BurnIt Token (BURNIT)

[BurnIT]

Few answers about SmartDefi.
Last week we got a detailed question about the details of the SmartDefi ecosystem in our Telegram chat. I am sending the answer here because I think that these are also some of the questions that iHUB investors my ask themselves and they might be interested in the answers:

"Hi. No worries. Crypto never sleeps, as we say...

Yes well, Satoshi era crypto is new, but crypto is not new, seeing that it has history many thousands of years old. "

1. ...why is SmartDefi "smart" though, seeing that all we've seen up to this point is just DeFi, and nothing "smart" word attached?

SmartDefi is “brand name” of tokens, ecosystem created thru FegEx SmartDefi deployer. It is called smart because each token created using SmartDeFi™ Deployer contains the exchange, lending protocol, and asset-backed store of value inside the smart contract, creating a safer and more reliable token. Tokens created that way provide all investors with peace of mind with creating of a safer and more reliable token.

2. For what it's worth, well, I started this advanced and comprehensive cryptolexicography research project this year 3rd January on the bitcoin 13 year birthday anniversary to address these questions you raised and more. I'm actively looking for research grants. The aim is to define 52,000 crypto terms, and advance the cryptoeconosphere embryonic vocabulary discourse growth and development with a clean thesaurus. I've approached a number of cryptofolks (including the self-acclaimed Satoshi Nakamoto Craig Wright) for the crypto lexicon research grant assistance, but no response whatsoever yet.

This is really great, if you need any help with terms and techniques within the SmartDefi ecosystem feel free to contact me at any time on Telegram: @burnitallSD

3. Back to your salient datapoints raised, I have questions...what is the place of AMM in all of these though?

AMM is still here but inside token contract itself. Imagine each SmartDefi token as its own exchange because it holds liqudity and trading protocol inside contract itself

4. Why'd you think nobody in the future would "be able to copy" SmartDefi?...if I read that well, is that a marketing statement?

No, it's not a marketing statement, I really mean it. In general, there are not many blockchain developers in the world, especially those who deeply understand the way technology works, who are innovative and imaginative and at the same time able to program their ideas and then turn them into a finished product. If you study the Crypto world a little better, there is not much progress and innovation in the technology itself, it all comes down to derivatives of already existing smart contracts. Currently, all exchanges are a derivative of Uniswap, most tokens are copies of some previous tokens only with various options and explanations that are already a bit outdated and in some way centralized. The FegEx and SmartDefi ecosystem is a complete innovation built completely from scratch, that is hard to even copy.

5. How/why is it "liquidity forever locked in the very smartcontract of the token,"?...

How i dont know, this anwser i think only FegRox knows. On the other hand, my opinion of Why i have wrote in this iHUB post , here is copy/paste: Liquidity locked forever inside contract. In order to be able to trade crypto in a decentralized way, there must be liquidity, the "bag" in which the requested token is and the base token against which it is traded. The downside is that there must be a exchange-DEX that will host that liquidity pool and person/s willing to provide that liquidity. With such a setup, unfortunately, we are returning to the "centralized sphere", the exchange-DEX can close, it can block the trade of a certain token, it can block access to individuals depending on the location (for etc lastly from March 9 Pancakeswap blocked Iran people from trading), or the liquditiy provider can simply decide to take his liquidity for some reason like move to another token or to simply cash out. It’s still much more advanced than the CEX exchange but it still has those few flaws. Now the great innovation of SmartDefi tokens, unique in the world and the first of its kind (I doubt that in the near future anyone will be able to copy this technology) is liquidity forever locked in the very smartcontract of the token, you can even check the status directly on the BSCscan where the quantity of funds saved in the smartcontract can be seen like on some wallet: BurnIt BSC scan. What does it bring us in everyday life? Now the owners of the exchange and liquidity pool are the direct owners of the token and no one can ever delist the token, no one can block the trade nor can anyone withdraw liquidity. Technically, we don't even need a exchange anymore, you can trade SmartDefi token directly by interacting with the contract, such as through this Widget . It's an incredibly powerful technological advancement and now as long as Blockchain exists, nobody can never stop you in the trade.

6. What's the BSCScan SmartDefi contract address for me to check "the quantity of funds"?

You can check in on our BurnIt contract: or for instance on Rox token contract which now have 5600 bnb inside. For Ether side you can see Eth version of Rox holding 426 Eth inside.

7. Why are "the owners of the exchange and liquidity pool" "the direct owners of the token"?...what about the investors?

As liquidity of token is held inside token smartcontract and it is by itself small exchange by owning some of that tokens you are basicly owner of a part of that small “exchange” .

8. Why'd you say "Technically we don't even need a exchange anymore", seeing that these DEXes are basically smart contract protocols?

Because on SmartDefi you dont need external exchange to provide you trade service with their smartcontract and liquidity. You now have trade smartcontract and liquidity inside token you hold, you just need to interact with blockchain, for example via this trade widged we put on our Github repository, you can simply go there and buy-sell your tokens: https://burnitsd.github.io/burnit.github.io/ or on our website: https://burnitsd.com

9. I "can trade SmartDefi token directly by interacting with the contract, such as through" which "Widget ."?

Our widget you can see in anwser 8. But most of SD projects have their own widget on their website, you can check few of them:
https://divvysd.com

https://smartinutoken.com

https://degen-traders.com

https://mesk.io/swap/


10. Is "Self-generating automatic liquidity" the same as AMM liquidity activities?

"Self-generating automatic liquidity" explanation i have wrote also in this iHUB post so here is copy/paste: This refers to the SRPF tax (Smart Rising Price Floor), another innovation of SmartDefi. As the liquidity of the token is now directly locked in the token, it is more difficult to ensure high initial liquidity, but in this way liquidity is built through trade and volume alone. When selling a SmartDefi token, a percentage of the sales value is added to the liquidity. For example, with BurnIt we have 5% (maximum possible value) and that 5% of sales is added to the liquidity itself. As the volume grows, so does the liquidity of the token. As this is a constant process, try to imagining the liquidity of BurnIt token in a few years after a total of hundreds of millions of dollars are totally traded, in the future I am sure SmartDefi tokens will have the highest liquidity pools in the entire crypto world. Also additional liquidity of SmartDefi tokens is in fBNB which itself collects reflections from all trades, mind blowing!

