Rise of the bDollar clones

Last update : 2021 February 7th

Recently there has been a surge in DeFi scams and especially clones of the bDollar project.
I will be looking into some of them and help you determine how to determine the risk.

The bDollar project

bDollar is a recent project of bEarn on BinanceSmartChain that gained some attention for its success to maintain peg to $1 while offering high APY for its investors.

Algo stablecoins don’t have the best track record, current APY is unlikely to be sustainable and investing at this point is a gamble.
The lowest risk is found in providing liquidity on BDO-BUSD since BDO is designed to move towards a $1 peg.

Overall I’m giving this project a C risk rating.
They have a roadmap and as the products like bVaults or games get released, the risk goes down even further.

There’s no way to know the future and we will see if the utility behind bDollar is sufficient to maintain peg on a stagnating or diminishing TVL.

Monster Slayer Finance

This project is a copy of bDollar mixed with stolen graphic art, small tweaks were made to the code and not for the better.

MSC is supposed to be $1 and has been bought for over $20 at some points, this can be blamed on bad DYOR of users and the swarm of capital coming in.
Larger players have seen the success of these short lived scams so they buy in fast and sell to the FOMO group of smaller fish following the news.

There is a vague roadmap and promise to create an MMO game in about 3 years (also with the stolen graphic art?), no other value will be created for the MSS shares.
This makes the platform basicly a ponzi, without new money flowing in, prices will bleed out.

The lowest possible rating and there is a good chance that by the time you read this, they’re already gone or imploded by their hyperinflation expansion.

If a project does not have a form of value creation or solves a new problem, their ‘shares’ are worthless.

Nya Cash

This project is a spin-off from the failed PancakeSwap clone NyanSwop and a clone of bDollar, even their Medium post is a copy of the bDollar introduction.

NYAC should be $1, it has been over $100 after launch and there is no reason why anyone would pay 100x overvaluation of a $1 algo stablecoin.

Community is small, there is no purposeful roadmap or explanation as to ‘why’ this spin-off was created.

The only reason Nya Cash is not getting the lowest rating, is because there likely won’t be a full exit scam but an eternal descent into the abyss.

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