanges.
While still a mystery, the website reveals a team of 7 “doctors” behind COVAC, and our research has shown that they are actually a team with strong backgrounds in the travel tech, ecommerce and gaming industries.
They engage their ~20k Twitter and Telegram community quite frequently covering their product roadmap, and marketing efforts, like airdrop and bounty events. With regards to fear of rug-pulling with most of the new crypto meme projects out there, it’s not possible with this project, with their Liquidity Pool (LP) locked up for at least 1 year, and healthy organic growth in their market capitalisation.
The project has done minimal marketing with at best two KOLs on Twitter and two airdrop events so why are people so interested in this token?
COVAC has 2 products, of which the $COVAC token acts as the utility token
- TokenBlast: A user-friendly multi-transfer tool used to facilitate airdrops, distribute bounties from successful bounty campaigns, token giveaways, and even to distribute coins after an ICO or Security Token Offering.
- COVACPass+: A digital health pass which enables users to store their vaccination and test results for location check-ins and travel.
Users are required to hold a minimum number of $COVAC tokens in order to use the TokenBlast tool for free, and unlock certain features in COVACPass+. This is quite different from other platforms which typically charge a high upfront or subscription fee to use their products. COVAC is disrupting the market with this model as it effectively makes TokenBlast’s cost at least 10 times cheaper than the other equivalent multi-transfer tools.
COVACPass+ has not been officially launched yet, but it will eventually use a blockchain oracle to validate the type and authenticity of the vaccine to ensure its validity for the travel route or location check-in points. Once validated with the off-chain database, it executes a smart contract.
How does it work?
19 billion $COVAC tokens were created to commemorate the year COVID-19 was discovered, i.e. 2019, with 3.8 billion in circulation, 5.7 billion will be burned with the token burn schedule following the global vaccination penetration rate. The founding team holds 0.95 billion in $COVAC, and the rest of the 8.55 billion $COVAC will be used for airdrops, marketing, partnership and community-building events.
What’s next for COVAC?
Post-listing, the COVAC team aims to launch their COVACPass+ product, and begin strategic partnerships with travel platforms, including hotels, flights, tours, and attractions operators, to promote safe travel and expand the use case of their tokens.
Looks like an exciting journey for this team, poised with strong products and good potential in riding the COVID recovery.
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