Bingo Cash: A Fair-Launch AlgoStable Coin Casino

Algorithmic stable coins use an algorithm that issues more coins when prices increase and allows users to buy the token off at a discount when the price declines. But, the bulk of the current algorithmic stable coins do not have a pragmatic use case; this is a problem Bingo Cash aims to solve with its issued algo stable coin on the BSC network.

By
Wilfred Victor
on
April 21, 2021
Category:
BSC News


What is Bingo Cash?

Bingo Cash, built on the Binance Smart Chain (BSC) network, is a casino dapp platform that utilizes an algo stable coin for the platform’s native token.

Bingo Cash Homepage

Its stable coin will be the first with an actual use case for the numerous casino games available on the platform, including Yield Farming, a boardroom, bond services, and the governance layer of its protocol.


Key Features

  • Casino
  • Decentralized Finance (Yield Farming and Staking)
  • Algorithmic Stable Coin
  • Bingo Bond
  • Boardroom
  • Governance


Project Component

The project is still at its teething phase, scheduled to officially launch on the 20th April 2021, a few days from the date of this project review. It has, however, implemented some of the planned features of its platform scheduled to go live soon.

Casino Platform: To give its stablecoin the unique attribute of a practical use-case, Bingo Cash will launch its casino games portal, featuring numerous multiplayer games. The platform will also include live games including Baccarat, Roulette, Dragon Tiger, and Sicbo. Numerous Slot Games are also available for users’ entertainment and relaxation.

Slot Games

The idea behind the casino games is to give an essential layer of utilities to its issued algo stable coin. Bingo Cash is the first to do so on the BSC network, simultaneously delivering entertainment to the increasing DeFi users.

Users can start playing casino games on the platform when the platform goes live by connecting their wallets to the Dapp and depositing funds. Currently, there are no complete details regarding the withdraw and deposit features/process.

Yield Farming and Staking: Stake your Liquidity Provision (LP) tokens and earn high yields through the algo stable coin and other liquidity incentives.

Bingo Farm

Steps to add LP tokens and farm the share bond token (sBGO) are found HERE. Liquidity addition is primarily through the PancakeSwap AMM platform.


Pools Allocation

  • During the first seven days. 4 BGO farms will be available for the public. These farms will distribute a total of 98,000 BGO with the following allocation:

Pls, Note: For the first week, 75% of your BGO reward will be locked away for 30 days. 25% will be tradable immediately. After the first 30 days, BGO locked will be slowly released at the rate of 7,5% per day.

  • ‌After these first seven days, sBGO farming pools will open for people to stake their LP tokens. These pools will last for 12 months and a 75% reduction in farming rate each month.

Pls, Note: For the first two weeks, 75% of your sBGO reward will be locked away for 50 days. 25% will be tradable immediately. After the first 50 days, sBGO locked will be slowly released at the rate of 7,5% per day.

BGO/WBNB pool will be introduced after the first seven days have passed. Full details about pool allocation are explained HERE.

Bingo Bond: Users will be able to buy bonds to exchange later for a higher profit with Bingo Bonds.

Bingo Bond

Using the Bond, users can redeem their BGO for a profit when the token price goes above $1.0. However, there is a 10% penalty fee when redeeming as indicated. 

Bingo Boardroom: Lock your share token (sBGO) and earn Bingo Cash (BGO) at a 2% expansion rate and 1827% APR. This system utilizes seigniorage to distribute inflation rewards to users. 

Bingo Boardroom

Pls, Note: Epoch lasts for 8hrs, and there is no expiration of the bond.

Governance: The voting protocol will be the platform upon which the community decides major decisions.

New farm pools will be open based on the community’s vote when the governance protocol goes live. Supply/reward mechanisms are a couple of examples of parameters that will be votable on-chain by governance.


Platform Updates

Bingo Share (sBGO) listed on BKEX, a blockchain asset subscription and trading platform under BK Group, on April 16th.

Obelisk recently certified the Bingo Cash smart contract as risk-free. The platform code is currently going through another audit check with Certik, listed as Onboarding.


