UDOO is the sole medium of exchange for all parties looking to transact within the Howdoo ecosystem.
The Howdoo blockchain is the underlying layer built for the purpose of moving the value created by social media into a trustless dimension. Spearheaded by the Hyprr social media platform, Howdoo is about to become the home of socially-focused decentralized applications.
Staking & Farming
The first dimension of deflationary pressure is the aforementioned Decentralized Finance applications. All fees paid by the users entering or exiting either UDOO staking or farming pools are auto-deposited to the quarterly burn wallet.
Fees generated in other cryptocurrencies other than the native token will be used to buy back UDOOs from the market thus creating upward price pressure. The tokens will also be deposited to the quarterly burn wallet.
DApps built on the blockchain will also play a role in decreasing UDOO circulating supply over time. DApp creators or other ecosystem participants engaging on the Howdoo blockchain will inevitably circulate UDOO tokens as the key vehicle for monetization.
All conversion fees will also be used for periodic UDOO burns.
The non-fungible token (NFT) economy is also a part of the Howdoo platform. NFTs are forecasted to become one of the fastest-growing trends in the cryptocurrency space and Howdoo is going to be there to facilitate it. NFTs enable content creators to tokenise their art (photos, drawings, music, etc) and either gift it or sell it on the platform and related DApps.
Every action whether it be creating or sending a non-fungible token through the blockhain will result in 2.5% fees for the creator or the sender, respectively, which will later contribute to the token burn events.