Bonk is the first Solana dog coin for the people, with over 250 on-chain integrations built for BONK by the community. But what exactly is BONK and how does it work? In this blog post, we’ll explore all the ins and outs of this exciting cryptocurrency, as well as weigh up its pros and cons to help you decide if it’s worth investing in. So let’s dive right into the world of BONK!
BONK launched via airdrop in late 2022. The 100 trillion tokens were split up as follows:
About 50% of the tokens from the airdrop were distributed to the Solana community.
In contrast to other coins and tokens that modify the Bitcoin blockchain or use the Ethereum standard, Bonk Coin is based on Solana. The fully user-managed, open source blockchain from Solana is particularly suitable for decentralized financial applications, so-called DeFi. As a result, decentralized crypto exchanges, known as DEXs, are also based on Solana. Community tokens, such as Bonk Coin, grant their holders participation in blockchain-based projects.
After the launch of Bonk Coin, some projects on Solana have already begun integrating Bonk Coin into payment methods or staking for Non-Fungible Tokens.
The Bonk coin (BONK) is a community-led project that uses the Solana blockchain. Additionally, the “doge” Bonk coin on Solana aims to boost the Solana ecosystem by providing users with various utilities. The community hopes to revive the blockchain and reinvigorate Solana through this new dog-themed coin. The community has already built more than 250 onchain integrations for BONK.
It was not created through mining, but rather through an airdrop that started at Christmas 2022. It also lives through memes based on the Shiba Inu dog breed. Providing pictures and short, often humorous comments of cute dogs already gave the first dog coin DOGE a life much longer than expected.
Bonk is one of the most distributed tokens on Solana, with over 392k unique holders.
It has remained the most traded token on Solana after Solana itself and USDC for most days since the start of the year.
With crypto loans, you can access funds without selling, increase liquidity, maximize capital utilization, and diversify your portfolio more effectively. In addition, crypto loans tend to have lower interest rates than traditional loans, so borrowers are able to get funds for much less. Finally, these loans provide additional peace of mind since crypto collateral is stored securely in a cold storage wallet.
Here are some cases where you can use BONK as a collateral and get profit:
BONK crypto volatility can result in liquidation. When you use your BONK to take a loan, it is important to monitor the status of your loan. CoinRabbit offers an instant alert system, which uses SMS and e-mail to inform users when there is a potential liquidation.
You can always add more collateral to adjust the Liquidation price of your loan. Loan collateral at CoinRabbit isn’t frozen; therefore, liquidation prices are adjusted immediately by adding more collateral or repaying your loan.
Aside from that, you can decrease the LTV at any time while the loan is open by adding more collateral. For example, CoinRabbit’s minimum loan LTV is 50%. CoinRabbit allows you to increase collateral immediately after opening a loan, so the LTV will decrease at a rate that suits you.
The application process for a BONK crypto loan has been significantly simplified thanks to crypto loan platforms like CoinRabbit.
BONK crypto loans with CoinRabbit – is a great tool for crypto investors and holders: you can use a crypto loan to optimize your taxes, make a huge purchase, reinvest in new cryptocurrencies and many more while continuing holding your digital assets.
It’s important to remember that all operations with crypto are highly risky. When you get a loan with any crypto lending platform – don’t forget to check the status of your crypto loan periodically and add collateral if it’s needed to avoid liquidation of the loan.
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