Traders want Solana phone to get token that does nothing

Traders have been seeking out the recently released Saga phone in order to secure an airdrop of the dog-themed BONK token offered to phone owners. The value of the airdrop of the token offered to Saga buyers has exceeded the cost of the phone itself.

The BONK token is a “community” token that’s also branded as a “utility” token. It seems to have no utility beyond its ability to be traded and transacted. 

Despite this project’s apparent importance, its governance functions are effectively ignored. Eight individuals voted on the last three proposals — the minimum required for them to be accepted.  

Read more: Solana Saga: The DeFi phone you don’t need

Over one-fifth of the BONK supply for this project is reserved for 22 individuals who helped start the token, despite the fact that most of these individuals cannot be bothered to even participate in governance.

However, should these individuals choose to participate, they will presumably have significant influence over the approximately 16% allocated to the DAO.

BONK market cap surging, Coinbase and Binance list token

Over the last month, the market cap of BONK has increased from around $160 million to $1.7 billion. Coinbase listed it for trading yesterday.

The crypto exchange used to have a “Digital Asset Framework,” which described how it decided which assets should be listed on Coinbase.

The framework listed important features like:

  • “Open-source code, well-documented peer-review, and testing by contributors separate from the initial development team on GitHub, etc.”
    • No Github is linked on the website for BONK and no development progress can be found.
  • “There is a structured process to propose and implement major updates to the code, or there is a system or voting process for conflict resolution.”
    • The system exists and is used by slightly less than the number of people one can count on two hands.
  • “There is utility from obtaining, holding, participating, or spending the token. The team identifies a clear and compelling reason for the native digital asset to exist.”
Market cap of BONK over the last month from CoinMarketCap (owned by Binance).

Read more: Solana sells just 2,500 Saga phones, chief hints your iPhone should stay

In Coinbase’s defense, the page that was previously linked to this ‘Digital Asset Framework’ now links to a page where teams can submit assets for listing.

Binance also listed BONK today, describing it as “the largest meme coin in Solana.”

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