- In May, the BORA 3.0 Mainnet Update is scheduled for launch
- Withdrawal of Existing Inflation Plan and Transition to Deflationary Tokenomics with Gas Fee Burning Mechanism Announced
SINGAPORE, April 29, 2024 /PRNewswire/ -- METABORA SINGAPORE (Representative Gyehan Song) announced its plan to update BORA 3.0 mainnet and released a whitepaper on the BORA PORTAL on the April 29th.
Following the decision made at the 5th BORA Governance Council (GC) General Assembly held in Pangyo, Seongnam City, Gyeonggi Province on the 25th to update BORA 3.0, an evolved version of BORA's services and ecosystem will be unveiled at the end of May.
BORA 3.0 includes enhancements to the existing BORA token utility to align with the global release, user expansion of the onboarding line-up, scheduled for the second half of 2024, improvements to accelerate the expansion of the BORA ecosystem.
The existing dual-token structure, comprising tBORA and bGAS, will be unified and converted into the BORA Mainnet token. Additionally, to activate the BORA chain, a token gas fee policy will be implemented. However, gas fees will be determined dynamically based on chain traffic conditions.
Moreover, BORA tokenomics will undergo significant revamping. In BORA 3.0, the previously proposed inflation plan is to be revised, and a "Dynamic Token Burning Model" that burns a certain percentage of BORA paid as gas fees on the BORA Mainnet will be implemented instead. The initial burning rate of the gas fee burning mechanism has been set at 50% through the approval process of the GC. Through this, BORA is ultimately set to transition into a deflationary tokenomics model.
Furthermore, to expand the BORA ecosystem into the sports and entertainment content areas in the global market, new onboarding contents will be introduced sequentially. These include a global IP-based baseball simulation game and "Birdie Squad 2024," which adds live KLPGA broadcasting functionality.
Lim Young-Jun, CBO of METABORA SINGAPORE, stated, "We have undertaken extensive improvement efforts in various aspects such as tokenomics, token structure, and portal systems to enable BORA 2.0 to evolve into a more advanced service,". He added, "In 2024, along with BORA 3.0, we will evolve the BORA ecosystem through the onboarding of various entertainment contents such as games and sports."
Meanwhile, METABORA SINGAPORE is expanding cross-chains with various global platforms such as Polygon, Near Protocol, Ethereum, and Binance Chain to expand the global ecosystem of BORA and is preparing for a variety of content services beyond games.
Detailed information about BORA 3.0 Mainnet update is available on the BORA Portal website.
APPENDIX
BORA PORTAL URL: https://boraportal.com/
Contact Points at METABORA for Press Release
Kelly Lee, Deputy Manager / kelly.meta@metabora.io
Allen Ha, Manager / allen.meta@metabora.io
About METABORA SINGAPORE
As a subsidiary of METABORA, a casual and blockchain game developer, and a developer of blockchain platform BORA, METABORA SINGAPORE is servicing user-friendly blockchain-based games and entertainment contents based on a myriad of experiences in development and service.
BORA Platform is associated with various partners across the industries capable of bringing a shift and advance in tokenomics, content and blockchain technology, and covers a range of contents from game to entertainment to guild DAO through an aggressive eco fund investment and partnership. Also, it is developing services optimized to GameFi such as NFT trading, token exchange and DeFi by running BORA Portal.
BORA is a national game/entertainment token with a high liquidity in the market and reinforcing the accessibility of users and services abroad by increasing the listing on global cryptocurrency exchanges and expanding partnership.
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