The cryptocurrency industry has touched almost every industry under the sky, although some have been more accepting of it than others. The likes of gaming, gambling, sports, adult content, and alike, have been among the first to join up and form the strongest connections to it. Interestingly enough, however, so did charities.
After all, the crypto sector is all about decentralization, which revolves around building a community and helping one another instead of relying on institutions to provide services, which is not too far from helping those in need. In fact, the crypto industry has made quite a few efforts to help victims of various catastrophes. Binance Charity, for example, donated major amounts to victims of the Beirut Explosion in August 2020, and let’s not forget about its efforts to help COVID victims before that.
However, despite all that the crypto industry has already managed to collect and donate, many have felt that it still only scratched the surface of what it could do to help those in need. Especially now, when the DeFi sector had emerged, and it became so proficient in creating money in a risk-free way.
Several projects launched with great dedication to this very purpose, including MUNCH, which is one of the fastest-growing charity DeFi projects.
What is MUNCH?
MUNCH is a DeFi project that aims to use transaction fees for helping out various charitable causes. The project did some research, and it found that Visa generated $6.3 billion from transaction fees in 2020 alone, while at the same time, the pandemic did not only ravage the entire world, but it also negatively impacted almost every humanitarian crisis out there.
This revelation caused it to think about how transaction fees could be used to help people in less fortunate circumstances, which is why it came up with a system that charges 10% transaction fee out of every transaction. 5% of the fee goes to various charities, while another 5% is used as rewards for the project’s token holders. That way, the token holders have an incentive to keep the coins in their possession, which increases or at least maintains the value of MUNCH.
MUNCH is actually a quite young project that launched very recently, but its business model also proved to be very efficient, as it already donated $2 million to charities in under a month. This is also the reason why it already earned a place on Binance Smart Chain’s PancakeSwap, where it is currently available for trade.
According to the project’s roadmap, it already completed a number of goals set for Q2 2021, including the listings on CoinGecko and CoinMarketCap, it launched v1 of its website and v2 of the whitepaper, it established marketing, growth and operations strategy, and it worked on growing its social media presence and brand recognition. There were some community contests and giveaways, as well as its first PR with a charity partner.
They just launched a Binance bridge, but studying the roadmap also revealed that the project has plans to launch its own launchpad platform. The idea makes sense, as it will increase the number of transactions in the project’s ecosystem, while also exposing users to new opportunities in the DeFi sector. The platform is expected to launch late in Q3, with some additional work on it expected in Q4 2021.
The platform will also be a very welcome addition to the DeFi sector. While there are already a few platforms that offer Initial DEX Offerings (IDOs) out there, it will serve decentralization well if users and projects had a greater selection of launchpads to pick from. MUNCH does take a big chunk of each transaction, but traders and investors will at least know that their money is helping a good cause, instead of simply making rich enterprise officials even richer.
And, no matter what way you look at it, that money is returning to the people, whether by helping those in need through charities or by ensuring that the token holders are rewarded for their efforts in supporting the project.
One last interesting thing that should be mentioned is that MUNCH recently teamed up with droop-E — the son of rap music mogul, E40. The two have entered into a partnership that will see droop-E include MUNCH into his new futuristic album called 4005. The album is coming out on June 17, and it will ensure greater exposure for the project among the artist’s fans. In addition, the two are also talking about an NFT charity collaboration, which might also be a very interesting development.