NEW YORK, NY / ACCESSWIRE / October 7, 2022 / SWING DAO is a decentralized effort to expand the basis of DeFi, web-based activities, and a community-built foundation. Even though apes are a well-known symbol for the NFT community, our objective is to harness their vitality and creativity and use the potential possessed by each member. The community is the primary force behind this project and its Founders.
What is $SWING?
SWING is a hyper-deflationary utility token that operates as a decentralized protocol governed by the community and is meant to serve the community. Its primary role in our ecosystem is that of the ecosystem's financial foundation. It allows the community to submit proposals and cast votes to establish ideas regarding development, which is powered by the SWING Ecosystem, which the holders manage.
Introduction into SwingDAO
As a primary aspect of the SWING DAO, the community will have the capacity to make their own choices in a way that is both transparent and fair when the SWING Governance token is used with the multi-sig Treasury. This will be made possible via the implementation of the SWING Governance token.
As a direct consequence, the community will once again assume control of the situation. In addition, it grants the community the authority to make decisions about subjects relating to expansion, cooperation, and information sharing.
Overall, these are the primary utilities of the SWING DAO ecosystem:
- NFT Marketplace (1.75 % of transaction sales goes to Treasury Department)
- Swap (1% transaction fees goes to the Treasury Department)
- Decentralized Wallet (1% of each wallet transaction goes toward Burn)
- Snapshot (Proposal system that doesn't utilise ‘on-chain' verification, hence voting is free)
- Staking (20% percentage annual p.a. based on time lock staking contracts that rewards weekly)
$SWING Tokenomics
There is a total supply of 1,500,000,000 SWING tokens. Furthermore, SWING has a deflationary structure that has several benefits; as deflationary cryptocurrencies reduce supply and create scarcity, it will enhance demand. Post-launch taxes will be 12% for every buy and sell and 0% for transfers. The tax distribution will be as follows:
- 2% Liquidity
- 2% Burn
- 4% Treasury
- 4% development
After 1 month the taxes will be dramatically reduce to 3% and distribution will be as follows:
- 1% Liquidity
- 1% Burn
- 1% Treasury
Initial Token Distribution
- As we are migrating from Banana Task Force Ape (BTFA) and Banana Index (BANDEX), we will be allocating tokens to Ever Rise (Ever Migrate), Previous Exchanges (BKEX, XT, Coin Tiger, and Hot-bit (presumably), Future Exchanges, Founders, Airdropped for BANDEX (BSC) Snapshot Holders, Staking Contract, and Liquidity. Here are the current token allocations as follows (any excess tokens are burned after one month of post-launch):
- 67% Allocated to Ever Rise (Ever Migrate)
- 2% Allocated (airdropped) to Bandex (BSC) Holders
- 3% Allocated to Founders
- 8% Exchange Migration Tokens
- 5% Exchange Tokens for New Exchanges (unused tokens after a month of launch will be burned)
- 5% Smart Staking Contract
- 10% Liquidity
Our Mission
Overall, SWING is devoted to assisting the construction of Web3, which will be the next generation of the Internet. Moving ahead, it is our opinion that the Web 3 platform, which will be run on cryptocurrencies and governed by the people who build it, create it, and use it, will be more democratic and equitable than previous iterations of the web.
This way, SWING makes the framework for restoring people's power over their financial resources, data, and personal information, one construction brick at a time and one day at a time.
Social:
Website: https://www.bananataskforceape.com/swing
Twitter: https://twitter.com/swing_dao
Medium: https://swing-dao.medium.com/
Telegram: https://t.me/swingportal
Media Contact:
Contact Person: Anant Parker
Email: [email protected]
SOURCE: Swing DAO