Feed Every Gorilla network is a decentralized network on Ethereum and BNB Smart Chain. The FEG token is the governance currency of the FEG Network. The coin is hyper-deflationary and has a maximum supply of 100 quadrillion on both chains.
In our first article on the FEG token, we examined where to buy it. Now, we answer some of the frequently asked questions about the crypto.
How Is the $FEG Token Deflationary?
The FEG token has a 2% transaction tax that pushes the deflationary narrative. 50% of the tax goes back to holders, depending on their percentage of ownership. At the same time, the remaining 50% is burned. In other words, 1% of every transaction disappears from circulation!
It is a clever system that prevents wash trading and forces the existing wallets to hodl the token. There is no limit on the token burns, and the holders will have a never-ending cycle of passive income with positive price pressure.
Also, the FEG community has locked the entire initial liquidity of FEG token. That means it has a definite anti-rug mechanism in place. All communications, developments, and marketing campaigns are designed and executed by the members of the FEG community.
What Is the Value Proposition?
FEG has an ecosystem developed with the pursuit of evolving and reshaping decentralized finance. The FEG Exchange, FEGex, is a cross-chain decentralized exchange and charges a 0.08% fee on all trades.
- Also, FEG allows users to wrap other cryptos through the fWraps option. You can wrap $ADA, $DOGE, or $XRP and receive rewards.
- The FEG token also offers FEGtrack, a mobile and web app that helps users to track their FEG rewards.
- FEG also has a decentralized, peer-to-peer, limit-order trading platform, “From The Wallet” (FTW).
- Additionally, FEG has a lending protocol, SmartLend, which provides interest-free loans for users to borrow money using their cryptocurrency as collateral.
You can stake $FEG on FEGstake for 0.12% of the dollar equivalent of all transactions on the exchange. The staking rewards are in either $fETH or $fBNB, depending on the chain where you staked.
Where to Buy $FEG?
The $FEG is not yet available on major exchanges like Binance. However, it is possible to buy $FEG from Gate.io or BKEX. As mentioned in our first article, you can also buy the token from Uniswap and PancakeSwap.
Who Is Behind the $FEG Ecosystem?
FEGrox, a blockchain developer, established FEG. He has a Twitter following of close to 44k. He claims to work exclusively on FEG and describes himself on his website as a blockchain expert focused on evolving the decentralized finance (DeFi) infrastructure.
FEG launched without a presale, and there were no team or investor allocations. 50% of the total supply on each chain was burned immediately after its mint. FEG has partnered with Pan African Sanctuary Alliance (PASA) for charity and has donated over $1.1 million. On October 18, FEG teamed up with Btok, a Web3 social network with over 10 million users. Btok allows Web3 businesses to airdrop tokens to their customers.
FEGfaucet permits anyone to claim free FEGtokens. It is a first-come, first-serve system to kickstart your FEG journey.
Conclusion
With a circular ecosystem that aligns incentives for holders, traders, and developers, the FEG ecosystem makes DeFi safer, more approachable, and more lucrative. Perhaps FEG’s most pivotal innovation to date is SmartDeFi. It has rewritten DeFi to make it more efficient (with enhanced routing and lower gas fees), secure (with rug-proof technology), and beneficial for investors (through frictionless yield).
However, there are some concerns. In the middle of May 2022, an anomaly on FEG token swap contracts resulted in two hacks that led to the platform losing over $30 million in hours.
There appears to have been an isolated exploit to the FEGtoken swap contracts on the BSC and ETH networks on FEGex.
Trading of FEG on FEGex will temporarily be halted until further investigation of this is done by the DEV team.
(1/2)
— FEG (Feed Every Gorilla) (@FEGtoken) May 15, 2022
So with the ongoing crypto winter, the future of the $FEG is still uncertain. Can the ground-breaking developments of this niche product overcome the macroeconomic events? Only time can tell.
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