BONK is a meme-inspired cryptocurrency token on the Solana blockchain, distributed as an airdrop to the Solana community on Christmas Day 2022. The project features a Shiba Inu dog as its mascot, drawing inspiration from the meme coin Dogecoin (DOGE).^[2]

Overview

Launched during the 2022 Christmas season, BONK made its mark in the Solana community. Despite initial doubts amid a period of low price sentiment for Solana, BONK gradually gained traction, drawing in a significant user base of 400,000 holders and solidifying its position as one of Solana's widely distributed tokens. As a decentralized cryptocurrency on the Solana blockchain, BONK capitalized on meme culture and viral marketing to cultivate a community of supporters and investors. Gaining attention from major crypto publications like CoinDesk and mainstream outlets such as Bloomberg, BONK has positioned itself for a noteworthy trajectory in cryptocurrency. ^[1][2]

BONK and Solana "Saga" Phones

In December 2023, Solana's Saga phone experienced increased demand tied to the popularity of the BONK token. On platforms like eBay, sealed Saga phones were sold for prices up to $5,000, diverging from the initial perception of low sales. This surge in interest was driven by arbitrage traders seeking a 30 million BONK token airdrop for each phone owner, valued at over $700 at its peak. This airdrop reignited interest in the Saga phone, causing it to sell out within days. ^[8]

BONK Ecosystem

The BONK ecosystem consists of BonkSwap, BonkDex, and BonkVault, each fulfilling distinct roles to enhance the overall functionality and utility of the $BONK token. ^[3]

BONKSwap & BONKDex

Launched in April 2023, BONKSwap operates as an independently owned AMM DEX platform, featuring functionality and a collaboration with Hxro Network for the "BonkOrBust" game. The platform relies on Gobi Labs AMM software and aims to play a role in the DeFi infrastructure of the $BONK Ecosystem. BONKSwap has garnered a TVL (Total Value Locked) exceeding $1 million, primarily concentrated in the BONK/USDC and BONK/SOL pairs. It employs a "constant product" AMM model, distinguishing it from Concentrated Liquidity AMMs like Orca. ^[4]

BONKSwap presents five primary features in its current offering: ^[4]

1. Token Swap: Facilitates standard direct swaps among various liquidity pools available on BONKSwap.
2. Liquidity: Allows users to provide liquidity for supported token pairs, with potential rewards in esBONK (Escrow Bonk) tokens on certain pools.
3. esBONK Staking: Enables users to stake their esBONK, unlocking $BONK over time.
4. DCA (Dollar Cost Averaging): Offers a DCA option into the $BONK token, incentivized with a bonus $BONK for longer DCAs while supplies last.
5. BonkOrBust: Operates as an independent site powered by Hxro Network, enabling users to predict the price direction of various tokens over the next minute, with prizes awarded to correct guesses. A portion of the prize pool is shared with Hxro token holders and contributes to the BONKSwap platform.

BONKDex is a decentralized finance (DeFi) platform providing users various financial services such as lending, borrowing, and staking BONK tokens. These DeFi offerings enable users to generate passive income with their BONK tokens. ^[3]

BONKVault

BONKVault is a non-custodial wallet that securely stores BONK tokens and other digital assets. Using non-custodial wallets guarantees that users retain complete control over their private keys, thereby enhancing the security of their assets. ^[3]

BONKBot

BONKbot is a Telegram trading bot operating on Solana. As the exclusive official partner of the $BONK community, BONKbot enables users to initiate a purchase transaction promptly by pasting a token address into Telegram. This process eliminates waiting to connect wallets, adjust slippage, or confirm transactions. Utilizing routing facilitated by Jupiter, BONKbot is recognized for its efficiency in executing buy, sell, and trade actions. It offers users a means of managing trades with improved control over their trading activities. ^[5]

BONKBot's features include: ^[5]

• Efficient Trading: Utilize the Telegram bot for swift and free trading.
• Auto Buy: Enable Auto Buy for immediate coin purchase upon pasting its token address, ensuring a quick trading process.
• Referral Program: Refer friends and receive a percentage of their fees in the initial month, followed by a reduced percentage in the subsequent months.
• PNL Overview: Manage positions effectively with a comprehensive overview, tracking Market Cap, Profit After Fees, Liquidity, Token Balance, and Recent Price Changes.
• BONK Buy and Burn: All trade fees contribute to purchasing $BONK, and an additional 10% of fees are instantly burned.

BONK Coin

$BONK is the native token of BONK, with a capped supply of 1 billion tokens. A significant proportion of this supply has been subject to a burning mechanism, permanently removing over 65% of BONK tokens from circulation. This strategy encourages retention and discourages selling, potentially leading to an appreciation in the value of each remaining BONK token over time. ^[3][6]

On January 17th, 2024, BONK's market cap overtook Spirit Airlines' after U.S. courts blocked the JetBlue merger. ^[9][10]

Tokenomics

Distribution of BONK Tokens: ^[6]

• 21% allocated to the 40 most active NFT projects on Solana.
• 15.8% reserved for active crypto traders and DeFi users on Solana.
• 10.5% designated for artists and collectors of 1/1 art on Solana.
• 5.3% allocated to developers on Solana.
• 21% reserved for early contributors to the BONK project.
• 15.8% dedicated to the BONK decentralized autonomous organization (DAO)
• 5.3% assigned for liquidity distribution on decentralized exchanges (DEX) and DeFi protocols.
• 5.3% earmarked for marketing promotions, incentives, and giveaways.

BONKmas

BONKmas was a special holiday event marking the one-year milestone of BONK. It aimed to recognize and reward loyal and engaged holders while highlighting key partnerships and utility within the Solana ecosystem. The 12 Days of BONKmas ran from December 12th to December 23rd, 2023, with the claim window open from December 24th to December 31st, 5 pm UTC. ^[7]

In contrast to the original BONK airdrop, BONKmas focused on celebrating BONK as Solana's social layer and utility token. The event centered on rewarding ongoing support by categorizing community members into the Naughty or Nice list based on loyalty and active participation in the BONK ecosystem. ^[7]

To be eligible for BONKmas rewards and be on the Nice List, individuals needed a read-only linked profile to Twitter, followed the BONK Twitter account, and must own over 1 million $BONK in each wallet as of Santa's secret November 30th wallet snapshot. ^[7]