Welcome to the Bonfire Whitepaper v2! The whitepaper is an updated version of the original, containing the project's basic description, tokenomics, safety measurements, and long term plans. Bookmark this Whitepaper and come back for live updates!
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Bonfire is a frictionless, yield-generating contract that allows the user to seek shelter amidst the uncertainty of the market. The protocol was launched on April 18th, 2021 through an OTC presale mechanism on Binance Smart Chain (referred to as BSC). The token contract employs a static reward system—10% of every transaction is split into two parts—one part is distributed to holders, while the other 5% is used to fuel the liquidity pool on the PancakeSwap decentralized exchange. The tokens are permanently locked in the LP, effectively reducing the available supply. The token was launched with the idea of creating a community token with a self generating income mechanism for its owner.
The static rewards system is a concept that was pioneered by reflect.finance and popularized by Safemoon. It is a great alternative to the usual high-APY liquidity farms out there because of its unusually sustainable approach. The reward amount is conditional upon the volume of the token in the marketplace, thus alleviating sell pressure put on the token by early investors. In addition to all aforementioned, the mechanism encourages token holders to hold on to their tokens in order to earn taxes from the transactions on the market, which is based upon the percentage specified in the contract and dependent on the total tokens held by the owner.
Unlike other protocols on the market, the contract does not employ a manual burn wallet (meaning the developer does not control a significant portion of tokens that can negatively impact the marketplace) and our community takes great pride in our excellent token distribution:
The date of this image is April 29th 2021. The dead address holds 37.3%. Second biggest wallet owns 6.2%. Third biggest wallet owns 5.8%. Third 1.7%. Fourth 1.5%. Rest hold less than 0.6%. each. Source: BscScan.com
<aside> 💡 Network: Binance Smart Chain (BEP-20) Ticker: BONFIRE Contract address: 0x5e90253fbae4dab78aa351f4e6fed08a64ab5590 Decimals: 9
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<aside> 💡 Total Supply: 1,000,000,000,000,000 BONFIRE Burned Tokens: 372,000,000,000,000+ BONFIRE (37.3% at the time of writing)
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Bonfire employs an automatic liquidity pool algorithm (AutoLP) in its token contract. As mentioned above, the network collects 5% from each transaction, whether the order is a buy or sell and adds it to the LP. This also acts as an arbitrage resistant mechanism that secures a portion of the volume of Bonfire as a reward for the holders. The intended goal is to minimize price movements when large wallets decide to sell their tokens in the future, which when compared to coins without an AutoLP system, leads to a reduction in significant price fluctuations.
Bonfire is designed to be secure. As mentioned above, our token distribution is one of the healthiest ones currently available, with no whales controlling outlandish amounts of the circulating supply. In addition, the Bonfire smart contract has implemented two important security features, aimed at making the token fully autonomous and immune to malicious manipulation. Fraudulent blockchain-based schemes running on BSC are rife, and we take steps to ensure that Bonfire is as far from that space as possible:
LOCKED PANCAKESWAP LIQUIDITY
The liquidity pool tokens for Bonfire are permanently locked in the zero-address, meaning that the developers cannot pull the rug on the market, and the PancakeSwap market will always have liquidity on it. Here is the transaction of the LP burn:
Binance Transaction Hash (Txhash) Details | BscScan
The LP burn transaction was made on April 18th 2021 at 09:25:93 PM +UTC.
OWNERSHIP RENOUNCED
The ownership of the Bonfire smart contract has been passed to the zero-address (0x000000000000000000000000000000000000000), meaning that nobody can change the settings of the contract, since calculating a private key for the zero-address is impossible. Here is the transaction of the renounced ownership:
Binance Transaction Hash (Txhash) Details | BscScan
The ownership renounce transaction was made on April 18th 2021 09:27:27 PM +UTC.
It can be verified by calling the owner() function on the Bonfire smart contract:
Owner — 0x000000000000000000000000000000000000000 address.
In addition to that—Bonfire has been independently audited by Dessert Finance—we are at work to coordinate audits from larger companies (QuantStamp, CertiK, etc.) Inserted below is the link to their announcement tweet and audit. You can also find the audit link on the website at https://bonfiretoken.co.
[The link leads to https://dessertswap.finance/audits/Bonfire BEP-20 Audit 6796444.pdf.](https://twitter.com/DessertSwap/status/1385371943994540032)
The link leads to https://dessertswap.finance/audits/Bonfire BEP-20 Audit 6796444.pdf.
Bonfire differs from the rest of the De-Fi crowd because it has a passionate team working full time to develop a fully-fledged ecosystem of applications surrounding the token. We aim to not only have a financially appealing cryptocurrency asset for short-term traders, but a suitable long term asset for serious long term investors. Bonfire is a yield-generating contract that rewards its holders.
Bonfire belongs to the community and will use its new and restructured team to elevate its status in the De-Fi space, where we intend to reach new, exciting and promising opportunities in markets worldwide. Behind the project is a highly specialized team that dreads the lack of transparency present in other De-Fi coins and is determined to change the status quo with Bonfire. Check out our updated roadmap below, which we will be fulfilling over the remaining year of 2021.