BGV erupts the DeFi universe, becoming the new darling
of the crypto industry
YFI is the first 1000x coin in 2020. It is another encrypted token whose price has exceeded US$10,000 after Bitcoin. YFI has a similar issuance method to Bitcoin and is also known as Bitcoin in the DeFi world.
YFI was unknown at the beginning, it took YFI only 43 days from worthless to a soaring token. The price soared more than a thousand times, like a legend.
The BGV shares the similarities with the development of YFI. It has been regarded as a big dark horse this year, with the title of 1000x coin and also known as the “little YFI”.
BGV is a new token launched by Baccarat, a DeFi liquidity mining project created by the NGK Spirit Stone team from the Silicon Valley. The BGV is the first mining bonus in the Baccarat project, while Baccarat is a decentralized transaction protocol based on the NGK blockchain. Any individual or user can use this protocol after installed the decentralized wallet. Without the cost of trust, the market maker provides two equivalent tokens at the current price, and the trader performs quick exchange through the reserve pool. This is a timely transaction. The handling fee generated will become a return to the liquidity provider.
At the beginning of the BGV’s development, the team realized that most of the DeFi lending platforms on the market have interest rate spreads. For example, the deposit of USST to Compound may have 5% of revenue, while the Curve has 7%. How to maximize your income and realize the automatic switching? The smart contracts can solve this problem, as long as the user puts funds into the liquidity pool, combines with the smart contract, and uses the handling fee and the liquidity mining certificate to obtain a super high annual return rate.
At the beginning of its establishment, BGV did not attract much attention until it was listed on the AOFEX in early December. The token price soared by a thousand times on the day it launched. Within a few days, the return on investment exceeded 170,000%, and the highest price reached nearly US$6,000, a nearly 2,000-fold of increase compared to the opening price of US$0.5. Thus, it became a hit within 48-hour since it went online.
Like YFI, the number of BGV token is very limited, only 60,000 units. There is no team share, no pre-mining, and no public offering, even the founder himself has no token rewards. Thus, the revenues are all produced by mining. It has 50,000 units of mining output, with only 1,500 units are released daily, and the other 10,000 units are used as airdrop rewards to the active miners/users.
Due to the scarcity of BGV, the sooner you enter the liquidity mining, the more BGV tokens you will get. The BGV token has attracted the attention of the top exchanges with its skyrocket value. Soon, the BGV will be connected to the major top exchanges and become the darling of the market.
In the crypto market, the higher the degree of decentralization, the easier it is to be sought after. Bitcoin and Bitcoin Cash are the typical examples. The Bitcoin’s community consensus cannot be replicated regardless of bifurcation. This is because the Bitcoin’s market value has long been in the first place. The BGV is similar. It is a completely decentralized token as the distribution of BGV is generated through mining since the beginning. Starting from the distribution of 60,000 BGV tokens, its governance is completely handed over to the community.
The success of BGV is both inevitable and accidental. The contingency of BGV is not copyable. As a revenue aggregator of DeFi, it is inevitable to attract users and become popular when the market lacks corresponding products. On the other hand, the innovative token mechanism also adds many highlights to this project.
The price of BGV will continue to rise as more and more people recognize its value.