Burnify (BFY)

Burnify (BFY) is a platform designed for users to actively participate in the token-burning process within the MultiversX ecosystem as well as earn rewards through the $BFY token and $EGLD. Serving as the native token of Burnify, $BFY is recognized as a "proof of burn" token, minted from the protocol when users partake in the token-burning activities.^[1]^[2]

As of the time of writing, the protocol supports the following tokens: $ONE,
$JEX, $RARE, $XLH, $CPA, $BSK, $XBID, $BFY, $UPARK, $XBONK, $HYPE, $CTP, $ESTAR, $BHAT, $SFIT, $XAPES, $AERO, $PADAWAN, $ZPAY, $KRO, and $JACKET.^[4]

Overview

Burnify stands as an innovative platform within the MultiversX ecosystem, offering users a dynamic and gamified experience in actively participating in the token-burning process. Positioned between projects and users, Burnify gamifies token burning, providing a host of benefits such as rewarding participation, increasing token utility, fostering ecosystem growth, and promoting scarcity.

The BurnifyApp accommodates multiple tokens, contributing to a vibrant and dynamic ecosystem. At the conclusion of each cycle, all tokens, except $EGLD, undergo a ceremonial burning process, fostering value growth and price stability. The protocol is thoughtfully designed to reward active participants based on their contributions to the burning mechanism. Over time, rewards gradually diminish for users who choose not to participate. Notably, if initial participants fail to contribute to the protocol, their rewards steadily decrease, eventually falling below 1%. This incentivizes continuous engagement and ensures a dynamic and active Burnify ecosystem.^[3]

How it Works

The burning process operates in cyclical intervals, aligning with the MultiversX epoch, and each cycle spans approximately 24 hours. Within each cycle, a fixed quantity of $BFY tokens is minted, commencing at 10,000 tokens on the inaugural day and diminishing by 0.2% in subsequent cycles.

Users can obtain $BFY tokens by submitting at least one batch to the protocol during a cycle. The ecosystem comprises three types of tokens: $EGLD, a token designated for burning, and the native token, $BFY. During the burning process, $EGLD contributes to a reward pool, the second token is burned, and $BFY serves as an additional reward for the burning activity.
The process begins with users initiating the burning of tokens through Burnify by creating a batch, consisting of 0.15 $EGLD and an equivalent value in the token to be burned. Users have the flexibility to burn multiple batches per cycle, with a maximum of 10,000 batches permitted. At the cycle's conclusion, the $EGLD committed as collateral enters a reward pool. All tokens are then burned on-chain instantly, permanently reducing the supply of each project.
wiki Depending on the number of batches a user creates, they receive a proportionate share of the $BFY minted during that cycle. The protocol commenced with 10,000 $BFY minted in the inaugural cycle, subsequently decreasing by 0.2% daily. Post-cycle conclusion, the minted $BFY is distributed proportionally to all participants who burned at least one batch.^[2]^[5]

Example:

Consider the scenario on the first day when 10,000 $BFY were minted, involving two users, A and B. User A burns 1 batch, while user B burns 4 batches, making a total of 5 batches. The distribution of $BFY takes place, and it is automatically staked in Burnify, enabling users to instantly commence earning rewards.

Upon the conclusion of a cycle, after the tokens undergo the burning process, the $EGLD collected in the reward pool is distributed to all users with $BFY staked in Burnify. This distribution is once again proportionate to their stake in the platform. For instance, if user X has 2,000 $BFY staked out of a total of 100,000 $BFY staked in Burnify, they would hold 2% of the total reward power of the application. In a hypothetical scenario where there are 100 accrued $EGLD in the reward pool for a given cycle, user X would receive 2 $EGLD from that reward pool.

It is important to underscore that the other tokens involved in the process are permanently burned from the supply. This approach ensures that the burn role is consistently granted for every project integrated into the Burnify protocol.^[5]

$BFY Token

The $BFY token is the native token of Burnify, recognized as a "proof of burn" token, minted from the protocol when users partake in the token-burning activities. It has a total supply of 5,010,000. This supply is fixed, with no plans for additional $BFY tokens to be generated.

All 100% of $BFY are minted and distributed exclusively through community-controlled burning processes described by the team. It is listed and can be traded on OneDex with an active trading pair BFY/WEGLD.^[4]^[6]

Staking $BFY

Any $BFY tokens that go unclaimed will automatically be staked within the protocol, making the process of claiming and then staking redundant. For $BFY tokens that have been claimed or unstaked, they must be staked again within the protocol to be eligible for additional rewards.

To prevent flash loans, a decision was made that users who stake $BFY cannot withdraw those tokens for the ongoing cycle and the next cycle. However, even during this period, they will still accrue rewards from the protocol.^[7]

BUFU NFT

wiki BUFU NFT is a collection of 666 unique NFTs, each consisting of 6 distinct layers: Background, Body, Feet, Hands, Head, and Guild Rewards. By staking these NFTs, participants can share 50% of the BurnifyApp protocol fee. To qualify for these rewards, users simply need to stake a minimum of 1 NFT.

The calculation of rewards is based on strength, which starts at 0 and maxes at 15 strength per NFT. Each batch burned contributes 2 strength per NFT. For instance, if a user owns 3 NFTs, they will gain 2 strength for every batch burned, accumulating up to a total of 45 strength.

It's important to be aware that inactivity for 4 cycles results in a 3-strength reduction every cycle. In summary, each BUFU NFT opens up a maximum of 15 strength, and every batch burned adds 2 strength to the total strength.^[8]^[9]

The BUFUS are a race of skilled miners, who discovered Thermis eons ago, a planet rich in a valuable resource: $BFY ore.

They adapted to the planet's fiery and volatile environment with time. The BUFUS innovates by using burned tokens as fuel, a method that turns waste into wealth.

Roadmap

Phase 1: STABILITY

bFuel: Additional fuel for BUFUS to mine for $BFY
New Token Listings: BUFUS will search for new tokens for fuel
1st Burnify Satellite Project H.O.Ν.Ε.Υ testnet ~ (Many worlds to be discovered. New ways of living life.)
Boost refactoring: (Trying their best to extract the precious $BFY constantly, BUFUS want to also give back, but in a new way. A better way.)

Phase 2: EVOLUTION

Airdrops: Giving back to all hands on deck.
NFT Burning: There is a new tech here, so there's another fuel for mining …
Dust Burn: Why use fuel just in big quantities to get $BFY? Small can also be good
Guild Wars: Let's make the Guilds work for their reward. Maybe a contest will do.
BUFU Wars: Each BUFU is hard at work all the time. Let's reward them individually. May the best BUFU win!

Phase 3: EXPANSION

Other chains: When you deplete resources, you go and try to find more. Let's go find them!
Social Media Campaigns: With the new conquest of new worlds and new galaxies, BUFUs need all the So let's get the word out there and recruit the help we need for that