Myōbu, a project that launched in early June, recently announced that it held its first official token burn. The project launched a trustless buyback contract, allowing anyone to make an offering. The event was very successful, and the project congratulated its community for its participation, with a fun little twist.
What is Myōbu?
As mentioned, Myōbu is a young project that only launched about a month ago, with a great focus on security and price stability. To make matters clear — this is not a stablecoin. However, the project included a number of mechanisms to prevent sell-offs and price manipulation.
Its name, Myōbu, comes from celestial foxes, honored for thousands of years at shrines to Inari, the Japanese god of the harvest. These celestial foxes are tied to positivity, fun, generous behavior, hope and alike, and that is what the project aspires to be in the eyes of its community.
As for its security measures, it introduced them because many small projects tend to suffer greatly very early in their lifetime, after the whales get involved, buy massive amounts of coins, and then sell them when their price goes up. This even happens with larger projects. One such case is XRP, whose own executives were accused of manipulating the market multiple times.
To prevent that from happening, Myōbu only allows users to sell enough coins so that the maximum price impact would be only 2.9%. It also introduced cooldown periods that grow after each consecutive sale, and even a tax that sellers have to pay, which also grows with consecutive sales.
Plus, there is also a mechanism that revolves around an additional 5-10% fee that sellers need to pay on top of everything else, while the money is then given to loyal HODLers as a reward for keeping their coins. Lastly, the project also has something called the Fox Hole Fund, which is a fund used for conducting various events to reward participants, such as lotteries, competitions and alike.
Myōbu Token Burn and a Fun Event that Follows
While a large amount of projects' efforts revolve around preserving the coin’s value and preventing it from dropping — Myōbu has nothing against price increases. To that extent, it also plans to conduct token buybacks and burns, which it calls ‘shrine offerings,’ in regards to the spiritual nature behind the name Myōbu.
Naturally, token buybacks and burns are done in order to increase the scarcity of the coins and boost their price. But, since Myōbu can’t be transferred between wallets, the only way to burn them is to fill a new contract with ETH offerings and instruct the Uniswap router to swap its balance for Myōbu tokens, which are sent to the burn address.
The first official shrine offering was just held hours ago, early on July 2. The project announced that it launched its buyback contract, which is trustless, meaning that anyone can offer ETH to the shrine. At the time of writing, the first official shrine offering has already been made, and now, the project announced ‘having a raffle’ in order to celebrate.
The celebration was announced at the same time as the launch of the buyback contract, and in order to become participants, users needed to send a minimum of 0.05 ETH to the contract, and qualify for 0.5 ETH win. The winner will be known this Sunday, July 4.
Given the fact that it is still less than a month old, the project has quite a following, with only its Twitter account being followed by over 4,000 people, and counting. Given the community’s quick reaction to the event, it appears that Myōbu enjoys popularity among the community members, and so far, it appears to be advancing nicely.