Have you ever heard about DeFi? Some people, who don’t, I’ll surprise that you use it every day, buying or selling crypto. This sphere evolves exponentially. Today we’ll speak about one of the most exciting DeFi models – BUGG INU. While there are many decentralized crypto projects in the space, BUGG seems to stand out because of the unique innovations it wishes to introduce to the crypto and DeFi space.
BUGG INU was created on the 29th of May, 2021 and the project seems to be the fastest-growing project of its kind. BUGG is a decentralized autonomous yield generation protocol. Simply put, the model allows its users to earn its native token just using it.
The native token of the project is $BUGG. Each time a transaction is done, whether the token is bought or sold, you’ll get 2% of the transaction as fee. This model is much more beneficial than the traditional finance system.
Banks, for instance, may decide to give a certain percentage of interest to its users after a certain period. However, this interest is usually minute and is usually fixed no matter how many transactions occur.
The BUGG protocol on the other hand will grant more rewards to its holders if more transactions occur on the protocol. This extra passive income earned by users can be tracked via the user’s wallet balance, the price of the token and more.
To reduce supply and create scarcity of the token, Bugg burned 50% of its total supply. Additionally, another half of the redistribution fee will be burned to deflate the token. This burning mechanism will drive the value of the token up in the long run.
As you can see, BUGG’s philosophy looks like the quintessence of Ethereum with burning Gas and Pancake with its stacking. We will track this platform and tell you if it’s valid to use it.