11. What is "(Smart Rising Price Floor),"?...

See anwser 10.

12. Why the need to add "a percentage of the sales value" of "SmartDefi token" "to the liquidity pool, "When selling a SmartDefi token,"?

No need for it, each project can decide do they want to use SRPF tax on sell orders and they can change it any time later. It benefits long term holders by building bigger liquidity which in exchange gives you bigger value, stability and smaller price impact on trading. To understand how it works lets imagine we have token A that has started trading with 100 Token A in liquidity and 100 fBNB. SRPF tax is set to 5% and no other taxes or fees aplie. If you buy 1 Token A now in liquidity you have 99 Token A and 101 fBNB with price per token of 1.02 fBNB. Now by immediately selling that 1 Token A you should get back 1.02 fBNB but price impact lowers that to 1 fBNB and SRPF tax takes away 5% or 0.05 fBNB and give it to liquidity. By selling you will recive 0.95 fBNB. Now you have in liquidity 100 Token A but 100.05 fBNB. So you see in time and with higher volume this tax can build up liquidity pool pretty fast ( On 1 million dollar total sell volume with SRPF set to 5%, token will additionally receive $ 50k directly in liquidity)

13. What is the difference between the "BurnIt token" and the "SmartDefi token"?

BurnIt is SmartDefi token. All tokens that are deployed thru SmartDefi Deployer are SmartDefi tokens

14. Isn't that a quite bold statement that in the future "SmartDefi tokens will have the highest liquidity pools in the crypto world."? Aha. I've got mad love for bold ambitions though.

That is very likely and I believe it will happen. If you understand answer 10 and answer 12 you can see that the liquidity of the SmartDefi tokens is automatically filled from the sell volume itself. As time passes and as the volume of trade increases, so does the liquidity pool of SmartDefi token constantly and non-stop raise.

15. What's it mean that "fBNB" "collects reflections from all trades,"?... What's "fBNB"?

Another benefit of FegEx is all trading takes place through fBNB and all SmartDefi tokens liquidity is tied to fBNB. fBNB is Feg wraped BNB which in short gives reflections abilty to BNB so by having fBNB as token liquidity it also recives reflections from all trades on FegEx.

16. What asset backs "SmartDefi tokens"?...is "SmartDefi token" a stablecoin/stable token?... Backed by fiat or other cryptoassets?...

SmartDefi tokens is backed by fBNB or fETH, depends on which blockchain it is deployed. It is a big advantage of SmartDefi tokens. It provides a guaranteed value of the SmartDefi token expressed as a Baseline price. A percentage of each trade is taxed (Buy and Sell orders) and this amount is also placed in the smartcontract itself and serves as the "savings" of all token owners. This amount of value in Asset Backing is shared between all tokens in the circulating supply and it is possible to exchange your tokens at any time for the value collected in Asset Backing or you can take a loan by puting your tokens as collateral which enables you to get additional funds without the need of selling your tokens. What does it bring us in everyday life? As the value in Asset Backing depends on the total volume traded so the Baseline value itself grows forever, whether the token is sold or bought (Again as Asset Backing is in fBNB even if there is no trade it continues to grow due to fBNB reflections). This means that your every current purchase of SmartDefi tokens will then come to a point where it is in a guaranteed plus, it will hapen when the Baseline price surpass the current market price, it is mathematically certain, it is only a question of when based on daily trade volume. BurnIt additionally takes this to extremes, as Asset Backing is divided only between tokens in the circulating supply and by such a drastic token burning and a reduction in supply itself Baseline price grows much faster than it should normally ensuring that every current owner comes to a guaranteed profit as quickly as possible. (For example if in Asset Backing is 1000bnb and the total circulating supply of some token is 1000tokens then the Baseline price per token is 1bnb. If we burn 500 tokens and AssetBacking stays the same then the Baseline token price is now 2bnb) Let's say in an account when BurnIt exceeds the total traded value of $ 100 million in the AssetBacking pool will be saved $ 5 million, if we reduce the circulating supply by then to 500,000 BurnIt tokens then we get Baseline price per token of $ 10. So for all current purchases to be in the guaranteed plus we only need about $ 10 million in total trade volume. Imagine the market price of a token when its guaranteed price will be $ 10

17. Lastly, but not least most definitely, where's the SmartDefi project webpage so that I can learn more about this superexciting project of yours?

You can research more about SmartDefi and FegEx here:
https://smartdefi.com
https://fegcentral.com
https://fegtoken.com
https://fegtoken.com https://fegrox.com

Also check few articles:
Yahoo Finance
Global News Wire
Bsc News

To research more about SmartDefi projects visit:

https://beta.fegex.com/charts/details/bsc/0x33b47aC2418477E45558d8c1ae612e06a04815CF

https://sdtokens.com

https://divvysd.com/dashboard/#/

https://www.bigpump.space/p/ocean.html?m=1

https://smartdefi.trade/