Sometime last summer I came across an oddball token called BONK while watching crypto related vids on LBRY.com (which has since rebranded as Odysee). I gave BONK a brief write-up at the time but—other than checking up on the website periodically—hadn’t paid much attention to it since. Having recently revisited the project I was surprised to find that the BONK project has upgraded to a new token called megaBONK (MBONK). There’s a brand new contract, new website, new features, etc. but still the same laid back and creative vibe. The migration was completed in April. The website offers this explanation for the reasoning behind the change:
By shedding the 1% transfer tax, the MegaBONK token will become more liquid, allowing for more lively exchange. Even better, by conforming closer to ERC20 standards, MegaBONK will be easier to integrate into the wider DeFi and NFT ecosystem. A key element in modern smart contracts is *composability*, which drives network effects and synergy across protocols.
They didn’t waste any time with this either. megaBonk has already been mapped onto the Polygon/Matic network, so users can easily bridge their tokens to layer 2 if they want to play around in that wonderland.
The old token largely seemed to be centered around novel staking and holding incentives. While liquidity rewards can definitely still be earned, megaBONK has moved on with the times, now primarily operating as a utility which allows users to create and mint NFTs (or megaNFTS! as they refer to them). It also just so happens that megaBONK is one of the least expensive minters out there, charging a reasonal 1 mBONK token (plus gas fees of course) for the privilege. Users maintain control of the metadata of any NFTs they mint, since the metadata is stored on InterPlanetary File System (IPFS).
megaBONK definitely has the potential to see some success within the NFT space. The aesthetics of the site and associated promotional artwork have always been fantastic. The blend of 8-bit retro artistic styles with anime, vaporwave color schemes and lovable cartoon characters fits perfectly with this scene and will boost the token’s marketability factor. The team tends to keep things simple, fun and focused. I’m genuinely curious to see what they will megaBONK their way into next.
If you enjoyed this article, feel free to donate some MBONK tokens: