This article presents the basic assumptions that make up an elastically constructed whole that is the foundation of the BasketCoin (BSKT) project.
The innovative approach behind the creation of BSKT has sublime the token of safe, deflationary, with the possibility of staking and managing a decentralized system, which is also secured by a basket of cryptocurrencies.
BSKT is a token designed in the Ethereum ecosystem (ERC20), and its basic characteristics can be briefly presented using the following phrases:
● with the system of buyback and burning of tokens,
● with collateral – covering its value,
● with the possibility of staking,
● with a reliable, transparent and well-constructed tokenomy,
● with the subsequent implementation of governance tokens.
The Phenomenally Crafted BSKT deflation
The deflationary model is based on charging a fee for each transfer made. All operations involve a fee of 2% of the transaction value.
Half of this fee, i.e. de facto 1% of the total value of a given transaction, or 50% of the transaction fee, is transferred in the form of BSKT tokens to a previously created management portfolio, which we can call a “staking pool wallet” or a “reward pool wallet”.
The second of these fees are subject to a function, a program in the contact code (smart contract), burn out. Investors with at least 10,000 BSKT on the staking platform will earn passive income in the form of an appropriate, percentage-defined redistribution of tokens in the reward pool wallet.
In addition, the BSKT team will purchase BSKT tokens while burning them (details below). Such a state of aggressive deflation will lead to a decrease in the number of tokens available on the market with a simultaneous increase in their value.
Security – Coverage of the Value of the BSKT token
The BSKT token is secured with a basket of seven cryptocurrencies that cover its value. The collateral adopted in this way is designed to ensure a constant and stable increase in the value of tokens.
Thanks to the appropriate selection of coins for the basket, its value is less susceptible to fluctuations in the cryptocurrency market. The BSKT token security chart looks like this:
● Bitcoin (BTC) – responsible for 25% of the coverage value,
● Ethereum (ETH) – responsible for 25% of the coverage value,
● Polkadot (DOT) – responsible for 10% of the coverage value,
● Smarkey (SKEY) – responsible for 10% of the coverage value,
● YfDAI.finance (YF-DAI) – responsible for 10% of the coverage value,
● USD Coin (USDC) – responsible for 10% of the coverage value,
● Basketcoin (BSKT) – responsible for 10% of the coverage value.
An additional form of burning tokens
The above-mentioned basket of currencies will be filled with the funds collected during the sale of BasketCoin, and the sale itself will take place in several stages.
After the sale is completed, most of the collected funds (excluding funds necessary to establish liquidity on DEX and funds for marketing) will be used to purchase currencies for the BSKT basket in the proportions given in the project assumptions.
All the cryptocurrencies that make up the BSKT security basket will be used to generate additional profits on platforms such as:
● crypto.com (profits of 3% -12% APR),
● YF-DAI (profits up to 72% APR),
● Swissborg (profits up to 23% APR),
● and on other decentralized profit-generating platforms (DeFi)
Revenues from these platforms will be used in the repurchase process for the redemption and burning of BSKT tokens, contributing to a significant reduction in supply on the secondary market. 90% of the above profits will be used for repurchase and burnout, while the remaining 10% will be used for ongoing and necessary expenses related to the running of the project.
The described process will extremely accelerate the deflation of BasketCoin, which was already mentioned is excellent news for all Investors, because in its assumptions it raises the price of the BSKT token while limiting the number of tokens available for sale.
Basic aspects for which the BSKT token will be able to increase its value:
– Smart Contract assumes burning a total of 90% of all BSKT -> the total supply will decrease from 21,000,000 to 2,100,000
– Transparent and consistent Tokenomy -> sales pool of over 70% of all BSKT, and another 10% for Uniswap liquidity pool and next almost 5% goes as rewards to providers of additional liquidity on DEX
– A fee of 2% of the value of each transaction (half burns out, the other half goes to the staking/reward pool) -> speeding up the process of reducing supply
– Highly encouraging rewards for investors staking BSKT tokens -> limiting the number of tokens in circulation
– Repurchase and burning of tokens for funds obtained from the allocation of the crypto currency basket on various platforms -> another form of reducing the supply of BSKT
– Developing decentralization through management tokens -> later possibility for Investors to influencing the change of the crypto currency basket and making other decentralized decisions about the project.