Tokenomics

The platform utilizes a three tokens system; Bingo Cash - algorithmic token (BGO), Bingo Share (sBGO), Bingo Bond (bBDO)

According to the token design and the team explanation doc: “To help keep BGO close to 1$ as best as possible, there are several mechanisms employed to facilitate it.

  • (Boardroom) Epoch duration: 8 hours – the protocol reacts faster to stabilize BGO price to peg than other protocols with longer epoch durations.
  • The expansion will start if the TWAP price is above 1,01$. Contraction start if the TWAP price is below 0,99$
  • bBGO tokens do not expire, and this dramatically reduces the risk for bond buyers.
  • The protocol keeps a minimum of 50% of the expanded BGO supply for sBGO boardroom stakers for each epoch expansion, 30% for the Equilibration Reserve and the Treasury receives the remaining 20% for bBGO holders to participate in bond redemption.
  • There would be no discount for bond purchase but a premium bonus for bond redemptions if users were to wait for BGO to increase even more than the 1 $BUSD peg.

BGO Distribution

BGO Distribution
  • “To help keep and increase sBGO value, the burning system will be activated once every three months to extract 25% from gaming profits to buy back sBGO and burn them.”

Roadmap

6-2021 - System Optimization.

  • Support multi DEX wallet.
  • Feature on other farming platforms.
  • Optimize Token distribution.
  • Support Multiple Public Chains.

Casino Optimization.

  • Casino Game launch, using BGO token and metamask wallet.
  • Supports other popular DEX wallets like Trustwallet, Mathwallet.
  • Casino profits Dividend System Closed Testing.

9-2021

  • Focus on listing on CEX.
  • Avatar and user customization.
  • Collectibles and NFT unique avatar.
  • Achievements system on live.

12-2021

  • BGO wallet on Closed Testing.
  • Casino profits dividend system launch.
  • NFT Crosschain development.

3-2022

  • BGO DEX wallet online.
  • Borrow system using BGO and sBGO for Collateral Assets.
  • Support many other token and LP tokens for the Loan system

6-2022 - BGO wallet Mobile App (Android/iOS):

  • Account management.
  • Staking, farming, and boardroom APY calculating.
  • Borrow function.
  • NFTs Market.

Casino Optimization:

  • New live casino game.
  • Sport bet on Closed Testing.

9-2022

  • BGO wallet Mobile App supporting more cryptocurrency.
  • BGO wallet Mobile App blockchain application integration: Zapper, Zerion, Instadapp
  • BGOCHAIN Testnet on Closed testing.
  • BGOCHAIN Node Testing.

12-2022

  • BGOCHAIN in Beta Test.
  • New Platform supports NFTs Artist.
  • Predict Market and Leverage Market on Beta.
  • Sport bet using BGO on Live.

The bulk of the 6-2021 plans have been achieved; the platform currently supports multi Dex wallets: Trust wallet, Math wallet, and other popular wallets. The casino profit dividend system is presently undergoing closed testing.

The platform’s core product, its casino gaming dapp, is scheduled for launch using BGO tokens and PancakeSwap liquidity. The beta version of casino has been launched since 4/19. The official casino will come after all tests are passed and bugs are fixed. The team has mentioned that its release may be sooner than the schedule on roadmap. 

A loan system, NFT integration, and mobile wallet for android and IOS are all part of the future development updates. Some other existing features soon to come are prediction markets, live sports betting using BGO tokens.


In Conclusion

Bingo Cash will be the first algorithmic stable coin platform with actual use cases, integrating Defi earning attributes, a casino gaming platform, and extra earning features for its users.

Its governance protocol gives token holders the ability to decide platform upgrades and developments, starting with new pools and emission rate reductions. The NFT marketplace and live sports betting integration will further drive mainstream adoption once released.

Overall it is vital to proceed with caution when purchasing tokens that have just been listed. For those who have not already read our articles on safety in the BSC it is crucial to reference the following items, HERE and HERE.

This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.

To learn more about Bingo Cash, check out the following resource materials;

Website

Twitter 

Telegram

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Wilfred Victor

Ace finds himself as a blockchain enthusiast who is focused on growing with the entire crypto sector. He is an energetic and passionate writer who believes that all things are achievable.