Here is our final update for the Year 2023!
(Previous updates for 2023 can be found in Telegram https://t.me/Boda_Token or Discord https://discord.gg/XMF4UctSnv)
I have a lot to mention, but I will try to keep it short and simple so it's not too long to read!
Firstly, I want to thank everyone who has continued HODLing and continued to be active on social media during the last year! It's been a rough Bear Market for everyone and I truly appreciate you all sticking through it!
I would also like to welcome the new holders who joined us last week! I honestly don’t know what sparked the sudden influx of new holders, but it was great to see! It gave the chart a nice little push as well which I’m sure everyone loved!
Without those of you who have invested and continued to remain holders, we simply wouldn’t have a BODA Token. Having a strong community in crypto is vital for any project. It’s what keeps projects going for the long term!
Now for the important updates, I need to provide all of you.
Changing rewards from BUSD to USDT
As many of you know, BUSD is slowly being phased out by Binance.
Paxos Trust Company is the firm that manages BUSD funding. They have officially stated that they have funds to continue backing BUSD at a 1:1 ratio to USD until Feb 2024. Paxos stopped minting new BUSD when they made this announcement.
Since then, Binance has decided to add FDUSD (First Digital USD) to their exchange, a stablecoin managed by a firm in Hong Kong called First Digital Limited. Binance has decided to delist BUSD trading pairs and replace them with FDUSD.
BUSD will continue to be accepted by Binance to be swapped 1:1 to FDUSD on user accounts. There is no end date as of yet for when Binance will stop accepting BUSD deposits.
See Full Announcement from Binance about BUSD support here — https://www.binance.com/en/support/announcement/notice-regarding-the-removal-of-busd-and-conversion-of-busd-to-fdusd-1c98ce7bb464422dbbaeda7066ae445b
As more and more people become nervous about BUSD, it's understandable that many people would prefer a different option.
I have decided to make the switch from BUSD Rewards to USDT Rewards.
Many Exchanges and Off-Ramps can accept USDT-BEP20 which makes it an easy choice. USDT-BEP20, like any other BNBChain token, can be swapped for any other token on the BNBChain.
Here is how I plan to make the changes from BUSD to USDT Rewards;
Plan A —
Our smart contract does allow us to change the token address from BUSD to USDT. Sounds simple enough right? But nothing in development, especially in crypto, is guaranteed to work perfectly.
In theory, we should just be able to change the token address in the smart contract and update the dividend distributor smart contract. A few other steps are involved but that’s the basic jist of it. We don’t have any way of testing this however because we are already live and active. So we can only find out if it works when we make the changes.
For that reason, we will make the changes in Jan 2024.
The reason for this is that our main LP is locked until Jan 2024.
If the worst-case scenario occurs and the token contract happens to break after we change the reward token address, we would then have to act on Plan B.
In the best-case scenario, it all works fine and we relock the LP for another 12 months.
Plan B (Last Resort Only!) —
In the event that the update in Jan 2024 happens to break the token smart contract, we will have to relaunch a new contract and move the LP to the relaunched token. This is so everyone who gets the relaunched token will have the exact same value.
This is a last resort scenario and we are fairly certain that Plan A will work without any problems, but it’s always good to have a backup plan!
In the meantime, BUSD is still being accepted by Binance and can still be traded on the BNBChain. I do not foresee any issues with BUSD between now and January.
Please be mindful of any scammers trying to promote airdrops or token migrations! Especially after this update, we may see scammers trying to take advantage of future changes!
BodaSwap Upgrade Progress
I know that I had said that we were hoping to have the new BodaSwap website and upgraded features done by the end of this year. I apologize for not reaching this target. I won’t bore you with the hiccups we have been facing but have still been working on it.
There are a lot of useful and worthwhile features on the new BodaSwap upgrade that will make us stand out more from other swaps like Pancakeswap. These upgrades include referral functions to refer new users to BodaSwap, and we have recently started working on adding A.I feature to assist users in chart analysis, token information, helpful trading tips, and so on.
I don’t want to just push out a revamped BodaSwap Website with nothing new added. I think that wouldn’t bring new people to visit our website and use the swap if we just rushed out a small upgrade. But I will make it worth the wait!
