Introducing $BABI — the First Governance Token in Binance Smart Chain NFT Ecosystem
Crypto collectibles, stake rewards, community airdrops — all a community needs
During our 2 weeks existence, Babylons started to engage with strong and global communities of artists, collectors, engineers, coders, NFT enthusiasts and blockchain pioneers. We already signed up with over 50 renowned artists as our artist ambassadors from over 30 countries, yet announced only 24 of them which all minted their genesis NFTs on the marketplace. As we are growing as a close-knit community and expanding our reach in the NFT space, Babylons will transform into a fully Decentralized Autonomous Organization (DAO).
$BABI is the governance token of Babylons NFT marketplace. It is a deflationary fungible and digital asset based on BEP-20 protocol on Binance Smart Chain(BSC). Anyone can own the platform partially by utilizing $BABI and vote on future system upgrades and management decisions that will shape the Babylonsian future. Our smart contract based DAO governance model is built to ensure the platforms’ future is shaped according to the will of the Babylonsians. In order to give the decision power to the true users of Babylons but not only the stakeholders, %42.5 of the total supply will be distributed to active buyers and sellers in a period of 250 weeks within our weekly reward program.
TOKENOMICS
HOW CAN YOU GET $BABI
There are 3 ways to get $BABI tokens after TGE and a lot more ways to be utilized.
1)BUYING $BABI
Strategic and private rounds are currently being carried out by Ferrum Advisory Services but there will be a public Initial Decentralized Exchange Offering (IDO) on top tier BSC launchpad platforms in Quarter 2 , 2021! More information on IDO soon. Stay tuned!
2)WEEKLY REWARD MECHANISM
Each week; 331,500 $BABI tokens will be distributed to active users according to their fair share in the weekly total volume. Both buyers and sellers are eligible 50/50. Weekly reward airdrops will be terminated after 250 weeks when all reserved tokens get distributed. Conditions are as following:
We arranged such limitations and planned such conditional activities in order to intercept individuals from accumulating $BABI tokens unjustly due to its early infant stage. But again and of course, these ratios and limitations are subject to the governance committee decisions. However, according to our estimations and calculations these will suffice to keep Babylons fair and just especially in its early stages.
The main goal of this weekly reward mechanism is to distribute the ownership and voting rights to the community members that actively utilizes Babylons for creating, collecting and selling NFTs. Although Babylons is destined for more than what is previously discussed. Let’s have a look at our roadmap to see what more awaits for the Babylonsians in the near future.
3)PARTICIPATE IN VARIOUS COMMUNITY AIRDROPS
We will distribute $BABI tokens to testnet participants and such distribution will take place in various contests, events and even more experimental campaigns. Stay tuned!
Let’s now jump into our tailor-made profit sharing structure that most platforms lack and what we believe is a sine-qua-non especially in the NFT space and within DAO models.
PROFIT SHARING STRUCTURE
Each week’s commissions income, %2 from buyers and sellers, will be distributed for various activities such as rewarding the stakeholders (except the locked tokens), financing business operations, storing for scheduled buyback programs and burning for deflationary mechanics as the following:
This profit sharing structure, which is also subject to the governance committee decision, allows Babylons to be truly community owned further than being only community governed. On the path to being a fully active DAO, we believe that the structure in subject matter is essential for mass adoption and being truly community-driven. Burn and buyback programs also are proven to be both vital and efficient mechanics in cryptocurrency and Decentralized Finance (DeFi) space in opposition of freely printed/minted fiat and also cryptocurrencies.
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Now, let’s summarize the main features of $BABI token to highlight it’s planned use-cases.
- Receiving weekly airdrops in $BABI as part of the genuine reward mechanism
- Voting within the DAO governance model
- Commission paybacks explained in the profit sharing structure
- Systematically burnt within its deflationary design
- Financing the Artist Ambassador Program and Babylonsian Artists’ Fund
- Incentivizing early and late contributions in network growth
- Funding various marketing activities and further project developments
- Providing liquidity for Decentralized Exchange (DEX) listing at the TGE
- Managing tier-based API data usage system (specific article about this use-case will be published in future)
Further cases are absolutely possible and we believe as the DAO governance model kicks in, together with the community, there will be more functions than the core ones listed above.
Join us at https://babylons.io/!
Visit $BABI page at https://app.babylons.io/i/claim/
Follow us on Twitter, Discord, Telegram and Instagram to keep up with the latest platform upgrades and more news being shared everyday about Babylons.
Share the word with your friends!
More info on the future use-cases will be published in a detailed roadmap article.
With love,
Babylons Team
