Review on BOOM by Stephen Toluwani
The first deflationary coin on the blockchain
Since my involvement in the world of decentralized finance on the finance maintain I have seen a lot of deflationary coins. Boom on the other hand is actually the first deflationary token to ever be built and its on the ethereum blockchain. With 1 billion as the supply and 968 million of them currently in circulation you can actually see that a lot of burns hasn't actually occurred on this because it is as old as any project can get. The way I see it the main reasons why many burns have not occurred on this token is because there is actually no specific use case to why this token was built in the first place as its main focus was on its deflationary structure of using its supply.
A lot of support can actually be said to have been developed for the project as surprising to me, it's on over 10 different centralised exchanges. I also see that the focus on being on centralised exchanges might be contributing to its low burns. As for my view on wether it's good for investing, I can say Yes and No. Yes because as supply keeps shortening, buy ups of the shrinking supply will cause an upward surge in price thereby giving you more value. And I said No because there is no utility for the token which in one way or another, makes Boom more of a speculative bet
Pros
- Boom seems to be the first cryptocurrency to be built on deflationary structure
- This token is listed on over 10 different exchanges
- There is a huge support and following for this project everywhere
Cons
- I don't see any true utility to this token
- Focus on these token being on centralised exchange reduces the amount of burn which occurs for the project
