The BABYAROF token is a fully decentralized asset on the ICP blockchain. The main support of BABYAROF token is ICP tokens.
The BABYAROF token structure is designed in such a way that with each transaction, 3% of the volume of BABYAROF tokens is deducted in the transaction. Note: When converting ICP to BABYAROF, this fee is deducted automatically, but when converting BABYAROF to any other token, users need to keep 3% in their wallet and cannot use the maximum option.
What do you do with the fees that are deducted?
1/3 of the fees are burned and 2/3 of the fees are returned to the community and holders with the help of reward pools.
The maximum number of BABYAROF tokens is 110 million, so far more than 15% of tokens have been burned. This token burning will continue up to 90% of the total liquidity and if the community approves in the DAO section, the token burning can continue forever.
This structure makes the balance of the BABYAROF/ICP trading pair always reduce the ratio of BABYAROF tokens to ICP, and a significant amount of ICP is locked in BABYAROF token support and cannot be traded.
How was the BABYAROF project created?
The BABYAROF project has grown with the help of attracting capital from the NFT market in a completely community-oriented manner and today more than 700 ICPs support this asset.
I have seen this project on the forums a few times and I have skimmed the whitepaper and it seems there is a lot of focus on decentralization and deflationary tokens and whatnot. The thing that is unclear to me is the purpose of the DAO and the token? I cant see a clear direction or purpose of the DAO. Also what is the incentive of using and investing in the token besides general governance and using a treasury. Just like with SNS1 (before it was taken over), it can be fun to be a part of the group, but there was no clear direction.
Any details would be great. Thanks
All the initial funds for the growth of BABYAROF were made through the community and with the help of selling NFTs, therefore we believe that the BABYAROF token is community-oriented and for important decisions, it should be discussed with the community and the decision-making should be approved with the help of the community.
Holders of the main NFTs of the project are allowed to participate in voting and DAO events… In these events, new plans for development are reviewed and implemented.
The anti-inflationary behavior of BABYAROF token compared to ICP token can make BABYAROF a good option as a support for chain assets. A recent example is the creation of a liquidity pool between the COE/BABYAROF trading pair.
The COE project has clear and big goals and before the fundraising stages, it has used 1% of the liquidity volume that was related to the cooperation sector to create a liquidity pool with BABYAROF.
In this collaboration, BABYAROF and the creator of the project created the first traditional business with personal investment and brought the idea of the community-oriented economy of the COE project to the real testing stage. If the COE development plan is successful, we can open source the COE so that anyone can experience sales growth in their traditional business with the help of the COE plan. (This action will direct liquidity from the traditional market to the ICP chain)
There are also bigger goals for BABYAROF that can help grow the value of this asset.
Yes, BABYAROF token burning is definitely real and this action is done from transaction fees… Therefore, the volume of interest from ICP in each transaction is locked as a decentralized support of BABYAROF token and will never be released.
Along with making entertainment a standard DIP20 asset today, BABYAROF is headed for bigger and more purposeful partnerships. BABYAROF with the help of the COE team are developing an idea to link traditional businesses with the structure of tokens, this plan can determine the benefits for the community and holders to a large extent.
We published the plan of this cooperation in the form of an article in the forum, which I suggest you read:
You cannot question the principle and foundation of the financial markets, the whole structure of the financial markets is the same, that a part of the society buys earlier and a part sells earlier, always a part incurs a loss and a part falls into a profit… These conditions are the foundation of financial markets and it doesn’t matter which token or market it is.
And yes, it is important what the goals of the project are, which will help the growth of the asset value, and this cannot be denied, but the growth of demand is the main reason for any price growth.
Decentralization and creation of democracy. The purpose of creating a DAO for the BABYAROF project is to provide decision-making rights to project sponsors. Maybe if BABYAROF could use SNS, this concept would change, but with BABYAROF’s existing tools, this is the only purpose of forming a DAO with the help of the ICPswap platform.