TL;DR
The BABB team continues working on the ReDeFi project, the main infrastructure alongside all our products. As promised during the BAX swap event, we are informing our community in advance for allocation changes. The allocation for Staking is reduced from 6 billion BAX to 3 billion BAX, which will be used to support technical development. The next BAX issuing for Onchain Money development support is scheduled for the coming weeks.
The Project and Products
BAX staking, the L1/L2 chains, the Onchain Money and the rest of our products are all major developments that will benefit from the accelerated process due to the increased token supply. BABB aims to enable the layer-2 chain in the BABB App and begin offering it to Babb App users in early 2025. BAX and RED will be available for staking in their specified blockchains, enabling the transition to a decentralised approach in stages (details for specific products including the bridge, the staking mechanics, etc will be published in a future blog post.)
- Staking 🏦
Staking will be enabled for BAX. 3 Billion BAX will be allocated for staking rewards.
- On-chain Money (GBP) 🔗
Onchain Money is a tokenised deposit system that mirrors fiat currencies (like GBP, EUR, and USD) on-chain, bridging traditional and decentralised finance.
7 Billion BAX will be allocated for the Onchain Money development.
What is the update about BAX allocations?
BABB has previously set aside 6 billion BAX for Staking and 4 billion BAX for Onchain Money development. However recent market conditions increased development costs, and we recalculated our allocations to achieve our milestones
New allocations will be as follows:
7 billion BAX for Onchain Money development
3 billion BAX for Staking
As stated in earlier posts, the amount for development support will be generated in multiple transactions spread over a longer timeframe. The first part will be generated in the coming weeks, meanwhile, the total amount will be minted in the following months.
This will be the final mint of BAX tokens, as we will reach the cap of 100B BAX.
About BABB
BABB is an FCA-registered company based in London, operating in the financial technology industry. The company was founded by Rushd Averroes in 2016 and focuses on decentralized banking systems offering peer-to-peer money and crypto transfer, mobile banking app, money accounts, and L1/L2 chains.
For more information, view the website here: https://getbabb.com
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