What is Bored Apes XRP Club (Baynana)?
Baynana is the designated utility token of the Bored Apes XRPL ecosystem, with a capped total supply of 21 million tokens. It is central to the ecosystem’s operations, enabling token holders to earn yield by staking tokens in the Baynana Bank, receive daily airdrops by holding BAY NFTs, and participate in various ecosystem activities such as buying additional NFTs, participating in games, and engaging in governance voting. While it has multiple use cases within its digital environment, Baynana is not considered an investment vehicle and does not hold economic value outside of its intended virtual setting.
Who Are the Founders of Based Labs?
The founders of the Based Labs formerly known as Bored Apes XRP Club are not publicly known individuals. The project was initiated by an anonymous persona known as BoredApesXRP in the XRPL community. The use of pseudonyms or anonymity is quite common in the cryptocurrency and blockchain space, allowing creators to maintain privacy while fostering a focus on the project’s technology and community rather than on individual identities.
What Makes BAYNANA Unique?
Baynana stands out in the cryptocurrency space due to several unique attributes related to its integration within the Bored Apes XRPL ecosystem:
Ecosystem Integration: Baynana is not just a standalone token but is deeply integrated into the Bored Apes XRPL ecosystem. It is designed to be used for a variety of activities within the community, including purchasing NFTs, participating in games, and engaging in governance.
Yield-Generating Mechanism: By staking Baynana tokens in the Baynana Bank, users can earn a daily yield, which is a distinctive feature that encourages both savings and active participation within the ecosystem.
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Airdrop Rewards for NFT Holders:** Baynana provides an incentive mechanism for holding BAY NFTs by offering daily airdrops to NFT holders, fostering a loyal and engaged community.
Capped Supply with Burning Events: With a total capped supply and mechanisms like burning events that reduce the total supply, Baynana has a deflationary aspect that can be attractive to users within the ecosystem.
Community-Centric Development: The project's development is influenced by its community through governance voting, where token holders have a say in the direction of the ecosystem’s evolution.
Anonymity of Founders: The anonymity of the founders (known as BoredApesXRP) adds a layer of privacy and intrigue, which can sometimes create a more decentralized perception of the project.
Flexible Staking Options: The flexibility in staking with no minimum amount and no lockup period provides users with a user-friendly experience and greater control over their assets.
These factors, coupled with its specific use within a popular and growing XRPL-based platform, make Baynana a unique offering in the realm of utility tokens associated with NFT projects.
Rebrand
On November 5, 2023, the Bored Apes XRP Club took a significant leap forward by rebranding as Based Labs. This move not only signifies the expansion of their NFT portfolio—which now includes the original Bored Apes, along with the newly introduced Hogs and Baysed Birds—but also teases a mysterious fourth collection that's yet to be named. The rebrand to Based Labs reflects the project's evolution and ambition to drive innovation and engagement in the XRPL NFT community, building on the legacy that the Bored Apes XRP Club established.
What purpose does Based Labs (Baynana) serve?
Baynana token is an integral utility token within the Bored Apes XRPL ecosystem, serving multiple roles to enhance value and utility for its holders. It functions as the native currency for transactions, NFT purchases, and in-game activities. Holders can stake their Baynana tokens to earn yields, which promotes engagement and investment within the platform. As a reward mechanism, the token is airdropped to NFT holders, and it also serves as a governance token, granting voting rights on pivotal ecosystem decisions. Additionally, Baynana tokens have been redeemable for Bored Apes XRP Club NFTs, with a notable redemption rate of 2000 Baynana per Bay, aligning with the token's deflationary strategy through burns and a fixed total supply to potentially raise its scarcity and value over time.
Baynana Tokenomics
The tokenomics of the Baynana token are structured to support its role within the Bored Apes XRPL ecosystem with a focus on creating value for its holders and maintaining a sustainable economy. Here's a breakdown of its tokenomics:
Total Supply: The maximum supply of Baynana tokens is capped at 21 million, which creates scarcity and could potentially increase the token's value as the ecosystem grows.
Distribution: Out of the total supply, 18 million Baynana tokens are allocated for distribution to the holders of xApes NFTs over a period of five years. This long-term distribution plan is designed to reward early and long-term holders, encouraging a stable and engaged community.
Liquidity: 1 million Baynana tokens are reserved for liquidity purposes, ensuring that there is enough supply in circulation to facilitate trades and maintain market stability.
Reserved Funds: 2 million Baynana tokens are locked in the Baynana vault. These funds are earmarked for events, giveaways to NFT holders, marketing initiatives, compensating ambassadors, and for future exchange listings. This reserve acts as a strategic fund to promote the ecosystem and foster its growth.
Yield and Rewards: Baynana token holders can earn yield by staking their tokens in the Baynana Bank, with an APY that adjusts over time. In addition, the ecosystem rewards NFT holders with a 1:1 ratio of Baynana tokens daily, distributed weekly, to incentivize holding and community participation.
Deflationary Events: The token supply can be reduced through burning events, as seen in the past with a reduction from the initial max supply to a lower figure, adding a deflationary mechanism to the token's economy.
Utility and Governance: Baynana tokens are used for various activities within the ecosystem, such as buying NFTs, playing games, and participating in governance votes, which gives them intrinsic value within the Bored Apes XRPL platform.
This tokenomic structure is designed to balance the circulation supply with ongoing demand, support the ecosystem's growth, and reward its participants, thereby ensuring the longevity and vibrancy of the Bored Apes XRPL community.
Related Pages:
Read more about: Based Labs
Learn more about: Based Labs Ecosystem.
Visit: Based Labs Vision.
Where Can You Buy Baynana?
Baynana is a token trading on the XRP ledger DEX, the most straight forward way to acquire Baynana tokens would be to purchase them through XRPL DEX.
How to stay tuned for further updates?
If you wish to receive more updates about the Baysed Labs ecosystem and any upcoming events, we suggest you follow @boredApesXRP on Twitter.