Introducing the Banketh Protocol
Banketh is a community inspired, DeFi social experiment where holders of the $Banketh token are rewarded with Ethereum.
The Ethereum network already facilitates countless projects with real world applications, further fostering innovation and adoption. Ethereum is undergoing a few significant network upgrades that aim to solve scalability issues. Because of this, we believe that Ether is significantly undervalued, so it made sense to us for Banketh holders to be rewarded with Ether reflections.
We have an ambitious yet realistic technological roadmap for our project. Some of our core features are already complete and fully functional. Users will be able to access and benefit from these core features immediately from launch. These include an integrative dashboard dApp that connects the user to the Banketh Vault; But more on that later.
So what features can we expect on the road ahead?
The 2020/21 financial year has been quite the rollercoaster in the broader blockchain/crypto space. Most people in crypto people are at least familiar with the basic concept of DeFi but many may not have a heap of first-hand experience, other than interacting with a few DEX’s (Decentralised Exchanges) — or simply trading in native tokens for larger DeFi projects.
The primary objective of Banketh is simple and that is to earn as much Eth as possible in the Banketh Vault. One of our technological strategies to achieve this is through connecting users to existing Ethereum DeFi products using our dApp as a bridge. It is our goal, in the future to offer interest earning DeFi options to Banketh holders by leveraging established lending platforms — to earn more on their Ether reflected into the Vault. Sound interesting?
What Features do we have now?
Dashboard Vault dApp
The Banketh accumulates 10% of all transactions and puts them into the Banketh Vault. The user and holder of Banketh tokens can connect their wallet to the dashboard Vault dApp and see what portion of reflections their wallet is entitled to. The share of the tokens in the vault dashboard is proportional to the amount of Banketh tokens a user is holding.
Claiming &/or Re-investing
Holders of Banketh with entitlements to Eth reflected in the Vault can claim their Ethereum at any time. The user need only interact with the dashboard and claim, and their Eth will appear in their connected wallet. Users have the unique opportunity to use their Eth in the Banketh Vault to re-invest into acquiring more Banketh tokens at a 10% discount if they wish to do so. This is an exclusive option only available to be acquired with Eth reflected and claimed by Banketh holders. There is a built-in provision designed to protect users choosing to use the re-invest from front-running Bots.
Users should also keep in mind the fluctuations in the gas price to pick an ideal time to claim as all interactions with the Ethereum network incur a variable gas fee to facilitate an action.
Unique Anti-Dump ‘Time locked wallet mechanism’
Everyone loves is when the value of their tokens are going up but no-one is pleased to see sudden seemingly inexplicable, volatile crashes. The cryptocurrency markets are indeed volatile in nature — however these dramatic swings in prices could be attributed to large whale investors manipulating the markets with their huge buying and selling power. Keen investor or would be whales still can still purchase Banketh, however they may not be able to dispose of their tokens as aggressively as they acquired them. This is because All sales are limited to an aggregate summation of ≤ 0.2% of the total supply per wallet, every 24 hours. This is designed to hopefully mitigate volatility, limit large volume swing trading, and whale manipulation. This feature would prevent a massive wallet holder from selling the max 0.2% and then attempt to transfer the remaining funds into a new wallet to try and repeat their intended sale. The token in the wallet would remain locked for the 24 hours and after this time they are free to dispose of up to 0.2% of the total supply. Whilst tokens are locked a user can still claim their reflections or re-invest if they choose to do so.
The Experiment
Our community is excited to see what can be achieved with this project and it will be very interesting to see how this different approach to accessing DeFi will be received and utilised by the wider crypto community. We do not consider this to be some pointless meme coin that have all gotten used to seeing in the last few months (Some have performed really well which is baffling) Come join our social experiment by joining our telegram family and be a part of shaping how this project evolves. Let’s Maketh some Banketh!
