OneDollar Finance, a protocol built on the Binance Smart Chain and in a mission to enable financial freedom, is now on a journey to $1 through the token burn and improving market liquidity.
The community-owned network is on a mission to ensure bag holders are rewarded for their success. According to the OneDollar team, the token burn will be enabled by buybacks from the secondary market with cash collected from transaction fees.
Notably, the OneDollar team has set out automatic fee distribution among the community members, depending on the number of coins in the wallet. According to the team, 10% of the transaction fees will be distributed in the ratio of 4:3:3. Whereby 4% goes towards Reflection Rewards meant to be shared amongst the token holders. “The more OneDollar token you hold in your wallet the more rewards you will receive,” the team noted in a press release.
The next 3% will be reserved for Liquidity Pool Generation. As a way to ensure market liquidity is healthy for the OneDollar token, the team has chosen BNB as a partner. “Out of which 1.5% is sold to BNB, then added to the remaining 1.5% in OneDollar token and the total amount is deposited back into the PancakeSwap Liquidity Pool,” the team noted.
Market liquidity is vital for a project to remain relevant and also to ensure no scams or instances of rug pulling. OneDollar is built on a scalable network, Binance Smart Chain that has recently attracted notable Defi projects that have defected from the Ethereum camp due to lack of scalability and high fees. Moreover, BSC is a product of one of the largest cryptocurrency exchanges with billions of dollars in traded volume per day.
The last 3% of the 10% transaction fees are used to enable token burn. Through the OneDollar token burn, the team has ensured an automated reduction in circulating supply, which in turn will potentially push its market price to $1. As a result, the project will have attained its goal of enabling financial freedom among its users.
Further, the team uses 90% of the ecosystem product offerings to automatically enable buybacks and token burn. Some of the product offerings include OneD-Cross-Chain Exchange, OneD- NFT Art & meme Marketplace, OneD-Crypto powered e-commerce, OneD-LaunchPad.
The remaining 10% is split between BNB accumulation and research and development equally.