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Featured on homepageReviewsProjectsThe Bandit Project – How to Earn Passive Income by Staking NFTs
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The Bandit Project – How to Earn Passive Income by Staking NFTs
The Bandit Project is a new DeFi protocol aiming to empower NFT holders with passive income opportunities. Moreover, the initiative allows users to own a part of the project and share the revenue with the developers by providing liquidity.
It’s worth noting this project is still in its early development stages. Nevertheless, it is advancing relatively fast, with the public presale for its $BANDIT token just around the corner. The much-anticipated event will take place on August 11 at 11 a.m. EST. Those willing to participate must make a minimum contribution of 300 BUSD or at most 1,000 BUSD.
This Bandit Project review looks closely at one of the latest NFT staking projects in the market. Read on to learn more about its features and tokenomics!
What is the Bandit Project?
The Bandit Project proposes a collection of 3,000 unique and super-rare NFTs available on the BNB Chain. Those holding at least one can access important opportunities of earning passive income through NFT staking without a price floor, among others.
The protocol enables users to create a team of NFTs and add to it for potentially higher passive income. For instance, every new NFT delivers 1% more daily income while the holders don’t have to move a finger for it. The bigger the team of non-fungible tokens, the higher the pay.
Furthermore, the project’s developers stated they may pay out a maximum of 15,000 BANDIT tokens every time it retires an NFT. Alternatively, users can earn by referring new members as part of a highly-rewarding referral system. More precisely, they will get a commission every time one of their referrals gains passive income.
Lastly, users can earn through NFT minting, providing liquidity, and revenue sharing on the increasingly popular platform.
How the Bandit Project Works
The Bandit Project has a proprietary token, $BANDIT, which users can purchase with BNB coins from the platform’s decentralized exchange, the “Black Market.” This is the first step toward building a team of Bandit NFTs and starting earning passive income. After establishing your crew, it’s on to the next phase the developers call the “Bank Heist.”
Next, users can open a Laundromat contract, the basis of a good business model. This contract creates liquidity every time the user provides BNB coins instead of forcing them to pay a 10% transaction fee on purchased $BANDIT tokens.
The platform uses half of the BNB coins to complete the purchase of $BANDIT while using the remaining half to provide liquidity for the project, successfully creating a $BANDIT/BNB LP.
Through the Bank Heist, users can participate in various activities producing passive income. One allows locking up LP funds to collect BNB, BUSD, or BANDIT token rewards from the platform’s transactions.
Furthermore, the system uses time-locked tiers to encourage staking by distributing coins to the Bank proportionately. The platform will provide payouts, depending on the user’s ownership percentage and time-locked tier. Once a time lock expires, the user has two options. They can either unstake or keep staking their LP tokens to continue receiving daily rewards.
The $BANDIT Token
Fueling The Bandit Project is the $BANDIT token, which runs on the BNB Chain. Token owners can access passive income opportunities by minting NFTs, providing liquidity, and getting revenue shares from all project transactions.
Here’s a short presentation of how the project will distribute the taxes in $BANDIT token transactions:
- A 10% BUY and SELL tax, of which 4% will go to rewards, 2% to liquidity, 2% to growth fund, and 2% to the Bank.
- Of the 10% CLAIM tax, 8% will go to rewards and 2% will go to the Bank.
- A 10% MINTING & NFT DEPOSITS tax, out of which 5% will go to upline members, 3% to the reward pool, and 2% to the Bank.
- The 10% AIRDROPS & TRANSFERS tax, with all proceeds going to the reward pool.
- A 5% COMPOUNDS tax will be split equally between upline members and the reward pool.
The much-anticipated public presale on August 11 is an important step in the project’s development. It follows a whitelist presale phase, which ended mid-July and sold out all the tokens on offer for that event.
Final Thoughts
The Bandit Project is a new and interesting initiative in DeFi, seeking to take NFT staking to a new level. Empowering its users with passive income opportunities, the project looks beyond the regular and often unlucrative NFT collecting. Furthermore, the developers allow users to own and share a part of the platform’s revenue, a rare occurrence in the cryptosphere.
We will closely follow the Bandit Project’s development, starting with its upcoming $BANDIT token public presale on August 11.
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$316,23
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For more information about the Bandit Project, please follow the links below: Website | Twitter | Telegram | Discord.
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