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aedanhall
Joined: 14 Apr 2021
Posts: 265
Posted: 2022-03-29 14:08
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What is a reward token?
A reward token incentivizes users by rewarding them for various activities. The most prevalent example of such an activity is HODL, in which users are rewarded for simply holding tokens. The way it works is that for each transaction, a fee equal to a percentage of the tokens transferred is collected.
The tokens collected are then used to distribute rewards to current holders. The rewards can be in your token or another popular cryptocurrency, such as BUSD or DOGE.
What are the various types of reward tokens?
The most frequently created reward tokens are reflection tokens. The collected tokens are distributed as a reward in this mechanism. Simply by HODLing the tokens, users receive more tokens over time. This is popular for a number of reasons. For starters, it is extremely efficient, as it employs a technique called reflection. To keep things simple, reflection does not require explicit distribution of reward tokens; instead, it updates the user's balance based on their current holdings, which saves an enormous amount of transaction gas. Additionally, because you are distributing your own tokens, you avoid the need to sell tokens in order to acquire BUSD or other tokens, which can result in a decrease in the value of your token.
However, there is now a much simpler way, utilizing the incredible no-code platform Unicarve. Unicarve enables you to
create bsc token
that support modern tokenomics features such as reflection or rewards in BUSD or any other token, liquidity generation, marketing and charity wallets, and hyper-deflationary buyback. Not only does it enable the creation of tokens on Binance Smart Chain using modern controls, but it is also extremely intuitive to use and one of the most affordable token generation platforms available.
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