Busta, a GameFi and decentralized exchange (DEX) platform has become the fastest-growing new defi dapp on BINANCE Smart Chain according to data from DappRadar. The immersive gaming-meets-DeFi ecosystem has racked up an impressive 22,440 unique active wallets and a total value locked (TVL) of over $1.75 million.
Looking at the data we see a surge of volume from the 3rd to the 4th of September as it increased from $5.7 million to $29.5 million in 24-hours. Firstly, on the 2nd of September, the platform announced it had successfully burnt ??591,426,967 BUST tokens, around 5.91% of the total supply or around $3.7 million at that price. Secondly, the platform started to advertise its yield farming offers and percentage gains on the same date. Claiming that staking in the BUST/BUSD pair would yield up to 1,747%. While staking the BUST token on its own would yield a whopping 349%. Seemingly, investors sat up and took notice as over $24 million came flooding in.
What is Busta?
Busta is an ambitious ecosystem that the developer’s state will soon be populated with multiple games and tokens. Accompanied by its own niche DEX with customizable smart contracts for every token. Additionally, staking pools, affiliate and partner programs will enable users to earn.
Busta has been designed with five major components that all tie into the fundamentals of a circular ecosystem where everyone benefits. The ecosystem is designed so that each component benefits the others and as each increases in popularity and volume, the whole ecosystem and community can potentially reap the rewards in the form of constant buy and burn pressure on BUST and partner tokens. These are the five primary components of BUST:
- iGaming Platform – First game “Busta CRASH” came out in July 2021.
- Trading and Staking Module – Custom-built DEX and yield farm for trading and staking BUST and partner tokens.
- Affiliate Program – Both the referrer and the person being referred benefit from passive income.
- Partnership Portal – Partners can list their tokens on the platform to enjoy constant burn pressure provided by our automated revenue collection and distribution flows.
- Degenerator DAO – The Busta DAO (Decentralized Autonomous Organisation) will allow the community to control the majority of the ecosystem through governance and voting.
Moreover, Busta CRASH is a game where players are able to win by placing bets and watching the ever-increasing bankroll grow. The objective of the game is simple. Players place a bet and watch their funds multiply as the banana rocket takes off. Just be sure to get off and take home winnings before the rocket crashes.
Earning with BUST
There are multiple ways to earn with BUST. Namely through the iGaming house edge, DEX transaction taxes, and partner token fees. From there, the platform offers several automated and manual methods of using that revenue to increase the value of the BUST token and the overall performance of the platform. Below are the four main ways to earn a revenue stream. For more detailed information please look here.
From day one a user can stake BUST tokens to earn either more BUST, BNB, or both. On top of that, an automated revenue distribution system will also add additional staking rewards from a percentage of the platform revenue. Meaning that although you may join a staking pool with a specific daily yield, that yield can increase depending on the trading and playing volume on the platform.
A percentage of the platform revenue goes to buying BUST from the open market then burning some and creating liquidity pairs with BUST-BNB and BUST-BUSD and permanently locking those pairs in our liquidity pools. This adds buy pressure and decreases the circulating token supply, perpetually increasing the value of the BUST token.
Currently, BNB, the native token of the Binance platform, is the only playable token in the Busta iGaming platform. However, the team states they will include BUST and partner tokens. Once BUST is added as a playable token, players will be able to earn BUST by playing games in the ecosystem. Finally, users are invited to play the market and speculate on low-cost investments that they think may moon. Important to note is the 4% transaction tax on trades. Although, even with a 4% swap fee on Busta DEX, it’s generally cheaper than trading on PancakeSwap as Busta DEX is where the most liquidity is.
In Summary
The platform states it has intentions to go multichain and expand outside of BSC. Although currently, BSC is becoming home to some of the most active gamified DeFi dapps. They have been attracting both NFT and gaming projects, to complement their DeFi offering. Non-Fungible Apes is just one example of that trend, while the massive success of CryptoBlades also taps into Binance Smart Chain.
According to the August DappRadar Industry Overview Report BSC is amongst the most used blockchains in the entire industry with more than one million unique active wallets. The network became relevant mostly due to its high-speed/low-cost transactions that allow DeFi dapps to thrive. Conversely, it has been the gaming dapps that boosted the network’s usage lately. A reflection of what is happening across the entire industry. In August, CryptoBlades engaged over 350,000 unique wallets. A number that made it the third most played game in the entire industry. In August, CryptoBlades attracted more than 511,000 unique wallets.
On the other hand, dapps like X-World Games and Mobox are consistently driving new users to the Binance network. Mobox, a dapp that combines gaming features with NFT staking and yield farming, attracted over 140,500 unique wallets during August, a whopping 439.6% increase from the previous month. The play-to-earn revolution has been some time in the making but feels like it’s really getting the lift-off it needed right now.
Newsletter The above does not constitute investment advice. The information given here is purely for informational purposes only. Please exercise due diligence and do your research. The writer holds positions in ETH, BTC, ADA, MATIC, SAFEMOON, HEX, LINK, GRT, CRO, OMI, USDT, SOL, SHIBA INU, AVASTR, AND OCEAN.
