BogTools: Powering DeFi on the Binance Smart Chain

DEXs’ significance stems from their seamless and smooth exchange process between users’ wallets and the available liquidity. However, the inability to place a LIMIT or STOP LOSS order on DEX platforms still is a crucial advantage for CEX platforms which has not yet been solved by DeFi, until now.

By
Wilfred Victor
on
April 18, 2021
Category:
BSC News

What is BogTools?

BogTools is a suite of tools that solves the problem of setting LIMIT and STOPLOSS orders on DEX platforms. Built on the Binance Smart Chain network, it aims to bring in some Centralized Exchange (CEX) features that serve a great utility to DEX platform users.

The project brings in CEX Features, including Stop Orders and Charts, to help traders make better-informed decisions. Along with many other smaller, yet still notable, features for DeFi developers and users.


Key Features

  • Stop Loss and Limit Orders
  • Charts
  • Oracles
  • Exchange
  • Staking


Project Components

Some of the platform features are already live, including the Limit Order, Oracles, and the Chart tools. The project has committed to further releases in the coming weeks and months, ultimately culminating with the creation of a seamless exchange experience in a dApp format.

Limit Orders: BogTools allows users to research and place orders for any token on the Binance Smart Chain (BSC) network. The limit order platform takes advantage of PancakeSwap liquidity, intending to take advantage of other DEXes liquidity in the future. As PancakeSwap is the largest AMM on BSC, Bogged.Finance’s utilisation of their liquidity allows your order to fill at the best possible price.

Users can immediately connect their wallet to the BoggedFinance platform and place either a sell or buy limit order. Users just need to set a target price, amount, and the slippage. On one screen, the limit order tool shows you the Order Book and Active Orders so you can see all of these in real-time seamlessly.

Chart Tools: The BoggedFinance chart tool allows traders to chart BSC tokens and utilize the available liquidity on PancakeSwap DEX.

This tool shows you how your favorite token is currently fairing in the market, it is particularly useful for traders who need real-time data. You have access to the TradingView tools to chart your tokens and make better decisions.  Switch between USD and BNB, toggling the feature at the top right corner of the page. Charting your favorite coin is easy, simply input the smart contract and click on “GO.”

The tool also shows you the available liquidity on the available pairs and the market cap. For example, the EXF coin currently has a total MCAP of $1,642,196 at press time. Take note that the chart takes data only from PancakeSwap for now.

Oracles: Get real randomness on-chain in an easy-to-use and verifiably random manner. This feature empowers next-generation dApps that can leverage and rely on true on-chain randomness.


Getting Random Numbers

BogRNG allows applications to get Randomness On-Chain in a verifiably secure fashion. A hash is stored in the Oracle contract of the next random number to be provided. The number is checked by the contract receiving the random number against the hash to ensure the number provided has not been changed based on the nature of the request.

Learn how to use the Random Oracle Tool HERE

This is a simple but secure method of providing random numbers on-chain, allowing developers to easily integrate it into their project instead of rolling their own solution. BogTools plans to launch Version 2 within the next month, including features such as custom callback gas, returning data to caller, more secure with higher load, and lower fees.

Staking: The platform currently runs a single LP stake.

Provide BNB liquidity with your BOG on PancakeSwap to receive BOG-BNB Cake-LP tokens. You can stake these tokens within the stake platform to earn a share of the platform fees. Your stake rewards will immediately appear as part of your balance in your wallet. 

Additionally, BOG solo staking will be launching in May, allowing users to stake BOG to earn BNB which is generated from Ad Sales.

Platform Updates

BogTools have announced the integration of stop-loss features into Bogged.Finance.

Charts 2

BogTools has announced version two of the Charting Platform, which will launch soon with a launch set of features, plus additional features post launch. Expected features are: Wallet Integration, Portfolio Tracking, Real Time Transaction History, Live Updating and research tools for BSC tokens.

The trading and Tweeting competition is also live. The winning prize is $5000 BUSD to a Bogged Finance user. There will also be $5000 BUSD distributed to 4 lucky people that followed the official handle and quoted this Tweet with a comment and a #BSC hashtag.

Three ways to win:


Partnership 

As part of a strategic partnership, the BoggedFinance team has partnered with WaterfallBot and UniRocketBots on Telegram. They will be the sole provider of Charts with links to BogTools Chart being added to every BSC trade post, reaching over 70,000 people total!


Tokenomics

BOG is BogTools payment and Governance token. The token currently charges a 1.9% transaction fee to reward Liquidity Providers (LP). This has been lowered over time and will be removed once all BogTools are released and launched.

All components of the Bog Ecosystem are unlocked through $BOG use. 

Total Supply: 2,388,999.999996 BOG (According to BSCScan)

Initial Supply: 2,500,000 BOG 

Current Supply: 2,400,000 BOG

At present, the tokenomics model includes a 1.9% fee on all transactions: All 1.9% is distributed proportionally to liquidity providers, in addition to 50% of the revenue of platform fees.. 


Roadmap

Mid-April:

  • Randomness on Testnet
  • Bogged.Finance Stop Losses

Late April:

  • Incorporation of the BogTools company in Singapore
  • BogCharts LP Calculator
  • Application for Major CEX listing

May:

  • BogCharts Pro Mode
  • Bogged.Finance Market Buys at no additional fee
  • Embeddable BogCharts
  • BogScheduler, Scheduler Oracle for Smart Contracts

June:

  • Aiming to get a CEX Listing
  • Bogged.Finance Pro Mode with charts
  • New Roadmap Announced

July:

  • $BOG token staking begins earning BNB or BOG.
  •  On-Chain Automated Arbitrage

Q3 2021

Subject to Revisions and Announcements

  • Off-chain Oracles
  • Further Roadmap announcements in June 2021

Q4 2021

Subject to Revisions and Announcements

  • $BOG Governance Protocol Launch
  • Further Roadmap announcements in June 2021

The roadmap plan is concentrated in three areas, Chart, Oracle, and the full functionalities of the limit orders with the introduction of stop-loss orders soon. Aiming for CEX listings will give the platform token more considerable exposure. The Governance protocol launching fully at Q4 will provide the platform decisions into the community’s hands.

The team will constantly review the roadmap, and valuable updates and features for the platform will be integrated as the project progresses.


In Conclusion

Many projects have promised to launch limit and stop-loss orders, but have mostly failed to deliver, and those that have delivered fail to have enough liquidity for the platform to be meaningful and gain traction. BoggedFinance has become the first to solve this issue, allowing traders to take advantage of price volatility in the DEX platform, starting with PancakeSwap Finance.

More DEXes will be integrated in the future so that users will have a lot of liquidity that they will be able to automatically access with Bogged.Finance. Also, once the Governance protocol is live the BOG token will have another layer of utility as holders will have a real say in the decision-making process on the platform.

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.

Users who wish to learn more about BoggedFinance should check out the following resources and media pages:

Website

Twitter 

Telegram

Reddit

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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.

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