Cardano-Based SNEK Introduces Groundbreaking Deflationary Mechanisms – Will It Drive Price to New ATH?

  • SNEK blockchain platform is launching seven new deflationary mechanisms including ETH to SNEK bridge, VacuumLabs game, weekly raffles, Sssnekpool, and Discord roles.
  • The SNEK team has legal experts onboard for potential CEXs listing and ongoing marketing campaigns that include murals in Lisbon, a meme database, and art contests.

Delving into the realm of blockchain and crypto, SNEK is making headway with innovative plans to implement seven cutting-edge deflationary mechanisms. With the short-term goal of strengthening its platform, SNEK will conduct weekly purchases of SNEK on Minswap and direct them towards $burnsnek.

Among these mechanisms, the ETH to SNEK bridge has already converted 20 ETH, with 1.07% of it earmarked for burning. Future updates promise a user interface overhaul, introducing a novel asset to SWAP Paima.

An exciting addition to the platform is the VacuumLabsss game, expected to launch in June. This game, reminiscent of a popular ‘high score’ style game, allows players to participate using ADA. Rewarding active engagement, daily rewards are allocated to top players (80% split among top three and two lucky players), while the remaining 20% is utilized for burning.

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To stir up community engagement, SNEK is introducing weekly raffles, promising 80% of the winnings to a single fortunate participant, with the remaining 20% dedicated to burning. Until the smart contract platform is integrated into the SNEK website, the raffles will be conducted manually.

Set to debut this weekend, the official SNEK stakepool (Sssnekpool) will dedicate all its profits to buying and burning SNEK. To further incentivize participation, exclusive SNEK Discord roles will be provided to participants staking with SNEK.

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The upcoming Websssite V2, expected to be ready by June’s end, will serve as the nerve center for the Snek ecosystem. It will facilitate a variety of actions such as Swapping, participating in the Minigame, entering the Raffle, and more.

SNEK is ensuring its legal footing by collaborating with a law firm specializing in cryptocurrency and blockchain to establish a robust company structure for tokens. Preparations are underway for CEXs listing agreements to expand SNEK’s reach.

In addition, SNEK has several marketing activities ongoing, including a SNEK mural by a renowned Lisbon-based artist and a ‘Meme of the Day’ contest. An upcoming in-person event is under discussion, and a specialized task force has been formed to boost SNEK PR efforts.

SNEK also hints at an upcoming surprise involving a real product, which will further incorporate burn mechanisms. As details are finalized, the crypto community eagerly awaits the announcement.

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Please follow me on Twitter for deep analysis. Collin is a Bitcoin investor of the early hour and a long-time trader in the crypto and forex market. He's fascinated by the complex possibilities of blockchain technology and tries to make matter accessible to everyone. His reports focus on developments about the technology for different cryptocurrencies.

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