FAQs

Up to date as of 6th September 2024

Last updated 7 months ago

FAQs

Up to date as of 6th September 2024

Is the Moonbags dApp safe to use?

Yes, Moonbags is safe to use - our team has run several independent internal audits to ensure any code is not malicious. Furthermore, if you wish to audit the code yourself, it is publicly available on our Github Repository. Additionally, for user confidence, our entire team is publicly doxxed (see " Who is the team behind Moonbags") via our website, LinkedIn and pinksale finance. Lastly, we have a strong community of 2,500+ users via SolPod (incubator of Moonbags) that have been active since its inception 6 months ago (April 2024) - i.e. social proof.

What does Moonbags.App do?

Moonbags.App frees up user's SOL by allowing them to instantly swap and/or burn all tokens below a threshold value - returning the maximal value of those tokens as $SOL This is similar to sol incinerator and claimyoursol, but rather than only offering reclaiming your sol via burn/rent reclaim methods, Moonbags also additionally allows you to batch-sell multiple tokens in one go, thereby extracting maximal value from your unwanted tokens. e.g. if you had a portfolio of 10K $MICHI, 20K $RETARDIO and 100K $AURA, burning would only return 0.002 SOL x 3 = 0.006 $SOL. Moonbags would instead be able to batch-sell them and return their true market value of: 8.40 SOL+ 5.24 SOL + 4.22 SOL = 17.86 $SOL

How does Moonbags.App work?

Once you have selected the threshold value, for all tokens that fall under the threshold value, Moonbags will:

Sell any tokens > 0.006 $SOL in value
Burn any tokens < 0.006 $SOL in value
Close any elligible token accounts to reclaim the 0.002 SOL rent fee

-> it then returns the users the combined $SOL extracted from these 3 processes.

How is $SOL reclaimed? (selling, burning, rent)

Selling: tokens are sold at market value. This is akin to manually swapping on jupiter or raydium, but Moonbags batch-sells in one go saving time.
Burning: any accounts on Solana require a small storage feeof 0.002 to open them, known as "rent". By burning a token, we can close this account and reclaim the rent.

How does the Referral system work?

You can get a referral link/code via our website or our TG bot (t).

Your Referral link/code will be linked to whichever wallet you were connected with when you signed up. This will be the same wallet that payouts will be sent to.

You will earn 20% of any revenue generated via ppl using your ref link/code when using Moonbags.App.

How much better is Moonbags.App vs. existing burn solutions e.g. sol incinerator

In our test run we found that a wallet containing 400-500 dead tokens tokens returned ~$132 via moonbags, whilst it return only ~$21 via sol incinerator (burn based). Depending on how many tokens are able to be swapped instead of burnt, Moonbags.App returns severl-fold more value than current burn-based methods such as sol incinerator, claimyoursol or sol wallet cleaner.

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Last updated 7 months ago

Is the Moonbags dApp safe to use?

What does Moonbags.App do?

How does Moonbags.App work?

Once you have selected the threshold value, for all tokens that fall under the threshold value, Moonbags will:

Sell any tokens > 0.006 $SOL in value
Burn any tokens < 0.006 $SOL in value
Close any elligible token accounts to reclaim the 0.002 SOL rent fee

-> it then returns the users the combined $SOL extracted from these 3 processes.

How is $SOL reclaimed? (selling, burning, rent)

Selling: tokens are sold at market value. This is akin to manually swapping on jupiter or raydium, but Moonbags batch-sells in one go saving time.
Burning: any accounts on Solana require a small storage feeof 0.002 to open them, known as "rent". By burning a token, we can close this account and reclaim the rent.

How does the Referral system work?

You can get a referral link/code via our website or our TG bot (t).

Your Referral link/code will be linked to whichever wallet you were connected with when you signed up. This will be the same wallet that payouts will be sent to.

You will earn 20% of any revenue generated via ppl using your ref link/code when using Moonbags.App.

How much better is Moonbags.App vs. existing burn solutions e.g. sol incinerator

Who is the team behind Moonbags

The team behind Moonbags is fully doxxed:

Where can I buy $MBAGS

What benefits do $MBAGS holders receive (utility of $MBAGS)

1) 30% service fee reduction 2) Buyback & Burn: 17% of the service fee is used for $MBAGS buyback + burn, thereby causing positive price action every time a user uses moonbags, rewarding long-term holders. The more users, the higher the price appreciation pressure!

How is the service fee of Moonbags.App used?

The service fee collected by Moonbags.App is used in the following method:

67%: Incubation
1. 16.7%: Team allocation
2. 16.7%: Dev budget
3. 33.4: Marketing budget (mainly referral system payouts)
16.7%: SolPod rewards
16.7%: $MBAGS buyback + burn

How is SolPod linked to Moonbags

The team behind SolPod incubated Moonbags.App and its native token $MBAGS. As Moonbags is part of the SolPod product suite, a cut of the revenue generated by the service fee is paid out to 1M+ $SOLPOD holders.