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AMA with Steve – May 2024 Recap

Question #1

Could you tell us where the team allocates funds for the BFG bonus payouts❔

Haha, it’s always nice to start with bonuses. Yeah, we’ve received many questions about our BFG token, so let's make all of them more transparent. Before the buyback mechanics update, bonuses were paid from mined tokens according to the old tokenomics, where one token mined by a user was equal to one token mined by the team. With the updated buyback mechanism, the team uses funds from GGR to cover bonuses. If the lost BFG tokens are insufficient, an internal buyback of tokens from the market will be conducted using the project's revenue stream.

Question #2

How long will BFG continue to be offered as a currency option for every function/bonus/bet❔

The team is aware of the issue regarding the availability of BFG for buyback in the market. The current situation allows payments to be made in BFG tokens, further promoting it as a distinct token in the market. 

When a user gets a payout in BFG, the number of holders increases, and the user can continue to use BFG in the game. The team will inform the community about any further payout changes in advance.

Question #3

There are only 50 million BFG tokens on the market; all others have been sold and burned. How can BetFury guarantee the price increase of BFG if there's no movement (buying/selling) and if a large percentage is exchanged for stBFG❔

It's not entirely accurate to say that there are only 50 million tokens on the market; there are significantly more, all shown in the circulating supply, and there are over 1.2 billion tokens. Importantly – we do not guarantee a price increase. Our team of analysts monitors the supply and demand of tokens on the market, and our product and marketing team works on its promotion. 

We believe that if most tokens are locked in the stBFG pool, it will directly influence the rise in the token's value. So far, we only see a positive impact of this type of lock on the token. 

Actually, to increase the exchange rate, several steps are essential: regularly adding BFG tokens to Staking, which gives big rewards and keeps the tokens in the pool. The detailed plan to reduce the number of tokens available, explained in the whitepaper; using stBFG lock to keep tokens locked up; and updated BuyBack Burn&Lock methods to decrease the total tokens in circulation. These actions are in our focus.

Question #4

How many BFG tokens does the team have left❔

We took care of this, too. So, the updated tokenomics represents the remaining tokens with the team, it’s the open info. Check it out!

Question #5

How have you implemented tokenomics that allows the platform to offer a high yield percentage❔

The mechanics are explained in the new whitepaper, by the way. We have ensured the profitability of the platform and its accompanying crypto functionality to support high-level rewards for our users.

Question #6

Where do the BFGs for promo codes, events, bonuses, and drops come from❔If they are supplied by the team, shouldn't they eventually run out❔

All bonuses, including BFG tokens, are covered by the GGR project funds. If there are not enough BFGs in GGR, other cryptocurrencies from GGR are exchanged for BFG.

Question #7

According to BSC, someone owns 39% of BFG. Who is this❔

This is a cold wallet where all the tokens deposited by users and team funds are stored. It’s public info, and everyone can check it out anytime via this link.

Question #8

How long does the team plan to burn BFG tokens, and will this process ever stop❔

Currently, our token requires deflation. However, the project's analytics team will respond timely if our token's strategy requires changes, including the burning process. Users will also be informed about these changes.

Question #9

Where do users’ lost bets in BFG tokens go❔

They are distributed in several ways: to pay out bonuses, cover events, burn tokens, and allocate to the Treasury. Simply put, Treasury is a specialized public wallet where the BetFury team locks tokens acquired through monthly buybacks from the circulating supply and users’ lost BFG bets. These tokens are locked in the Treasury and periodically distributed as incentives to stBFG/BFG holders and active platform users. 

Question #10

Does the team plan to create another token related to BetFury❔

Currently, the team has no plans to create and launch another token.