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Summary of Food Bank
- Launch date: 18th September 2021
- Fundraising method: Transaction tax on token purchases and sales
- First charity donation: December 2021
- First 10% token burn: January 2022
- Total supply reduction: 50% through 10% burns
- Target audience: Millennials and GenZ
- Goals: Long-term sustainability, increase token price, and end food poverty
About the Food Bank Initiative
Launched on September 18th, 2021, Food Bank is a pioneering smart contract token that facilitates peer-to-peer transactions on the Binance Smart Chain Network. This innovative platform is dedicated to providing vital financial support to food banks. A transaction tax is levied on all purchases and sales of the token, generating essential funds. The charity donations are then allocated to food banks recommended by our token holders, enabling FOOD holders to witness the tangible impact of their investment in their local communities.
Food Bank embarked on its philanthropic journey with its inaugural charity donation in December 2021, followed by its maiden 10% token burn in January 2022.
The total supply of FOOD will undergo a 50% reduction as part of a strategic series of 10% token burns, calibrated to the growing number of holders. This deliberate scarcity strategy aims to propel the token’s value upward as the holder base expands.
Food Bank strives to foster a self-sustaining ecosystem, encompassing NFTs, merchandise, and staking, thereby incentivizing long-term holding of FOOD tokens as a valuable asset. Our primary target audience comprises Millennials and GenZ individuals who, like us, are disillusioned with the ineffectiveness of governments in eradicating food poverty in developed nations, where food banks are increasingly becoming a norm.