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If you had invested $200 in this relatively unknown project just 2 months ago, that $200 would now be worth over 10K. In that same time many other cryptos have dropped by over 20 percent. Even the stalwarts like BTC has seen crazy volatility in that time frame. So what is so special about this project that has allowed it to 50X in 2 months???
BYAS launched on Jan. 6th to no fanfare. It was a stealth launch. No VCs. No presale. No airdrops. This was all in line with their vision laid out in their whitepaper where they talk about how they despise all the greed in crypto. BYAS is Balanced Yield Autonomous Savings. It describes itself as a decentralized savings system that pays a yield based on network activity instead of inflation. There’s a 3% fee on buys and sells with 1% of that fee going back to holders. Ho hum…we’ve seen this before. So what is it that’s so unique about BYAS?
The devs did something that no other project in crypto had ever done…Require you to hold a minimum amount of BYAS in order to interact with ANY part of the project. This brings a never introduced before use case to crypto. In the beginning of crypto, you just held it like a stock. It provided no active benefit or yield just by holding it. Then DefI came along and introduced the concept of earning interest on your crypto. That invention was the reason behind the huge growth in the crypto market cap from 2020 to 2022. But generating more tokens just for simply staking them is an inflationary response to a real need. And as such every token that provided single staking opportunities has fallen over the last year.
So what BYAS has done is very simple. If you want to stake, you must hold over 100,000 BYAS in your wallet. This is above and beyond whatever amount you stake. And don’t think you’ll be able to sell immediately after staking. If you try to claim rewards without having that original 100,000 BYAS you had when you entered staking, you won’t be able to claim. But that’s not all.
BYAS says it’s building an entire ecosystem of dapps. All of those dapps will require BYAS. The first dapp that they’ve built is a decentralized stablecoin called DXO. To get DXO you can either buy it on Pancake Swap or you can burn BTC to mint it. This process they invented is called Forging. In order to use the forge you have to hold BYAS. You can probably guess how this has blown up so quickly. As more people stake (APRs are currently above 300%) as more people use the forge, they envision this will drive demand for BYAS.
BYAS is also deflationary
– 1 percent of all transactions are burned. So far almost 50 million tokens have been burned.
– 1 percent of transactions also go to a charitable DAO. So as a BYAS investor, every time there is a transaction, some of that is set aside for charity. Holders will be able to vote on exactly where some of those funds go. Add that to the fact that there is no ongoing Dev fee whatsoever.
So behind this cute piggy is actually one of a kind tech. This could be a type of crypto 3.0 where there is programmability built into the token itself. Staking has seen it’s fair share of exploits and it may be more secure to simply just hold in your wallet. As BYAS continues to build more dapps, it will be interesting to see where the token goes. Inexplicably BYAS is not yet listed on Coinmarketcap but it is on Nomics and Live Coin Watch. Or simply visit the website.
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