Bamboo Coin BMBO
What is Bamboo coin (BMBO)?
Bamboo coin (BMBO) presents the native cryptocurrency of the Bamboo DeFi ecosystem and lies on the Solana blockchain. It is a memecoin that aims to become a community-owned cryptocurrency. BMBO is inspired by the likes of other popular memecoins such as Shiba and Dogecoin.
Users are rewarded with BMBO which also provides liquidity to the platform. When a user holds a determined amount of BMBO, they can participate in the platform’s governance.
Who created BMBO?
The Bamboo DeFi platform was created by Nexxyo Labs with the whitepaper being published in December 2020. The Bamboo DeFi platform uses the symbol of a panda to signify the ability to reach balance and harmony.
Nexxyo Labs is a software development company based in Spain that focuses on video game development, web development and 3D animation. It was founded in 2019 by Daniel Valdes Araiz. The company also has a brand known as Maniac Panda under which they launch their gaming products.
Understanding the Bamboo DeFi ecosystem
Bamboo DeFi presents a decentralised finance (DeFi) ecosystem that provides financial services and enables users to utilise farms, pools or exchange their tokens. As a reward for providing liquidity, users earn tokens, enabling them to obtain a new way to earn passive income.
If you are new to the DeFi space, we suggest reading this article: 'Getting started with DeFi'.
Since it is a decentralised exchange (DEX), the entire operation is managed through smart contracts based on blockchain technology.
Bamboo DeFi’s functionalities stem from Uniswap V2 and implement the SushiSwap migration in addition to other integrating functionalities such as an incentive program based on multipliers in yield farming as well as yield farming with blocking staking.
If you're not familiar with the term yield farming, why not read this article: 'What is Yield Farming?'.
What is the project's mission?
The native decentralised platform of Bamboo coin (BMBO) aims to store and exchange cryptocurrencies, provide investment options, and maintain a substantial level of liquidity.
Similar to other projects within decentralised finance (DeFi), the project wants to provide a form of passive income to users and community-based governance.
It has been explained that the economic crisis has demonstrated that the traditional financial system is filled with flaws. Centralised authorities' inability to control inflation pushed many people to look for alternative ways of managing their finances.
DeFi came out as a good solution to earn passive income for various people, regardless of their geographical location, citizenship, political status, or the fact that they cannot access traditional banking services. That is also the mission of the Bamboo DeFi project.
The project also collaborates with the Chengdu Giant Panda Research Foundation and donates 5% of Bamboo DeFi profits.
Bamboo coin's key events
Since its inception, Bamboo coin has experienced a few important developments to extend its presence within the crypto space. Even though it was first created to add a sense of fun into the crypto trading environment similar to other memecoins, Bamboo coin (BMBO) tries to make the best out of Solana’s main perks such as low transaction costs, speed, and scalability.
One of Bamboo coin’s key milestones represents the launch of its decentralised application (Dapp) in the beginning of 2023. This launch had in mind to extend the coin’s utility and provide a novel way for users to interact with it. A few months later, Bamboo DeFi introduced a so-called Persistence event to deepen the ties with the community.
Moreover, there have been a few debates within the crypto community about whether there will be Bamboo airdrops. Airdrops refer to a method used by crypto projects to attract new users or reward existing ones by distributing free tokens.
How is Bamboo coin secured?
The Bamboo coin provides multiple layers of security and utilises the main perks of its underlying blockchain to ensure a safe environment for its users. It is claimed that the Bamboo DeFi ecosystem employs a back-up seed phrase system which presents a useful security feature for users to recover their wallets on new devices.
It has also been claimed that Bamboo coin’s integration with the Solana blockchain and strategic partnerships with payment processors contribute to the entire security and efficiency of its system.
Does Bamboo coin (BMBO) have any utilities?
Bamboo can be used in different ways. According to the team behind BMBO, the token can be acquired on crypto exchanges, earned as rewards of Bamboo Farms, Bamboo Pools, or Bamboo Friends as well as a prize of Hashapon.
Aside from being a governance token for its native ecosystem, the Bamboo coin can be exchanged for other crypto assets or fiat currency, used to earn more rewards within the ecosystem, or used to play in Hashapon.
The use case of Bamboo coin may expand as the crypto market and the project itself develops.
What are Bamboo Farms, Bamboo Pools and Bamboo Friends?
These present Bamboo’s DeFi’s financial services that enable users to earn money by investing tokens. They are all managed by smart contracts.
When investors participate in Bamboo Farms they receive rewards in exchange for storing crypto assets on the platform. In other words, users are rewarded for boosting the liquidity of the native platform as they assume the role of liquidity providers.
Secondly, there are so-called Bamboo Pools; by locking a fixed amount of crypto assets within the pool for a specific period of time, users can earn rewards as well. Finally, there are Bamboo Friends that work similarly to Bamboo Farms with the difference that users receive tokens from other projects as rewards.
Tokenomics and price of BMBO
The tokenomics of BMBO include a fixed supply of tokens with a certain amount allocated for staking rewards, ecosystem development, and liquidity provision. Data is not available for the circulating supply of BMBO tokens.
At the time of writing, the current price of BMBO equals $ 0.0₇3637. As for price prediction, several analysts think that Bamboo coin is forecasted to trade within a range of $ 0.0₇3637 and $ 0.0₆1718 in 2024 with a potential increase in the next year. The price of Bamboo coin is calculated in real-time by aggregating the latest data across the market and exchanges.
As for the 2030 Bamboo coin price prediction, it has been forecasted that the price of BMBO could gain 308.76% and reach $ 0.0₆1487 as an upper price target.
The all-time high of BMBO was recorded on 30 October 2021 and equaled $0.000358 while BMBO’s all-time low was recorded on 29 August 2023 when it was worth $0.000000683.
The sentiment is kind of bearish at the moment for the Bamboo coin (BMBO) which means that the current price trend of BMBO is down.
The current trading volume of the Bamboo coin equals $67.45 in the last 24 hours which represents a decrease from the day before. As for the Fear & Greed Index, the Bamboo coin stands at 65 which means that investors are currently in the greed zone.
Where to buy Bamboo coins?
Bamboo coins can be traded on decentralised exchanges (DEXs). The most popular DEX to buy and trade BMBO is Raydium.
To learn more about decentralised exchanges, check out this article: 'What are Decentralised Crypto Exchanges? DEX Explained?'.