Saturday, December 3, 2022
HomeCrypto NewsMarketBaby Doge Coin to Launch Burn Portal As TVL On Its Decentralized...

Baby Doge Coin to Launch Burn Portal As TVL On Its Decentralized Exchange Surpasses $30 Million 

- Advertisement -
Follow-Us-On-Google-News

Baby Doge Coin wants to accelerate its ongoing burn program.

Despite the hefty burns carried out in the past, the development team behind Baby Doge Coin is considering launching a burn portal for the canine-themed cryptocurrency. 

Baby Doge Coin revealed the initiative in a tweet today. The team took to Twitter asking the community to suggest creative ways it can use to incentivize users who partake in the burn program. 

Baby Doge Coin stated that it intends to reward users with non-fungible tokens (NFTs) for burning the cryptocurrency. However, the team asked members of the community to share their ideas about the initiative in the comment section. 

“If we made a burn portal, what are some creative ways we could incentivize users to burn more tokens? Ideas include: an NFT, tiers of NFTs, received for burning tokens. We want to hear your ideas!” it said.  

BabyDoge Holders React

The community has been reacting to the proposal, with many people supporting the idea shared by the Baby Doge Coin team. 

However, some users have different views on how the team could accelerate burns. A Twitter user named Mohammed R.Hamad thinks boosting BabyDoge’s popularity by opening a shop under the token’s brand is the best way to go.  

Baby Doge Coin Burn Program

It is worth noting that the Baby Doge Coin team has contributed massively toward reducing the total supply of BabyDoge via burns. In July, the team performed the biggest token burn ever in the crypto sector, burning a whopping 50 quadrillion coins in a single transaction. Baby Doge Coin also burns 1 quadrillion tokens from its total supply monthly.  

Recall that in October, it launched its decentralized exchange, dubbed Baby Doge Swap. Two days later, the team said it will allocate a portion of the DEX’s fees to buy and burn the token. These unending burn efforts saw Baby Doge Coin rank as the top cryptocurrency project with the highest burn rate

Baby Doge Swap TVL Surpass $30M 

Meanwhile, Baby Doge Swap has continued to attract the interest of top crypto projects as well as investors. According to an announcement today, the total value locked (TVL) on Baby Doge Swap has surpassed $30 million. The feat comes less than a month after the decentralized exchange was launched. 

- Advertisement -
Lele Jima
Lele Jima
Lele Jima is a cryptocurrency enthusiast and journalist who is focused on educating people about how the nascent asset class is transforming the world. Aside from cryptocurrency-related activities, Jima is a lover of sports and music.

Disclaimer: The content is for informational purposes only, may include the author's personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

- Advertisment -

Recent News & Articles

Subscribe To Our Newsletter

Get Updated with All The latest Crypto News, Articles, Reviews, Analysis and much more. Delivered Every Monday.