Binance introduced Banana Gun (BANANA) as the first project on its new Airdrop Portal. This initiative marks a significant step in Binance’s efforts to engage and reward its user base, focusing on innovative projects within the crypto space.

What is Banana Gun?

Banana Gun is a Telegram trading bot that provides trading tools for on-chain tokens. Launched on June 2, 2023, it offers two primary services: trading and sniping. 

Trading allows users to buy tokens already live on the Ethereum network safely. Sniping enables users to acquire tokens before others during upcoming token launches.

Banana Gun supports Ethereum exclusively but plans to expand to other blockchain networks in the future. Its main features include protective measures against rug pulls and malicious smart contracts, ensuring users maximize profits while minimizing risks.

Tokenomics

There will be approximately 2.38 million tokens in circulation following the Token Generation Event (TGE). There will be a 4% buy-and-sell tax on the token, with 2% allocated to token holders, 1% to the team, and 1% to the Treasury. The firm is planning to lower taxes as the market cap grows and to implement a "Banana Burn."

Banana Gun's revenue-sharing model rewards token holders through bot revenue and tax revenue. To reward loyal users, 40% of bot revenue is distributed to unlocked token holders, while 50% of tax revenue goes to the revenue-sharing pool.

Features and Unique Selling Points

• Cashback Incentives: Rewards loyal users based on fees paid, using a flexible multiplier ranging from 0.05 to 1. This design helps manage token emissions and introduces special promotions like "happy hour."

   

• Anti-Rug Protection: Enabled if a developer attempts to rug a token or if investors cannot sell their tokens.

   

• Transfer on Blacklist: Transfers tokens to a 'transfer wallet' if developers blacklist the token contract. 

   

• First Bundle or Fail/First Bundle or Fail Backup: Makes sure the first bundle is purchased during trading, with a backup option in case of deadlocks or MEV launches. 

Challenges and Concerns

Despite its innovative features, Banana Gun faces few challenges: 

• Limited Functionality: Currently, Banana Gun focuses on sniping and manual buying services, lacking the diverse functionalities of other trading bots.

   

• Team Transparency: The team behind Banana Gun has not disclosed their identities, raising concerns about transparency and trust. like copy trading and airdrop farming. 

A Successful Launch and Failure

Banana Gun’s first token launch on September 12 was highly successful, with the token price surging from an initial $0.65 to an ATH of $8. However, an unfixable bug in the token contract prevented the selling tax from being transferred to the treasury. 

The team liquidated all treasury-held tokens and drained liquidity pools on DEX, then deployed a new token contract.

To compensate the community, Banana Gun announced a remedy program. A snapshot of block 18115275 ensured all holders, LPs, and presale buyers received a token airdrop. The LP pool was restored, and traders who bought more than they sold received complete ETH reimbursements. 

Binance Airdrops Portal and BANANA

Binance’s Airdrop Portal is designed to reward users who hold BNB (Binance Coin) by distributing free tokens from selected projects. 

BNB Simple Earn users who subscribe between June 23, 2024, 03:00 UTC and July 5, 2024, 02:59 UTC will be eligible to receive their airdrop allocations, according to the official statement from Binance. Binance’s HODLer Airdrops scheme aims to reward BNB holders based on their balance history. 

The BANANA HODLer airdrop page is expected to go live soon, with the new tokens being distributed to users' Spot Wallets one hour before trading commences on July 20, 2024, at 12:00 UTC.

The announcement of BANANA’s airdrop led to a notable price surge. The token briefly surpassed $80 before settling at $74, reflecting a 1000% increase in daily trading volume.