BDID price drops sharply, GoDID project accused of "lack of vision"
By Luccy
On December 15th, Bounce Brand launched a new round of Launchpad project, BDID (BDID). After the IDO ended, its trading price reached 15 times the IDO price, but it has been reported to be continuously sold off in the past two days, causing the BDID price to drop sharply. According to geckoterminal data, as of the time of writing, the BDID price has fallen to $0.015.
What does BDID represent?
BDID is the native token of GoDID, a DID market aggregator, which includes functions such as batch search, registration, trading, and management of various DIDs. On December 11th, GoDID announced a partnership with the decentralized auction platform Bounce Brand, and subsequently, its sub-platform bdid.io issued the token BDID, focusing on the BTC ecosystem. On December 18th, GoDID completed a new round of financing led by NGC with a valuation of 30 million.
What does a valuation of 30 million mean? At that time, the market value of BDID reached 22 million, and it is just a token issued by a sub-platform under GoDID. This amount has raised questions in the community, such as "What does BDID represent?" and "What will the investors get in return for their investment? Company shares or additional token issuance?"
The origin of BDID can be traced back to May 2nd of this year when GoDID released a brc20 token called DIDS. It wasn't until the end of last month that GoDID officially announced on social media that it would airdrop tokens to holders of DIDs (BRC-20) according to certain rules.
Two days after announcing the airdrop, GoDID announced that it would airdrop the native GoDID tokens to holders of DIDs (BRC-20), and thus BDID was born.
However, on December 15th, BDID participated in Bounce Brand's new round of Launchpad projects. There were three participation modes, including purchasing lottery tickets using AUCTION, pledging AUCTION and obtaining allocation proportionally, and pledging stablecoin DAII and obtaining allocation proportionally. After the auction, BDID was listed on Uniswap, and its DEX trading volume exceeded 12 million USD.
The promised airdrop was entirely used for IDO, and out of the total supply of 500 million BDID tokens, 25 million mining airdrops were only available to MUBI, BSSB, AUCTION, and WBTC. In this light, it is not surprising that GoDID is suspected of being a "scam" and accused of "lack of vision".
"Iron shovel" affected, Bounce coin price falls
Currently, influenced by BDID, AUCTION, MUBI, and TURT, previously known as the "iron shovel" of the Bitcoin ecosystem, have all fallen.
Bounce Brand's Launchpad adopts a "kill two birds with one stone" strategy for token issuance, with two independent teams jointly issuing a token. The project's identity is kept confidential, and participation is done using AUCTION and BitStable's stablecoin DAII, with two auction pools. On the day this news was released, the price of AUCTION rose sharply, with a 24-hour increase of 47.5%, but currently, the price has fallen to $40.
MultiBit is a bridging protocol that appeared in May this year, connecting BRC20 assets to the EVM network, allowing users to seamlessly transfer tokens between the ETH chain, BNB chain, and BTC network. On November 12th, Bounce Brand completed the launchpad for MultiBit (MUBI), with an IDO price of $0.00047, raising 88 ETH. During this period, the return exceeded 80 times. Like BDID, MUBI, another project of Bounce Launchpad, has seen its price drop to $0.32.
TurtSat, the IDO platform of the "BRC-20 experiment" Ordinals ecosystem that incubated MUBI, has also been affected by this turmoil, with its native token TURT's price falling to $0.08 according to coingecko data.
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