DeFi project Munch has raised over $1 million USD in two weeks, to aid community-chosen global causes in developing nations, through non-profit organization GiveWell.
Press Release – updated: May 7, 2021 10:27 EDT
LONDON, May 7, 2021 (Blockreview.net) – MUNCH is a Decentralized Finance (DeFi) project which has raised over $1 million USD, in ETH, in just 14 days since its launch. This represents a huge achievement from the MUNCH community and a tremendous boost to the efforts of the GiveWell team.
100% of Fees Go To Charity and Holders
The Munch project applies a 10% transaction fee to every buy and sell made. This transaction fee is then split in two, with half redistributed to other holders of the token and half converted to Ethereum (ETH) which is then automatically donated to charity.
Rodrigo Silva, CEO at MUNCH voiced his strong appreciation to the community for its generosity, stating:
“We’ve been utterly blown away by the reaction from the community. It proves that people want their financial systems and services to work for everyone. It’s shown us that things can be done differently, and that every individual can have an impact.”
Supporting the GiveWell Mission
As part of the community-led aspect of the project, the community voted to allocate the funds to the Maximum Impact Fund from a selection of projects provided by GiveWell.
The funds donated by MUNCH will be used by GiveWell to provide grants to the highest-value funding opportunities among recommended charities, helping prevent potentially deadly diseases and improving people’s well-being.
GiveWell CEO, Elie Hassenfeld showed her gratitude to those supporting the charity, stating:
“We’ve been surprised and delighted by the support from the community and team at Munch. These donations will accomplish a tremendous amount of good.”
A Community-driven Project
The MUNCH project will also allow the community to select the charity of their choice, which ultimately will be where the next round of donation funds will be allocated. The MUNCH project is currently evaluating and running background checks on a shortlist of options that the community will choose from.
Mr Silva stated:
“If we continue to grow at this rate, we will be donating millions per month. 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.”
MUNCH Packs a Bite
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.
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.
Anyone interested in earning passive income, whilst becoming a part of a community that uses its transaction fees to help important global causes can do so by buying MUNCH on Uniswap exchange.
To learn more about Munch, please visit — https://munchtoken.com
To learn more about Givewell — https://www.givewell.org
See the Donation progress via the Munch Tracker — https://charity.munchtoken.com
To read the Munch whitepaper — https://munchtoken.com/docs/munch-whitepaper.pdf
Follow Munch of Twitter — https://twitter.com/munchtoken
Join the official Telegram — https://t.me/munchtokencom
Buy MUNCH on Uniswap — https://app.uniswap.org/#/swap?inputCurrency
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Munch is the source of this content. This Press Release is for informational purposes only. The information does not constitute investment advice or an offer to invest.
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