October 20th, 2021 at 8:17 pm UTC · 3 min read
One of the latest in the long line of breakthroughs that the cryptocurrency industry is seeing daily is Chubby Shiba. It is an innovative DeFi and NFT platform that wants to educate people all over the globe on how to cook for dogs and humans alike. Giving people the opportunity to acquire new culinary abilities while earning money seems to be an intriguing concept.
In conjunction with its unique Chubby Shiba Cookbook for dogs and people, the Chubby Shiba platform is poised to offer the globe its fascinating collection of culinary techniques.
With a total supply of 1,000,000,000 $SHIBs, the native token of the Chubby Shiba platform, 50% of the tokens are burnt to regulate the supplies and stabilize the price. This step is necessary to fight against the volatility of the cryptocurrency market. Token-burning is a technique in which a project permanently removes part of its tokens from circulation and sends them to a zero address, thereby erasing them from the blockchain’s history. The tokens themselves are either repurchased from the community or simply taken from current pools to alter demand and supply dynamics and influence the price of the tokens in circulation.
The platform redistributes 3% of every transaction as $SHIB rewards to its users. The $SHIB rewards act as a source of passive income to its investors, for which they only need to keep their $SHIB tokens in their wallets.
5% of each transaction is sent for buybacks. In its most basic form, a buyback occurs when a project, or business, uses its financial resources to repurchase a certain number of tokens from holders at the current market price. The repurchased tokens are then kept in the entity’s wallets; they are not destroyed, and they are not instantly put back into circulation as they would otherwise be. Chubby Shiba uses it to boost its tokens in the market.
To safeguard its investors from foul play and opportunistic investors, the Chubby Shiba platform restricts the amount of money that may be moved at a time to a maximum of 1% of the entire circulating amount. Additionally, it uses a 30-second cooldown period between successive buy and sells transactions performed by a user.
Apart from these regular services, the Chubby Shiba platform offers several attractions to keep its users engaged in earning huge profits. They offer Shilling competitions, meme contests, minigame competitions, lottery, and almost everything that a user expects from such a meme-based DeFi platform.
The platform will organize daily telegram minigames. Every week, the top winners of these daily games will receive the $SHIB earned by the buyback wallet. This step will help Chubby Shiba build a huge telegram community. The determination of the Chubby Shiba team is evident from the fact that just after the first hour of its launch, they plan to choose a random wallet from those wallets that hold without selling to provide a prize of 1BNB. Further, at 12 PM UTC every day, there will be a new winner of 1BNB. This is a huge prize that any crypto platform has ever given to any of its investors.
In Shilling Competitions, the platform will reward 0.1 BNB to 10 random wallets who shill the hardest. It will also hold meme contests to reward 0.1 BNB to the top 5 meme creators selected by the community. To know more about the token users can also refer to this introductory video: Chubby Shiba the next 100x token.