BDID Price Plummets, Godid Project Criticized for “Lack of Vision”, Impacting “Gold Shovel” Projects: AUCTION, MUBI, TURT Also Decline.
On December 15th, Bounce Brand launched a new Launchpad project called Bdid (BDID). After the IDO ended, the trading price of BDID reached 15 times the IDO price. However, it has been reported in the past two days that BDID has been continuously sold, causing its price to decline rapidly.
According to geckoterminal data, as of the time of writing, the price of BDID has dropped to $0.015.
What does BDID represent?
BDID is the native token of the DID market aggregator GoDID, which includes functions such as batch search, registration, trading, and management of various DIDs. On December 11th, GoDID announced a partnership with decentralized auction platform Bounce Brand, and its subsidiary platform bdid.io subsequently issued the BDID token focused on the BTC ecosystem. On December 18th, GoDID completed a new round of financing led by NGC with a valuation of $30 million.
What does a valuation of $30 million mean? At that time, the market value of BDID reached $22 million, and it was just a token released by a subsidiary platform of GoDID. This amount raised questions from the community, such as “What does BDID represent?” and “What will the investors get in return for their investment? Company shares or another issuance of tokens?”
The origin of BDID can be traced back to May 2nd of this year when GoDID released a BRC20 token called DIDS. Until the end of last month, GoDID officially announced on social media that it would airdrop native GoDID tokens to holders of DIDs tokens (BRC-20) according to certain rules. As a result, BDID was born.
However, on December 15th, BDID participated in the new Launchpad project of Bounce Brand. There were three participation modes, namely, purchasing lottery tickets for the draw using AUCTION, pledging AUCTION and receiving proportional allocations, and pledging stablecoin DAII and receiving proportional allocations. After the auction, BDID was listed on Uniswap, with a DEX trading volume exceeding $12 million.
Some dissatisfied community users expressed that the team used all the promised airdrops for IDO. In response, team members told BlockBeats that they only promised the main airdrop. Among the total supply of 500 million BDID tokens, 25 million tokens were allocated for mining airdrops targeting MUBI, BSSB, AUCTION, and WBTC.
“Gold Shovel” Projects Affected, Bounce Coin Price Declines
Currently, due to the impact of BDID, AUCTION, MUBI, and TURT, which were previously known as “gold shovel” projects in the Bitcoin ecosystem, have also declined.
Bounce Brand’s Launchpad adopts a “kill two birds with one stone” strategy to launch token issuances, with two independent teams jointly issuing one token. The project’s identity is kept confidential, and participation is done through AUCTION and BitStable’s stablecoin DAII, with two auction pools. On the day this news was released, the price of AUCTION rose significantly, with a 24-hour increase of 47.5%. However, the price has now fallen to $40.
MultiBit is a bridging protocol that connects BRC20 assets to the EVM network, allowing users to seamlessly transfer tokens between the ETH chain, BNB chain, and BTC network. On November 12th, Bounce Brand completed the Launchpad for MultiBit (MUBI), with an IDO price of $0.00047 and a fundraising of 88 ETH, resulting in a return of over 80 times during that period. Similar to BDID, MUBI is also a Bounce Launchpad project, and its price has dropped to $0.32.
TurtSat, the IDO platform of the “BRC-20 experiment” Ordinals ecosystem that incubated MUBI, has also been affected by this turmoil. According to Coingecko data, the price of its native token TURT has fallen to $0.08.
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Bounce Brand