Medium Update #1: New BOG Token Tokenomics Details
Firstly, we want to thank everyone for being extremely patient as we work to relaunch $BOG, the token of Bogged Finance and BogTools. We know everyone is really excited for the relaunch of one of BSC’s biggest DeFi Platforms.
Millions of people use Bogged.Finance every week, and hundreds of thousands use bogged.finance/swap to trade and chart on the Binance Smart Chain.
The Tokenomics of the New BOG Token
We are taking this unfortunate and unique opportunity to revamp our tokenomics to be more in line with our use case as a utility token.
We will be launching with a 5% trading-only fee.
This will apply to buys and sells only.
Wallet to wallet transfers will not be taxed, nor will any BOG transactions that pay for any of our services or utilities.
The zero wallet to wallet transfer fee gives us greater compatibility with larger CEX’s who are normally against tx fees.
2% of this will be added as liquidity with the LP tokens gained from this available as rewards for our pre-exploit holders who solo-stake their BOG, this will allow you to compound your normal stake. This will be opened to all holders in the future.
The other 3% will be rewarded to all LP stakers exactly the same as our old staking system. The BOG team’s initial liquidity LP tokens will be staked with the rewards used to boost pre-exploit staking returns.
Staking helps the project and has shown itself to be very lucrative in the medium-long term and we would encourage all holders, both old and new, to consider staking a portion of their stack once we relaunch.
These tokenomics promote sustainable long-term growth whilst mitigating our supply dilution for pre-exploit holders and also allowing new holders to earn themselves staking rewards.
Medium to long-term plans include; reducing the fees as previously planned as we are able to use our service fees as rewards, and also implementing solo staking once the supply dilution has been mitigated for pre-exploit holders.
Supply and Launching Price
Total supply will be fixed and transfer fees and staking rewards will be non-inflationary.
Initial supply and the launching price will be announced once we have finished processing our snapshot data. Initial estimates are showing a 3–3.5x supply dilution however with LP reclamation still to be determined we expect to be able to buy back to reduce this further. To reassure our older holders the new distribution is looking very healthy and all the new large holders bought in with significant amounts of money and there is nobody waiting to dump thousands of BOG’s they got for cents.
Welcome to our new users
It is great to see so many new users in our community, we would like to welcome you all to our project. I hope by now you have all had time to familiarise yourselves with what we are currently offering, and what we have planned for the future. BOG is a long-term project and we are here to stay, we will not be rushing this migration.
If you haven’t yet, take the time to explore bogged.finance and the charts platform. We’re excited for the future of both $BOG and the Bogged.Finance platform and we’re thrilled to have you all on board.