They claim the BNBBACK (BNBBACK) token can generate passive income on the Binance Smart Chain blockchain.
In particular, they claim BNBBACK (BNBBACK) holders can earn passive income in the form of a 5% Return on Income (ROI). They claim BNBBACK can send ROI to holders every 12 hours.
The BNBBACK token is a decentralized BEP-20 community-driven token. BEP-20 is a technical token standard that extends ERC-20, the most popular Ethereum token standard, to the Binance Smart Chain. The BEP-20 is a blueprint for tokens that can function on both the Binance Smart Chain and the Ethereum blockchain. Hence, you can think of BEP-20 tokens as BNB versions of other crypto assets.
They claim the BNBBACK will be first Binance token with a passive-income feature hard-coded into the cryptocurrency. The BNBBACK works on a platform that converts 5% of every BNBACK transaction into a “noteworthy Return on Investment (ROI).”
What is the BNBBACK (BNBACK) System?
Hence, they claim every trade auto-generates liquidity for multiple pools by exchanges. They claim BNBACK locks liquidity by locking up 2% of the BNB supply for one year.
The BNBBACK whitepaper claims the token locks liquidity by delivering liquidity pool (LP) with a time-lock smart contract. A smart contract is a digital robot they build into a cryptocurrency to perform a specific task. They claim BNBBACK developers cannot abscond with the liquidity funds because of these features.
The BNBBACK ecosystem contains what they call thrust features. The thrust features include Static BNBBACK Rewards, a token lock, a liquidity lock, marketing and buyback features, the passive income feature, and slippage tolerance.
How BNBBACK rewards holders
Static rewards or reflections reward BNBBACK holders with a 5% ROI. Token lock ensures 2% of the supply is always available. The token lock preserves the token for a certain amount of time. They do not describe how the passive income system works. Although they claim it will pay a 5% ROI.
Slippage tolerance is the amount of price slippage that buyers accept for a trade. They set the slippage tolerance at 9% to 10%. They claim there will be a total supply of one billion, and a hard cap of 500 BNB.
To support the rewards, they charge a 10% tax on all BNBACK transactions. They will contribute 2% of all BNBBACK transactions to a 2% liquidity pool, 5% to BNB rewards, and contribute to 3% marketing and buyback.
They claim the tax will automatically increase and decrease with transaction. They also claim BNBBACK offers liquidity in PancakeSwap V2.
What Value does BNBBACK offer?
There is an enormous interest in BNBBACK. The BNBBACK was CoinMarketCap’s second most trending cryptocurrency on 2 March 2022.
However, Mr. Market gives BNBBACK (BNBBACK) little value with a $0.0006232 Coin Price on 4 March 2022. BNBBACK was CoinMarketCap’s 4,054th largest cryptocurrency on 4 March 2022.
Overall, CoinMarketCap gave BNBBACK a Market Cap of $312,655 a Fully Diluted Market of $623,212, and a 24-Hour Market Volume of $154,217. They based those numbers on a Self-Reported Circulating Supply of 500 million BNBBACK, a Maximum Supply of one billion BNBBACK and a Total Supply one billion BNBBACK.
In contrast, CoinBase gave BNBBACK a $0.00629 Coin Price, a $155,478.89 24 Hour Market Volume, and no Market Cap on 24 March 2022. CoinBase gave BNBBACK an all-time high of 1₵.
I think BNBBACK is a cryptocurrency to avoid until they demonstrate that the passive income is for real. I recommend people avoid BNBBACK because they do not show the token can actually generate passive income. Hence, BNBBACK is a token to watch but not buy.