TL;DR
The BABB team is currently working on the ReDeFi project, the main infrastructure alongside all our products. 10 billion BAX will be reserved for the treasury in order to be used for development, validating and staking rewards for BAX network participants . As promised during the BAX swap event, we are informing our community in advance for such allocations. The next BAX issuing for Onchain Money development costs is scheduled for the coming weeks.
The project — what’s coming
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 as a result of the increased token supply. Babb aims to enable L2 chain in the Babb App and begin offering it to Babb App users in early 2025. There will also be L1 and L2 chains for BAX and RED, enabling transition to a decentralised approach in stages (details for BAX staking will be published in a future blog post.
- Staking 🏦
Staking will be enabled for BAX. 6 Billion BAX will be allocated for staking rewards. Further details of BAX staking mechanism will be published in an upcoming blog post.
- On-chain Money (GBP) 🔗
Onchain Money is a tokenised deposit system that mirrors fiat currencies (GBP, EURO, USD) on-chain, providing a seamless bridge between traditional and decentralised finance.
4 Billion BAX will be allocated for the Onchain Money development.
What is the update about BAX allocations? What’s the timeframe?
BABB has set aside 6 billion BAX for Staking and 4 billion BAX for Onchain Money. As stated on earlier posts, this amount 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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