Token Burn
As many of you may already know, this year I decided to change our weekly Token Burning to a Mini-Buyback and Burn with $50 USD from my pocket being used each week.
A “Token Burn” is when you can never retrieve those tokens, usually done by sending tokens to the Null Address, sometimes referred to as the ‘Dead Wallet’. Token Burning helps to reduce the overall circulating supply, which lowers the number of available tokens that can be bought or sold and aims at increasing long-term value.
You can view the current circulating supply data on the BODA Token Dashboard here — https://www.bodatoken.app/dashboard
We have been collecting all of the trading tax that ends up in our fee-collecting wallet, commonly referred to as the ‘Marketing Wallet’, and holding those tokens for a Mega Burn which I was planning to do with the launch of the new BodaSwap Upgrade. However, since we’re a bit behind on the upgrade I would like to do a partial Mega Burn this month.
It is important to note that Burning Tokens does not create any immediate price action on the chart because we are not buying those tokens. It will however reduce the overall circulating supply and help increase prices in the long term.
Our Marketing Wallet currently has 48,462,069,921,739 BODAV2 tokens in the wallet, which is approx. 4.84% of total supply. This is a very large amount to have in a single wallet and can potentially put off people from wanting to invest in a token with such a large wallet.
I am going to send half of the tokens in that wallet to the Null Address, which should be 24,231,034,960,869 BODAV2 Tokens. This will reduce the circulating supply by 2.42%!
A.I Development
As we started to play around with the A.I the development on the new BodaSwap upgrades we had a look at the A.I Chat bots and we started working on two different A.I Chat Bots.
The first A.I Bot we are still working on is our Crypto A.I Bot. We are designing it to be able to produce technical analysis, fundamental analysis, chart monitoring, future price predictions, and many more features that Market Traders use on a daily basis. This can also be helpful for new traders as you can simply ask questions to the bot for information and education.
The second A.I Bot we made purely for fun, but I believe it has value and its a great way for people to stay active in chat groups and have a good time!
This A.I Bot is called Fairdinkum A.I. It is an Australian-themed A.I Bot that we feel we have infused a bit of Steve Irwin, Crocodile Dundee, and perhaps a bit of my personality in there.
Fairdinkum A.I will be available in Telegram and Discord. We will release the bot when this announcement has been posted. Apart from just having fun, there is actually a purpose for this chat bot. We need to monitor and test this A.I bot to better prep our Crypto A.I Bot. We need to monitor how many api calls are being made and how much stress the A.I inputs can handle. The A.I will also learn over time with questions you ask it, so that’s a neat bonus!
I do have a plan to monetize both the Crypto A.I Bot and Fairdinkum A.I bot. At the moment we could offer a service for people to add the Fairdinkum bot to their group chat or we can offer a custom A.I Bot build service. I would plan to use the profits made from the A.I Bots to continue doing the BuyBack & Burns of BODAV2 Tokens.
If you are interested in having an A.I Chat Bot please feel free to send me a message!
For now, I highly encourage everyone to test out Fairdinkum A.I and give it a go run-through!
Here are the commands to interact with Fairdinkum A.I
For Telegram — Type /ask followed by your question in the main chat.
Example; /ask what is the price of Bitcoin?
For Discord — Type /ask, then see the prompt for Fairdinkum A.I above your chat bar, press on the prompt, and you should see in your chat bar, /ask[prompt]
Enter your question inside the prompt section.
Example; /ask[prompt what is the price of Bitcoin?]
We will add new features to the Fairdinkum A.I Bot as we go along, such as the reply question function and A.I Image Generation requests.
For now, you will need to use the /ask command.
If you have gotten this far, I thank you for taking the time to read through the updates and information!
Finally, I want to remind everyone of our Official Social Media accounts because there have been scammers making fake accounts again recently.
All of our Official Links can be found in one place on Linktree — https://linktr.ee/bodatoken
Please always double-check the username and/or link to chat rooms, social media pages, and people who try to Direct Message you!
Ok, that’s it for updates from me!
As we are heading to the Christmas & New Year period, I hope you all spend time with your loved ones and stay safe!
I am always incredibly grateful that you are still here on this journey with me and every other holder in our community! Let’s make 2024 a good year!
Thank you!
Billy
