MUNCH is a Decentralized Finance (DeFi) project that charges a 10% transaction fee for buying or selling a MUNCH token. These transaction fees are then distributed: 5% is redistributed among other token holders, and 5% is automatically converted to Ethereum (ETH) and donated to charity.
In just two weeks of transactions since launch, over $ 1 million has already been donated to GiveWell.
MUNCH is a DeFI project started by Frenchman Rodrigo Silva after identifying a critical flaw in other cryptocurrency projects using a donation model. Instead of collecting donations in its own token, MUNCH transfers a percentage to donate to another more stable token (like ETH). In this way, it is guaranteed that the amount allocated for the donation, when it is large, does not destabilize its own token or the donation itself does not lose its value.
MUNCH allows investors to channel and distribute a portion of their investment as needed. Due to the immutable nature of the blockchain, all transactions can be tracked and verified to ensure that they are fully received by the charitable organization.
MUNCH donated $ 1 million in just two weeks
The project, which started just 15 days ago, is being developed not only by Rodrigo Silva, but also by 7 other people with experience in technology, business and cryptocurrency.
- $ MUNCH Donation Project (@MunchToken) April 28, 2021
During these two weeks, MUNCH can already be considered a success story, with the donation amount exceeding $ 1 million. The North American organization GiveWell is currently associated with the project and it is the community involved who will select the projects for which the funds will be allocated:
- GiveWell Maximum Impact Fund
- Malaria Consortium Seasonal Malaria Chemoprophylaxis Program
- Malaria fund
- New incentives
We were totally impressed with the community's reaction. This proves that everyone wants their financial systems and services to work for everyone.
| Sponsored by Rodrigo Silva, CEO of MUNCH.
Regardless of the specific reason chosen, the funds donated by MUNCH will give GiveWell the opportunity to make a significant difference in people's lives by preventing life-threatening diseases and improving their well-being.
The MUNCH project will also allow the community to select a charity for the next round of grants. At this point, there are already several options to evaluate and validate for the community to vote.
If we continue to grow at this rate, we will be donating millions every month. He showed us that everything can be done in different ways and that everyone can have an impact.
| Rodrigo Silva concludes.