USA, October 22, 2020, ZEXPRWIRE, Booba Finance, a fork project of CORE, is set to debut a revolutionary new stablecoin that is pegged to Ethereum. The stablecoin in question, yBOOBA, features a small supply of just 150 and can only be earned by “yield farming” BOOBA tokens. This could potentially become a goldmine for newcomers who stumble across this humble platform.
It’s possible for Booba Finance to peg 1 yBOOBA to 1 ETH due to the mechanics of the BOOBA platform itself. 10% of every successful farming transaction is instantly transferred to the yBOOBA contract which enables each token to remain pegged to Ethereum. While there are only 150 existing yBOOBA tokens, more will be minted or “mined” by the users of the BOOBA platform as more fees are collected by the yBOOBA contract. Since yBOOBA is pegged to Ethereum, they can be traded for one another on a 1:1 basis beginning October 28th.
Since Booba Finance is considered a “meme project” in the world of DeFi, the actuality of BOOBA and it’s capabilities. may not click with investors until far after launch. While this may be a blessing for early investors, a majority of heavy investors may end up missing out on the tremendous early rewards that BOOBA and yBOOBA could provide.
While yBOOBA has a supply of 800, BOOBA has a supply of 40,000 and is extremely deflationary. 35,000 BOOBA tokens are apparently “locked forever” in a Bounce LGE pool which ends on October 24th. If there are any leftover tokens in the Bounce LGE pool, they are lost or “burned” forever which results in a decreased overall supply. We look forward to seeing what BOOBA and yBOOBA have in store for the world of DeFi.