Tokenomics

DefiBids token (BID) is built on Ethereum’s blockchain technology as an ERC20. The required quantities will be sold during a particular period, and then all unsold currencies will be burned to maintain the market value.

BIDs are designed only for staking. Anyone with an Ethereum wallet can send, receive and store BIDs. All transactions are executed based on the Ethereum smart contract and the ERC-20 protocol. The smart contract ensures that all transactions are not prone to error and the system runs appropriately. The DefiBids team is committed to creating a global platform for online money with stability.

DefiBids will launch a promising Initial Coin Offering (ICO) campaign. BIDs will be issued during the ICO to fund its development and expand the platform’s functionalities and features. Participants will be incentivized to buy, hold, and utilize BIDs to grow the online community and the DefiBids network.

The DefiBids (BID) smart contracts and auction protocols may appear complex, but the underlying concepts driving the BIDs are relatively simple. Here is a brief overview of the PHASE 1 tokenomics. A 2% fee is applicable on all BID transactions (selling, staking, un-staking, reinvesting, and withdrawing). 1% of the fee goes to the staking rewards pool, while the remaining 1% is burned forever.