read.cash is a platform where you could earn money (total earned by users so far: $ 814,028.75).
You could get tips for writing articles and comments, which are paid in Bitcoin Cash (BCH) cryptocurrency,
which can be spent on the Internet or converted to your local money.
During the last couple of weeks I have been exploring the new projects that are coming up on Binance Smart Chain which are witnessing rising popularity as more and more people want to explore options to avoid the smothering ETH fees on DeFI platforms running on Ethereum.
What I noticed was that the majority of these BSC projects are basic copy paste of PancakeSwap and don’t have much new functionalities to offer. They are just competing on high APR/APYs and as such incredible APYs are not practical to maintain they start falling and people start looking for new projects.
In this post I will be covering BDollar project which I think has a very unique use case and I expect it to gain much more popularity and adoption during the coming months.
The majority of projects currently running on BSC are using the same model as PancakeSwap and try to attract more investors by offering aggressive APYs. However these APYs are very difficult to maintain long term and they start to diminish with time. As the APY falls the investors move out to different projects and many projects collapse.
I expect more than 90% of current BSC projects to collapse during the coming months and very few will see the end of this year. If Vitalik is actually able to reduce the ETH fee even by a small amount this situation might get even worse for BSC.
BDollar however has a very different approach and if does not work upon PancakeSwap model. It was built upon the framework originally designed for Basis project which could not be released due to regulatory restrictions in US at the time. This works like a Treasury where there is a set number of Shares called sBDO (BDollar Shares) and holders of these shares are rewarded with BDollars every epoch which runs for a period of 6 hours.
There is limit of 100,000 on total sBDO which will ever be created of these 15,000 will be kept by the development team so 85,000 will be released for the public. This will ensure that these tokens will not suffer from inflation.
How does it’s Native Stablecoin BDO work?
It’s stablecoin is called BDO (BDollar) and is pegged to 1 USD. This usually fluctuates between $1.1 and $1.2 due to the high demand for this coin. This is an algorithmic coin so how many coins will be generated in each epoch cycle has already been programmed linked to the expansion rate aligned to the total supply of coins in the market. The current supply is about 55 Million coins and the expansion rate being followed is 1% so 500,000 new BDOs are created every 6 hours which are distributed to the sBDO holders.
If the demand for BDO falls and it goes under $1 then new coins are not created and bBDO (bDOllar Bond) are created instead which can later be redeemed for BDO once the price rises again over $1.
Why I am Bullish on BDO Project?
BDO is not built upon APYs which fluctuate to a high level and are difficult to maintain in the long run. BDO is already built on an algorithm which has set how many coins will be printed during which period. The amount of coins you receive will be determined by the sBDO coins you are holding. I am planning to hold 1 sBDO for long term as it’s returns are much more stable compared to other BSC projects.
They have been audited by Certik which I confirmed by going t othe official site of Certik. They have the Bearn Finance team backing them which is a big company and has several other projects running on crypto. I am also part of their telegram group so can see that their team is actively working on the roadmap. Their price has been increasing steadily since the launch in end of December last year and there have been no major fluctuations.
I expect the price to go further up once more people get to know about the project. I will keep posting regular updates about the projects.
Do keep in mind that this was my personal decision and do your own research and investigation before making a decision for yourself as you know how risky crypto investments are.
If you would like to see how their site is structured then do check out the video below.