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BFG Uplift Community Voting

Till February 23, 2024 at 10:00 AM UTC

Betfurians, we aim to elevate the BFG token’s value to the next level and positively impact its price in the long run. Your voice can affect the strategic decision-making process and strengthen BFG. The management of the BFG tokenomics is key to its further success amidst other cryptocurrencies.

Therefore, reducing BFG circulating supply and implementing the BFG tokens’ lock on the chain will facilitate its uplift on the market. In case of the decision towards the decrease in BFG circulation supply, a novelty will be presented to reach the goal of token circulation decrease and provide you with a special earning offer in the BFG Staking - stBFG token that will allow you to receive x2 APR in staking.

How will the decrease in BFG circulation supply impact its development?

In simple terms, the less BFG circulation supply gets, the lower the pressure on the BFG price, empowering the BFG token as a more significant player in the market. A reduced circulating supply creates a sense of scarcity, increasing the token's demand and price.

BFG token lock on-chain and x2 APR increase in BFG Staking for stBFG holders

BetFury aims to reduce the circulation supply of the BFG tokens instead of having a vast amount circulating beyond it on the market. A token lock of BFG on the chain will ensure price stability, increase the token's value, and eliminate short-term speculative behavior. The new buyback and lock-in mechanics will be introduced subsequently.

For these reasons, we introduce the stBFG to help achieve these goals and implement a BFG lock on-chain. By converting BFG tokens to stBFG, users will have their BFG tokens locked for a period of one year and earn increased APR on their stBFG tokens. Unlike users, the BetFury team will lock their BFG tokens for three years instead of one, and the team’s tokens will not participate in the stBFG staking. Through collaborative efforts from the community and the team, the token lock will contribute to the long-term growth and fortification of BFG's value.

What’s a stBFG token?

stBFG token will mirror BFG token and offer a doubled APR in BFG Staking. The stBFG token is equivalent to the BFG token at a 1:1 ratio and can be used similarly to BFG on the platform. Therefore, any gains or changes with your stBFG tokens will mirror those of your BFG tokens currently staked in the BFG Staking. The stBFG token has no contract address and is not based on any chain but is backed up with a real BFG stored on a contract on-chain. Also, stBFG has no price except for the conversion rate between BFG and stBFG. Hence, stBFG tokens will not be available for withdrawal, and users will be unable to trade these tokens.

How can BFG be converted to stBFG?

To receive stBFG, you must convert your BFG tokens to stBFG, granting you a chance to receive a higher APR in the BFG Staking Pool. With each separate stake in the pool, the contributed amount of BFG tokens will be locked for one year. All BFG tokens that users convert will be locked on the on-chain contract, which users can track on the Binance Smart Chain.

An early withdrawal fee will be applied if you convert your stBFG tokens to your BFG tokens before the 1-year lock term ends. A calendar will be featured on the BFG Staking page, providing a convenient way to monitor each stake's lock duration. Users can exchange their stBFG for BFG tokens a year after the first conversion at a 1:1 exchange rate.

Distribution of rewards in stBFG Staking Pool

Rewards on stBFG will be distributed from the current BFG Staking Pool. In other words, after the release of stBFG, the standard distribution from the staking pool will be split between BFG and stBFG pools.

Betfurians, take a look at this example:

Daily distribution from the staking pool: $50,000
  • User 1: 100 BFG
  • User 2: 1,000.00 BFG
  • User 3: 750 stBFG

To calculate the rewards per user, we initially need to determine the number of tokens in the pool. stBFG is counted with a coefficient of x2. Therefore, the number of tokens in the staking pool = 100 + 1000 + (750 x 2) = 2,600. In this case, each token is entitled to $19.23 ($50,000 / 2600 tokens in the pool). The rewards will be distributed as follows:

  • User 1: 100 x $19.23 = $1,923.08
  • User 2: 1,000.00 x $19.23 = $19,230.77
  • User 3: (750 x 2) x $19.23 = $28,846.15
  • Total: $50,000.00

The voting is over ✅

Strengthen BFG value in the market

  • x2 APR% in the BFG Staking for stBFG holders
  • Decrease BFG circulating supply
  • Implement BFG token lock on-chain to uplift its demand
  • Positive long-term impact on the BFG price and value

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0 votes

No changes

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⚠️ You should have minimum 100 BFG on the balance at the moment of voting start to participate. One user can vote only once.

⚡️ We affirm that BetFury has never utilized the team’s assets to manipulate community voting results, nor does it intend to do so in the future.

Terms & Conditions

  1. The voting period is from 16.02.24 10:00 AM UTC to 23.02.24 10:00 AM UTC.
  2. The voting considers the BFG tokens of users at all Ranks who were holding BFG before the start of the voting.
  3. Consider that 1 user's vote equals 1 BFG token.
  4. The more BFG tokens a user has, the greater their voting power.
  5. Users can cast their votes only once; no multi-votes are permitted.
  6. There is no need to unstake your BFG tokens from the boosted fixed-term pool to vote.

Closing Statement

As you navigate through the clarified voting options, we encourage you to actively participate by casting your vote for the option that, in your view, holds the potential for fostering the future growth and strengthening of BFG. Your decision will be pivotal in shaping BFG's development and contributing to the token's economy. Your engagement is a valued contribution to the collaborative evolution of BetFury.