Bubblemaps Launches BMT Token on Solana, Binance Smart Chain with 94% Supply Control

Bubblemaps, a well-known on-chain visualization tool and crypto sleuthing firm, has launched its BMT token on both Solana (SOL) and Binance Smart Chain (BNB). This launch precedes the introduction of its investigation platform, Intel Desk, which is scheduled to go live in early 2025. The BMT token will serve as a governance tool on the Intel Desk platform, allowing holders to propose and vote on investigations into suspected scams or suspicious activities. External contributors can also participate in these investigations and be rewarded with BMT for providing valuable information.

The launch of the BMT token has sparked some controversy, as it initially appeared that the firm controlled 94% of the token supply. However, Bubblemaps has clarified that this is part of their tokenomics strategy and that the tokens will be gradually moved to a Vesting Contract Operator wallet over the coming days. The firm has emphasized transparency in its operations, stating that the deployer wallet holds 86% of the Solana supply, which will be distributed according to the allocations outlined in their whitepaper.

Of the 1 billion BMT tokens, 26.3% will be allocated to the ecosystem for Intel Desk incentives, 24.3% to investors, 22.2% for a future airdrop, 12.2% for liquidity provision, 9% for the team, and 6% for the protocol. Only 27.05% of the supply is circulating at launch. The firm has assured that the Vesting Contract Operator wallet will be tested before depositing all funds, which will then be released over a 4-year vesting period as outlined in the whitepaper.

Despite the initial concerns, Bubblemaps has maintained that their approach is different from the scams they have exposed in the past. The firm has positioned itself as a guardian of crypto, warning investors against projects that hold a significant portion of the token supply. For example, they warned against the DJT token, which eventually plummeted after a large portion of the supply was sold. Bubblemaps has clarified that their control over the BMT supply is transparent and intended for long-term vesting, which is a standard practice in the crypto industry.

Solana, for instance, allocated a significant portion of its token supply to community and seed funding rounds, which are set to vest