Bomb Money Opens New Doors for Bitcoin Enthusiasts

Bitcoin has been around for over a decade, and it’s still the most popular cryptocurrency by far. Still, despite numerous upgrades over the years, Bitcoin’s underlying technology often fails to compete with newer cryptocurrencies. Bomb Money presents a unique opportunity for crypto-enthusiasts interested in Bitcoin but wary of the token’s slow transaction speeds and expensive fees.

What is Bomb Money?

Bomb Money (BOMB) is a unique Binance Smart Chain (BSC) token with a value that’s pegged to Bitcoin (BTC). As BTC price goes up or down, BOMB’s unique protocol either mints new tokens or removes them from the total supply to attempt to match the price to BTC. Ideally, 10,000 BOMB tokens should be worth roughly one BTC, although they aren’t always perfectly matched.

Because BOMB is built on the Binance chain, users benefit from Binance’s enhanced transaction speeds. Binance tokens can process 100 transactions per second, whereas BTC can only handle around five transactions per second.

BOMB also allows users to earn passive income by utilizing their auto compounding vaults. These vaults are similar to traditional staking platforms. Staking LP tokens in these vaults lets BOMB’s liquidity providers earn the same LP tokens they’re staking.

Unlike other staking platforms, BOMB’s auto compounding vaults increases holders’ allocations automatically. Every few minutes, the site sells a portion of users’ earnings. The site uses the proceeds from the sale to mint more LP tokens which are then added back to the vault on the user’s behalf.

How does Bomb Money Work?

The Bomb Money Protocol uses four tokens. Each of the four tokens has their own unique price and exist to help maintain BOMB’s price.

BOMB tokens are the primary token used in the Bomb Money ecosystem. These tokens are pegged to the price of BTC. xBOMB tokens (XBOMB) are used mainly as governance tokens and users can earn them by staking BOMB.

Bomb Bonds (BBOND) incentivizes users to trade their BOMB tokens when the price is

below the BTC peg. BOMB Share tokens (BSHARE) can be staked to earn BOMB.

When BOMB’s price is too high, new tokens are minted and distributed to BSHARE holders. These newly minted tokens inflate the supply, decreasing the cost of BOMB. When BOMB’s price is too low, the protocol mints BBONDs. BOMB holders can exchange their tokens for BBONDs, which they can later trade for BOMB at a premium price. This intricate system helps keep the price of one BOMB token equivalent to roughly 0.01% of a single BTC token

Addicted to $BOMB,

Aaron

--

--

--

A Tomb finance fork on BSC, with a price pegged to BTC. https://bomb.money

Love podcasts or audiobooks? Learn on the go with our new app.

Recommended from Medium

What is a Blockchain fork(A quick read)

Vaults Of The Week

Is Bitcoin A Fad? Addressing The Critiques Of Prominent Skeptics

Jeff Brown Archives — Casey Research

Revuto NFT App Integration is Coming Soon!

Future Fintech Announces Framework Agreement to Acquire Bitcoin Mining Farm

What is a Lite Hash Rate in GPU?

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Bomb Money

Bomb Money

A Tomb finance fork on BSC, with a price pegged to BTC. https://bomb.money

More from Medium

BOMB Shell Monday: BOMB Goes Cross-chain!

BOMBORGHINI

The Second E in S.P.H.E.R.E. stands for Enormous

MidasDAO summary of the last few days

Aleph Finance — The Oneness