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A Beginner's Guide to BONK
MEME Coins
Published on: Mar 15, 2024
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In Brief
Explore our beginner's guide to BONK. Learn about its origins, why it grew to popularity, and how to buy Bonk using Trust Wallet.
This guide offers a comprehensive overview of Bonk. Learn everything you need to know about Bonk, including its origins, ecosystem and distribution. We’ll also show you how to buy Bonk using Trust Wallet, a secure crypto wallet that supports 10M+ assets.
What is BONK?
Bonk is a meme coin built on the Solana blockchain. Bonk was introduced to the community through a significant airdrop on December 25, 2022. This airdrop served as a festive gift to the Solana community. During this airdrop, the Solana community received 50% of the total 100 trillion coins in circulation as a reward for their contributions to the network's development and expansion.
Notably, Bonk implements a distinctive burning mechanism, wherein a percentage of each transaction is permanently removed from circulation. This mechanism is designed to incentivize users to hold onto their Bonk tokens, thereby discouraging selling and potentially boosting the value of the remaining tokens over time.
An interesting aspect of Bonk's journey is its viral marketing campaign on TikTok, where it gained recognition as the "meme coin for intellectuals." Leveraging the power of meme culture and the robust infrastructure of the Solana blockchain, Bonk has garnered attention within the cryptocurrency community.
A Brief Overview of Meme Coins
Meme coins, also known as meme cryptocurrencies, are digital currencies that gain popularity through internet memes, pop culture references, and viral online trends. Unlike traditional cryptocurrencies, meme coins typically lack utility and are often created as jokes or satire. Meme coins have, however, gained substantial followings and trading volumes, leading to price volatility and speculative investment activity.
Understanding Bonk’s Utility
Bonk defines itself as “the true community coin of Web3.” At its core, the Bonk meme coin serves as a versatile digital asset that extends beyond traditional transactions. At the time of writing, Bonk boasts over 119 integrations across 10 separate chains, in categories ranging from DeFi, gaming, NFTs, social and wallets.
Bonk also has plans to expand the ecosystem through a focus on three core pillars, each selected to help Bonk in its mission to become the premier community coin in Web3.
Multichain Integration
BONK's commitment to multichain integration underscores its dedication to accessibility and inclusivity. Continuous efforts are in place to allow holders to buy, bridge, use, and enjoy their Bonk tokens regardless of their chain of choice. By expanding its presence across multiple chains, Bonk aims to break down barriers and provide users with seamless access to its ecosystem, regardless of their preferred blockchain.
Decentralized Finance (DeFi)
In line with its mission to simplify DeFi for holders, Bonk strives to provide user-friendly solutions that enable users to grow their Bonk holdings effortlessly. Whether through streamlined DeFi platforms or intuitive staking mechanisms, Bonk aims to democratize access to DeFI and empower users to take control of their financial futures.
Gaming Integration
Bonk has over 25 active integrations into various gaming platforms, serving as a preferred in-game currency. Leveraging its community and features, Bonk seeks to enhance gaming experience by providing opportunities for interaction, engagement, and rewards.
BONK’s Distribution
Bonk's distribution strategy revolves around community giving and primarily targets two core objectives.The first objective was to reward the downtrodden Solana community after an extremely difficult year in 2022. The second objective is to align incentives and ensure that the Bonk ecosystem continues to thrive well into the future.
Airdrop to the Solana Community (50%)
BONK distributed 50% of its total supply to the Solana community on Christmas Day 2022. This airdrop aimed to reward Solana users who contributed to the network's development and growth. The distribution was inclusive, reaching out to various members of the Solana community, including NFT enthusiasts, DeFi users, developers, and artists.
Allocation to the BONKDAO (15.8%)
Bonk has earmarked a significant portion of tokens for the BONKDAO, a Decentralized Autonomous Organization (DAO) responsible for driving initiatives that benefit the Bonk ecosystem. The BONKDAO allows community members to propose and vote on projects, grants, and activities aimed at fostering growth and innovation within the ecosystem.
Early Contributors and Development (21%)
Bonk has allocated tokens to early contributors who played pivotal roles in its launch and development. These are 22 individuals, comprising artists, developers, marketers, and other contributors, who are committed to the long-term success of Bonk. To ensure alignment of incentives, these tokens are subject to a 3-year linear vesting schedule (from January 1st, 2023), reflecting their dedication to the project's growth and sustainability.
Integration with Solana NFT Projects (21%)
Bonk has partnered with 40 active Solana NFT projects, allocating a portion of its tokens to support the Solana NFT ecosystem. This distribution aims to foster collaboration and integration between Bonk and the broader Solana NFT community, driving adoption and utility for both parties.
Support for Solana Market Participants and DeFi Users (15.8%)
Bonk has allocated another portion of tokens to support Solana market participants and DeFi users. This distribution ensures that stakeholders across the Solana ecosystem have access to Bonk tokens, facilitating their participation in various activities and initiatives.
Marketing (5.3%)
Bonk has set aside tokens for marketing promotions and initiatives aimed at raising awareness and driving adoption.
Solana Developers (5.3%)
A portion is also going towards developers in the Solana ecosystem. It's vital to continue rewarding those who build valuable programs.
Initial Liquidity (5.3%)
BONK has allocated tokens to provide initial liquidity on decentralized exchanges such as Raydium, Orca, and Solend, ensuring liquidity for BONK holders and facilitating trading activities. Any rewards earned through this distribution will flow back to the BONKDAO.
How to Buy BONK Using Trust Wallet
You can easily buy crypto, including the Bonk meme coin using Trust Wallet, via our trusted partners. Here’s how:
Select “Buy” from the home screen.
Search for “Bonk” and select it.
Choose the currency you want to use, then enter the amount of Bonk you want to purchase.
Select the third party provider & payment method you’d like to use.
Select the Buy button and complete the remaining steps.
How to Deposit BONK to Your Trust Wallet Address
In addition to buying Bonk directly using Trust Wallet, you can also deposit Bonk from another wallet address or from a centralized exchange. Here’s how:
Select “Receive” from the home screen.
Search for “Bonk” and select it.
From here you have two options. You can either:
Copy your deposit address and use that on your exchange account or other wallet to send funds to.
Use the “Deposit from exchange” option to deposit crypto seamlessly from your exchange account.
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Note: Any cited numbers, figures, or illustrations are reported at the time of writing, and are subject to change.
