London, UK - May 1, 2021 - (JCN Newswire) - New DeFi project, MUNCH today announced that in just two weeks since launch, they have donated over $1 million (USD) to the GiveWell charity.
MUNCH is a Decentralized Finance (DeFi) project that applies a 10% transaction fee to every buy and sell made. This transaction fee is then divided, with 5% redistributed to other holders of the token and 5% converted to Ethereum (ETH) which is then automatically donated to charity.
Today, the amount donated passed the $1 million milestone, representing a huge achievement from the MUNCH community and a tremendous boost to the efforts of the GiveWell team.
"We've been utterly blown away by the reaction from the community." says Rodrigo Silva, CEO at MUNCH. "It proves that people want their financial systems and services to work for everyone".
Supporting the GiveWell mission
As part of the community-led aspect of the project, the community is now voting on how best to allocate the funds, from a selection of options provided by GiveWell.
The options include GiveWell's Maximum Impact Fund, Malaria Consortium's seasonal malaria chemoprevention program, the against Malaria Foundation, as well as new incentives in developing nations.
Whichever specific cause is selected, the funds donated by MUNCH will enable GiveWell to have a major impact on peoples' lives, helping prevent potentially deadly diseases and improving people's well-being.
A community-driven project
As Munch is a community-led project, the community is able to select and vote on new causes to support, every two weeks. The recipient in the contract can be changed so MUNCH can divert resources to where the community feels they will have the most impact.
The MUNCH project is currently evaluating and running background checks on a shortlist of options that the community will choose from.
"If we continue to grow at this rate, we will be donating millions per month," says Silva. "It's shown us that things can be done differently, and that every individual can have an impact."
Biting back with MUNCH
MUNCH is a DeFI project, started by Rodrigo Silva after he identified a critical flaw in other cryptocurrency projects with a donation model. Rather than collecting donations in the native token, MUNCH routes the percentage to be donated in another, more stable token (such as ETH). This means when there is a major donation amount, it doesn't destabilize the native token or let the donation lose value through slippage.
MUNCH enables investors to divert and distribute part of their investment to causes that need it. Because of the immutable nature of the blockchain, every transaction can be tracked and verified to ensure that it is received in full by the charity.
"I knew that the people investing in new DeFi projects would be willing to have a 'bite' taken by the fee. The token may fluctuate, but across every transaction, money is going to help people. By automating everything, we made giving back a standard part of the transaction."
Rodrigo is joined by a team of 8 others based in Europe that bring a wealth of technological, business, and cryptocurrency experience to help manage and develop the project.
Twitter : https://twitter.com/munchtoken
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CoinMarketCap : https://coinmarketcap.com/currencies/munch-token/
Whitepaper : https://munchtoken.com/docs/munch-whitepaper.pdf
Donation Tracker: https://charity.munchtoken.com/
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