The evolution of the crypto market over the past decade is undeniable. While BTC is at the center of attention, it’s just a drop in the ocean of the several innovations erupting with blockchain technology, across various industries.
In light of this evolution, this article will cover one of the new innovations that are slowly penetrating the crypto market and gradually carving a niche of dedicated users and community, the Pitbull Community.
Today, there are well over 5000 cryptocurrencies in the crypto market, with multiple daily additions. Thus, it can be quite difficult to know which ones to invest in. Not every crypto asset will be successful, some will fail and a few are scams. So, is the Pitbull Community token a worthy investment? We will discover at the end of this guide
What is the Pitbull Community?
The Pitbull Community is one of the relatively recent cryptocurrency projects to hit the blockchain market in 2021. This innovation adopts a community-driven approach to the DeFi ecosystem. Pitbull Community created this innovation with long-term visions that emphasize the success of the currency, and potentials for future integrations as the project progresses.
While this project is relatively recent, it has generated a massive buzz in the crypto space and garnered the support of a dedicated community, as evident in the social media platforms and the population of token holders.
The Token: $PIT
Essentially, this is a self-staking token, owned by the community. Since its launch, dedicated volunteers in the community have constantly strived to improve upon it. The community comprises individuals such as web developers, data analysts, writers, and several other individuals who have made their talents and resources available for Pitbull’s growth into a community-driven success.
Everyone has a voice and can work proactively to grow $PIT. The decentralized nature of this project has evidently positioned it for sustainability and disruptive tendencies in the crypto economy. Again, the strength is in the community, which makes this project one of the pioneers of the thrilling age of social blockchain.
Token Economics and Distribution
There are a total of 100 quadrillions $PIT tokens available for the initial supply. With intentions to control inflation of the token, 50% of the overall supply has been burnt initially and sent to a dead address before making the token available locking there forever with the smart contract.
According to the smart contract, the project is automated in such a way that 2% of every transaction spreads to every $PIT holder and another %2 goes to dead addresses. This signifies that anyone who holds the token qualifies for consistent incentives and rewards while in the process, $PIT circulating supply is significantly reduced as the number of dead address holding increases.
In a bid to create a profitable ground for investors, relative to a higher price floor, for every trade, the platform automatically creates liquidity which it sends to the dead address and locks permanently. As of today, the Pitbull Community has successfully burnt roughly 58% of the overall supply. 7.5% of this value was burnt as a result of the laid down PIT tokenomics for the project since establishment. As of mid-June, 2021, the circulating supply stands at 42 quadrillion and several trillion
Earning Passive Staking Bonuses
As stated in its contract, holders of this token qualify for distribution of 2% of every transaction using the token, automatically. This functionality is pretty unique and accessible as it allows $PIT holders to earn and access rewards right on the platform using their unique wallets automatically, without the need to farm or stake their assets on external platforms. Not only does this open them to more profitable options, but also, it reduces gas costs and comes with some level of peace of mind.
As the project progresses and gains more traction in the crypto and decentralized space, passive staking rewards have the tendency to improve for those holding PIT, and as such, significantly increasing the transaction volume. Imagine the feeling that accompanies seeing your assets grow just by holding. Sublime!
Potential and Current Use Cases and Ecosystems
Since the project is community-driven, teams of experts as software development and web development professionals are constantly working to enhance its features and functionality. The project is just about three months, and already, there are several projects and integrations released and in progress.
One of such projects is the PitTracker, which will allow investors on the platform to get a clear overview of their PIT holding and see the exact amount they’ve generated from auto-staking incentives. It is currently in the beta testing stage. Also, there’s PitCharts, which is in its beta phase. It incorporates an analysis tool for every token on the BSC. On release, this functionality has the promise to generate sizable income from advert spaces, paid features. Thus, this will further facilitate token burning and project development.
Another project in the beta phase is the PitFarm, where users stake PIT — BNB V1 to access points that they can redeem for official NFTs on the platform, or purchase them directly. As a user, you can trade these NFTs directly on the platform’s marketplace and the revenues or proceedings generated from sales go directly to the NFT artist and the community fund, serving as a minting fee. Any fundraised will be directed towards project development, PIT token burning, and charity efforts.
The charity covers projects such as K2C, Kennel to Couch. K2C is a charity organization that collaborates with numerous community partners to save homeless and stray pit bulls and offers necessary support to these partners and shelters to encourage adopting their sponsored Pitbulls. Integrating the $PIT into this project means that it will have dedicated tools that can automate donations to K2C whenever users buy NFTs, mechs, and other potential products from the platform.
Essentially, investors can buy NFTs, which proceedings are directed towards helping needy pit bulls. The community has funded several projects such as donations for RoldaOrg and BulliesInNeed which are other charities, non-profit organizations that primarily focus on sheltering dogs and bullies that require care in Romania and Canada.
The third use case is the PitSwap. In sum, this is an automated market marketer tool that enables investors to buy and trade PIT seamlessly. As per the team, there are plans to develop this use case, PitSwap, into an ecosystem that will encompass the development of a new token that complements offers a vast range of benefits alongside PIT, for farming, staking, and generating more trading fees which are directed towards the development of the project.
PitStore and PitStop are other prominent use cases. The latter is in its planning phase and will be available soon for users to interact with, while the former is in the Alpha testing phase. PitStore will enable users to buy Pitbull merchandise using USD, with further plans to incorporate PIT as a payment method. This helps the platform create a brand image, as well as provide the required funds that will be directed towards charity, burning, and the growth of the platform. The PitStop project will serve as an Avenue to connect every PIT tools that can be accessed on a single page.
Gamification is fast gaining traction in the crypto space, so it’s only logical that Pitbull leverages this space. In a few months, there are plans to introduce a section on the platform, where users can play games, such as lottery, card trading, etc., and earn $PIT while doing so.
In sum, here is a brief overview of the currently available use cases and integrations and the potentials.
Considering the design and framework of the platform, it is safe. The community owns it as such, every transaction contributes to the LP, which the contract locks permanently. Besides, Pitbull Community burnt 50% of the overall supply into a dead address at the start of the project. No one can modify the contracts and no one can pull liquidity from the platform. The team operating behind the scene are volunteers. So, essentially, it is a community where members cohabitants under a decentralized umbrella.
To further set the foundation for a transparent and fair launch, Pitbull Community did not conduct any pre-sale. Besides, the ownership of the project is renounced to the community immediately after the contract and dead address was created. And at the start of the project, according to available information, it sent 50% of the overall $PIT supply to a dead address.
With donations from community members, Techrate, a reputable auditing firm in the industry, conducted a comprehensive audit on Pitbull Community smart contracts. The audit recorded no severity issue, neither high, medium, or low. Besides, it discovers no privileges relative to owners, establishing the “community-owned” clause to the project.
As evident in its operations, functionalities, and features, transparency is one of the primary values of Pitbull Community greatly prioritize. New volunteers are always welcome to the team further guarantee the community is community represented. Besides, there is constant voting to identify innovative directions for the project.
For instance, the community can vote on necessary steps to allocate funds, or the exchanges the project should give more ears to, or relevant shelters to donate funds to or even the appropriate branding for the platform.
With a comprehensive overview of the project, if you are interested in community-driven tokens, then this might be your best bet yet. However, investing in these options should be accompanied by extensive research of its pros and cons, so you can make the best possible decisions for your investments.
Disclaimer: This article is not intended to be a source of investment, financial, technical, tax, or legal advice. All of this content is for informational purposes only. Readers should do their own research. The Capital is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by reliance on any information mentioned in this article.