BUSDX

BUSDX

What they say:

"BUSDX is a rewards token that was created on the Binance Smart Chain, with a mechanism that distributes 10% rewards in BUSD to holders automatically. By holding BUSDX, holders will obtain a genuine source of passive income paid out in BUSD (a fiat USD equivalent). BUSDX has also developed a staking DApp and a BUSDX launchpad (Xpad). The virtual BUSDXpay system (Xpay) is currently being developed and will be available to our investors in 2022"

Full Audit

* Do Your Own Research. Investing in crypto assets is always risky. Not investment advice.
This is a full holistic audit. We evaluate the safety of the code, the tokenomics, the wallet distribution and the potential of the token, its originality and marketing strategy.

About the token

BUSDX has 10 % of each transaction being distributed as rewards in busd - but the first thing that strikes us is that BUSDX is far from being just another rewards token. The usual problem with rewards tokens is that its hard to achieve longevity by that on its own. People invest thrilled about the oppurtunity to a passive income - but after a while, when the trading volume fades away, the rewards become mediocre and the price starts to collapse.

BUSDX however, has actual utility. The most obvious utility in our opinion is the launchpad platform that lets holders invest in vetted projects that have passed an audit and submitted KYC. The launchpad has a tier structure that that basically means that the more BUSDX one holds, the higher tier and the more max allocation for the IDOs(token launches). To participate in the IDOs, one must hold a minimum level of BUSDX tokens.

About the launchpad

BUSDXpad is a launchpad for IDO's to focus on projects that are not able to get listed on the larger IDO platforms. We believe that even the smaller projects should get a fair chance at an IDO. Any project on the BUSDXpad will not be required to give up a percentage of their tokens. We do not believe in the dumping of tokens for compensation. All prospective projects will need to be KYC verified and audited prior to the IDO listing. Projects will also need to be certified by our partner Spywolf. BUSDX will give our holders exclusive privileges to participate in the presale of upcoming projects. The tier system will be set up with a lower amount of required tokens compared to the larger IDO's.

launchpad terms

The team is also going to implement the staking Dapp incorporated into the launchpad.

XPAY

The team is currently developing a payment system that will enable holders to use their busd rewards as payment when consuming different goods. They aim to deliver this solution by the second quarter of 2022.

Contract:

0xf729f4d13a9c9556875d20bacf9ebd0bf891464c

Tokenomics

The total supply is 1 000 000 000 tokens, and they are currently distributed as shown below:

The biggest wallet, KIPS locked wallet, contains 15 % of the supply and the tokens in it are dedicated to a CEX listing. They are locked until januariy, when the CEX listing is planned to happen.

The second biggest wallet obviously contains the tokens in the LP at pancakeswap

The third biggest wallet contain dev and team tokens, which are locked for 5 months.

The forth biggest wallet is actually a random whale. It has never recieved any tokens but bought them all at pancakeswap during launch, and have never sold a single token.

The fifth biggest wallet is a burn adress

All wallets from 6 and down are ordinary holders.

Proof of locked tokens:

https://dxsale.app/app/v3/dxlockview?id=0&add=0x07AF385794217A3CCB9B8660C7E16098c9F9309f&type=tokenlock&chain=BSC

https://dxsale.app/app/v3/dxlockview?id=0&add=0x382c865562AedDd0CAe7Eae7103aaA6F0D70a798&type=tokenlock&chain=BSC

Comments: A sound and reasonable distribution. Nothing to add.

Transaction fee

BUSDX has a 18% Buy Tax and a 19% Sell Tax. The buy tax is broken down like this; 10% is distributed automatically in BUSD Rewards to holders. 5% is sent to the Marketing and Development wallet. 3% is used for automatic Liquidity. The sell tax is all the same as the buy tax, but also adds in a 1% burn buyback divisor.

LP tokens

All LP tokens are locked until the 21th of may 2022.

Proof: https://www.pinksale.finance/#/pinklock/record/3201?chain=BSC

Code

The contract is well written and does what it should. We identified 4 things that is worth mentioning.

  1. There is a blacklist function in the contract - ownership rights issue

Blacklist functions are common and used to blacklist bot to prevent them from trading the token. However, a bad actor could use this functions with malicious intention and blacklist any wallet adress. It would however be a very ineffective scam method since it would need to be done wallet adress by wallet adress and BUSDX have more than 2500 holders.

  1. Max transaction can be set to any value including 0 - ownership rights issue

If the transaction is set to zero - trading is disabled.

  1. Ability to update dividend tracker - low severity

Hypothetically, they could replace the dividend tracker with something that lets say, dosent have a payable function - which would disable trading.

  1. Older compiler version(pragma solidity ^0.6.2) - low severity

Older compiler versions such as pragma solidity ^0.6.2 requires SafeMath to be present, therefore its less efficient(and may have some minor bugs) compared to a more modern compiler.

Distribution

Marketing

For marketing, they have used telegram channels for callouts combined with collaborations with numerous twitter influencers, telegram influencers, youtube influencers, and tik tok influencers.

BUSDX has also been trending on Crypto.com, coinsniper, coinmooner, coin discovery, and they were the most viewed crypto for 4 days on Coinmarketcap. BUSDX also have a billboard out in front of Space X (Elon Musks space company).

They have also had numerous press release articles on Yahoo, Bitcoin Insider, and Market Watch +banner ads on around 25 different websites. In the future BUSDX will continue to use all of the available influencers, banner ads, press releases, billboards, push notifications, etc.

Comments: Solid marketing strategy and the results(such as most viewed on CMC and trending on plenty of different crypto websites) shows that BUSDX knows what they are doing in terms of marketing.

BUSDX also has a solid roadmap featuring things like launch of their launchpad, staking Dapp and their payments system

Team

Jay, CEO/dev- Has worked on 6 different projects and has been in the crypto space since 3 years. Oversees the whole project.

Jacob - dev/solidity coder - 12 years of coding experience

Avery - dev/solidity coder - 15 years of blockchain

Gage - PR Manager - Gage has worked with numerous crypto projects. He oversees networking and connects BUSDX with well-known people of the crypto world.

Matt - Marketing - Matt has been marketing for 10 years. Matt oversees most of the marketing that goes on. Jay also does a lot of marketing too.

The BUSDX team also has 12 admins that help out with their social accounts

Comments: Solid team with relevant experience. They have done KYC with InterFi and Flooz.Trade and privately doxxed with bsc news and digital fever.

Audit Result

Token symbol:

BUSDX

Audit type:

Full Audit

Audit status:

Passed

This token passes our audit. We see a lot of potential in the project due to its utility features such as the launchpad, the payment system and the staking Dapp. The team is pretty big and filled with relevant experience and the marketing strategy has proven to be effective. The contract, like most contracts, has some functions that could be used for malicious purposes by bad actors. However - taking all things into consideration, we see the risk for BUSDX being a scam as very little. The liquidity is locked and the team tokens too - so if the forementioned functions were to be used with bad intentions - it wouldnt be possible to take advantage from it. Most and foremost, we see the project as serious and its clear to us that a lot of time, effort and money have been invested into both marketing and development. We are not financial advisors and always do your own research. According to us, this token has a lot of room to grow.

Contract URLWebsite