What is Bonfire Crypto?

Published: May 13, 2024 | Last Updated: May 15, 2024

Hudson Kisia

Hudson Kisia has been researching and writing content for ElementalCrypto since 2022. He has been writing about crypto, blockchains, and mining for more than 5 years now.
Bonfire Crypto logo
Bonfire Crypto logo

Bonfire Crypto is a yield-generating contract that leverages the smart contracts mechanism. The native coin for the Bonfire network is the BONFIRE coin.

In this guide, I will walk you through different aspects of Bonfire crypto so that you can better understand what this crypto is all about. These aspects include:

  • Value proposition
  • Tokenomics
  • Market overview
  • How to buy

Value proposition

Bonfire Crypto value proposition
Bonfire Crypto value proposition

What does Bonfire aim to deliver to its stakeholders? We consider this value proposition in four dimensions:

1. What is envisaged

The term “Bonfire” has a significant meaning. By this name, Bonfire figuratively envisages itself as that campfire that glowingly keeps you warm in a cold environment.

Furthermore, by this glow, the campfire keeps you safe by scaring away dangerous marauding predators in the environment. From this simple perspective, two key elements of this vision emerge – safety and security.

Think of the camp as the crypto market, and fire as the market volatility. By this simple analogy, you can imagine who these predators are.

Based on the Bonfire white paper, Bonfire network seeks to provide:

Real utility

The Bonfire Coin is supposed to provide funds for developing various utilities for Bonfire holders. These include:

  • Bonfire App
  • Decentralized Social Media Platform
  • NFT marketplace

Thus, the Bonfire cryptocurrency token is not envisaged to be just a mere Shitcoin but a coin backed by real value. Hence, Bonfire token holders are supposed to hold real value.

Security

This is achieved through:

  • Tamper-proof static rewards system – a system that is embedded in an immutable smart contract.
  • Locked Pancake swap liquidity – the Bonfire crypto assets are locked up in a zero-address liquidity pool making it impossible for developers to pull the rug on the market.
  • Ownership renunciation – the ownership of the Bonfire smart contract is locked up in a zero-address (0x000000000000000000000000000000000000000). Since calculating a private key for zero-address is impossible, no one can tamper with this ownership setting.
  • Regular audits –independently audited by Desert Finance. This ensures the integrity of the network and its crypto assets.

Active global community

An active global community is a prerequisite for a decentralized social media platform. So far, the Bonfire network has an incredible community of hyperactive participants.

Transparency

Transparency cuts across security, ownership, and decentralization domains. This is achieved through:

  • A published roadmap for developing the Bonfire network and its various projects.
  • Clear-cut static rewards system
  • Verifiable and immutable ownership smart contract

2. What has been delivered

Deliverables can only be measured based on the outlined roadmap as enshrined in the Bonfire white paper. A keen review of the latest version of this white paper would indicate that not much has been tangibly delivered.

3. What is yet to be delivered

Similar to finance tokens that work like ICOs, Bonfire Coin was supposed to finance several projects. The major projects include:

  • Decentralized social media – the Bonfire token is supposed to be utilized like other meme tokens such as DOGE and Shiba Inu. As such, it would be the primary token for this social media.
  • Bonfire NFT marketplace – for trading in Bonfire non-fungible tokens.
  • Bonfire App – a mobile app to facilitate any given Bonfire transaction on the go.

The Bonfire tokenomics

Bonfire Coin
Bonfire Coin

To understand the token economics behind the Bonfire cryptocurrency token, we need to factor in the following thee key elements:

1. Token type

The Bonfire cryptocurrency token is a BEP-20 token hosted on the Binance Smart Chain Network. The BEP-20 tokens are simply Binance Smart Chain Tokens.

The BONFIRE token has the following descriptive attributes:

  • Ticker: BONFIRE
  • Contract address: 0x5e90253fbae4dab78aa351f4e6fed08a64ab5590
  • Host network: Binance Smart Chain

2. Token distribution

BONFIRE tokenomics operates in a similar way to SafeMoon and NFTART.finance. As of the time of writing, Bonfire crypto assets are distributed as follows:

  • Initial supply: 1,000 trillion BONFIRE
  • Burned Tokens: 375 trillion BONFIRE

3. Token taxation

Bonfire smart contract charges a 10% transaction fee each time you buy or sell BONFIRE cryptocurrency tokens.

The Bonfire transaction fee is distributed equally, as static rewards, between:

  • Bonfire holders
  • Bonfire liquidity pool

Bonfire market overview

Bonfire Crypto market performance
Bonfire Crypto market performance

Buoyed by early investors and an overboard market campaign, the Bonfire price shot up steeply in its formative period. However, the fire seems to have dampened.

To have a clear picture of the current market situation, let’s consider the following two components:

1. Bonfire price performance

The Bonfire cryptocurrency token has experienced significant price volatility over time. However, this is not an isolated case in the cryptocurrency market. Nonetheless, the major concern is the failure of the Bonfire price to recover from its lost historically high position.

The current price of Bonfire crypto is just a small fraction of its historical high.

2. Bonfire market statistics

The following are the key crypto market statistics of Bonfire Crypto at the time of writing:

  • Maximum supply: 1,000 trillion BONFIRE
  • Total supply: 625 trillion BONFIRE
  • 24-hour trading volume: $46.94 USD price
  • Market Cap (fully diluted): $8.9 million

You can track the latest market performance on the following crypto exchange tracking platforms:

How to buy Bonfire token

Like buying other crypto assets, it is prudent to carry out your own research and exercise due diligence. Most importantly, factor in the deduction below as part of your prudence.

After prudently carrying out a risk-vs-reward analysis, should you decide to buy Bonfire crypto token, the following three buying guides will come in handy:

  1. General buying guide
  2. How to Buy Bonfire Crypto on Trust Wallet
  3. How to Buy Bonfire Crypto on Crypt Wallet

The first buying guide shows you how to buy Bonfire Crypto assets on the crypto exchange.

Just like buying BONFIRE tokens from the Trust crypto wallet, you can also buy Bonfire Crypto assets from the MetaMask wallet. Further, you can also buy from any other valid cryptocurrency wallet with Binance Smart Chain Tokens (BEP-20 tokens) bearing a listing of BONFIRE tokens.

Deduction

The Bonfire team has failed to deliver most of its pledges. As per its White paper, none of the major projects on its roadmap has been delivered. By the time of writing this guide, it is already more than two years behind schedule. This failed delivery of any tangible crypto project is one of the major red flags that should warn would-be investors. Coupled with the poor market performance of the BONFIRE coin, this breeds serious doubts about the future of the Bonfire. Furthermore, limited track records due to the inherent difficulties of tracking the circulating supply of the Bonfire crypto assets on major tracking sites such as CoinMarketCap is another red flag.

While investing in Bonfire crypto may not be much of a concern to short-term investors seeking to make a quick buck, it must draw the concern of long-term investors. This may not be a good investment opportunity for long-term investors seeking long-term profit.

Disclaimer

The deduction herein is my personal opinion and thus should not be construed as professional investment advice. Hence, as a prudent investor, you need to carry out your own research. This will enable you to independently determine whether you should invest in Bonfire crypto or not.

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Hudson Kisia has been researching and writing content for ElementalCrypto since 2022. He has been writing about crypto, blockchains, and mining for more than 5 years now.

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