What is Rainbow Token and how to exchange RAINBOW at the best rates
Rainbow Token

Rainbow Token

 RAINBOW

There is no doubt that cryptocurrencies have been receiving a lot of attention, especially in the last few years. However, despite their growing popularity, a lot of people globally don’t have access to cryptocurrencies. Thanks to the lack of crypto growth campaigns, it has become a little challenging for anyone to get started in crypto. People tend to fear what they don’t understand, thus, reinforcing a culture that doesn’t allow the majority to progress towards better solutions. Nevertheless, one project, Rainbow Token, has taken over the task of bringing people into the colorful world of crypto. Let’s take a deep dive into the Rainbow Token.

What is Rainbow Token?

Rainbow Token, otherwise known as $RAINBOW, is a hyper-deflationary, DeFi token launched on the BSC (Binance Smart Chain). Underlying the Rainbow Token is the Rainbow ecosystem, which was created to enable the move towards improved accessibility to crypto. The project launched on 18th August 2021 and is currently being maintained by a team of experienced developers situated in the UK. At the moment, Rainbow Token is most popular for combining 7 different protocols in a smart contract code to give it the power of 7 tokens in one.

7 Colorful Features of Rainbow Token

As reiterated earlier, the Rainbow token boasts of 7 different features that it combines to give $RAINBOW the strength of 7 tokens. Each of these features is assigned a specific protocol that gives $RAINBOW a unique position within the market, enabling it to face any kind of challenge. The 7 colorful features include:

Burn

Red is fire, therefore, goes with the burn feature. Burn protocol takes tokens out of the circulating supply and sends them to a burn address. Approximately 1% of every transaction gets sent to the burn address, thus, reducing the overall supply over time.

Buyback

Orange represents the buyback feature. Buyback protocol collects BNB tokens inside of a contract steadily to use them later when buying back tokens after every sale.

Reflection

Yellow stands for reflection protocol. This protocol functions by “reflecting” a portion of every transaction (1%) back to every $RAINBOW holder. The amount of $RAINBOW tokens they receive depends on the percentage of the total supply that they own.

Charity

Green is the most convenient color to signify charity. The charity protocol takes a portion of every transaction and simply channels it towards a community-chosen charity. Thus, the community gets to vote on which charity will receive the donations. All in all, charitable areas include animal welfare, emergency services, cancer research, among others.

Auto-Liquidity

Blue represents auto-liquidity. This protocol functions towards growing the size of the liquidity pool by taking a portion of every transaction and sending it to the pool. In other words, the goal is to ensure that the token retains its value in the long run by having larger liquidity.

Marketing & Development

The marketing and development feature have indigo as their go-to color. This protocol takes a cut from each transaction and uses it as funding towards the Rainbow project. The portion that gets taken out of every transaction is sold into BNB which is then sent over to the marketing wallet. Logically, the funds are then used to market Rainbow and cover business expenses.

Lucky Dip

The tricky violet stands for the Lucky Dip feature. Lucky Dip protocol awards extra tokens to a random $RAINBOW crypto buyer. The way it works is that 1% collected of every transaction gets into what is known as a “side-pot.” Once a particular threshold is achieved, a number is rolled whenever someone executes a buy. If the roll number is less than a particular number, the buyer gets an extra amount of tokens. If not, then the side-pot continues to grow.

Rainbow Ecosystem

The Rainbow ecosystem bases itself upon three pillars. These pillars include:

  • The Rainbow Token: This is Rainbow’s native token that powers the whole Rainbow ecosystem. For every purchase transaction, there is a whopping 7% tax later split across the 7 features of the token. Thereby, bringing balance to the ecosystem.
  • Pots of Gold: There’s a belief among children that if you follow a rainbow till its end, you will find a pot of gold. Hence, the ideology behind this is that if you stake your $RAINBOW tokens into pots of gold, you stand a chance of earning APYs of up to 50%.
  • Bifrost (The Rainbow Bridge): Bifrost is taunted as a dApp that enables anyone to launch tokens and bridge them across different blockchains. Thus, as a $RAINBOW holder, you can earn launching and bridging fees.

Rainbow Token & Charity

Every week, Rainbow takes suggestions from the community on areas of charity that they can donate to. The first three suggestions form a 24-hour poll where the community votes on who gets the donations. So far, Rainbow has donated approximately $73,750. For example, some note-worthy charities Rainbow has donated to include Over & Above Africa, Oceanic Society, Autism Research Institute, and The Young Center for Immigrant Children’s Rights. Each of these charities has received $10,000.

Rainbow Exchange: How to swap RAINBOW Token at the best rate?

Many popular crypto exchange platforms have Rainbow tokens available. However, the best Rainbow exchange platform that we recommend is Swapzone. Thanks to some amazing collaborations, Swapzone is able to offer you several Rainbow exchange rate offers, without any hidden fees. Here is a detailed tutorial of how to buy $RAINBOW tokens with crypto on Swapzone:

  • Head to the Swapzone website.
  • Select the proper pair, e.g. ETH/RAINBOW.
  • Input the amount of ETH you want to exchange for RAINBOW, and the aggregator will find the best deals for you.
  • Click on the ‘Exchange’ button that leads you to an exchange platform, and type in the address where you want to send the Rainbow Tokens.
  • Use the generated ETH address to send your ETH deposit.
  • Head to ‘Proceed with the Exchange’ and – if you want – leave a review of the website you chose to carry out your exchange process.
  • Wait for the deposit to be processed and Rainbow exchange completed.

Popular pairs to convert Rainbow Token

Frequently asked questions

What is the Rainbow Token exchange rate?

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An exchange rate is the rate at which one cryptocurrency can be exchanged for another through a certain crypto exchange provider. Cryptocurrency exchange rates on Swapzone reflect current prices of crypto assets and are updated every 30 seconds for you to keep track of any market changes and fluctuations to profit when buying the dip or going with the best exchange rate and the lowest exchange fees. All cryptocurrency exchange providers have their own rates, which depends on supply and demand, mining rewards, costs and so on. See what else might affect the rate in our article on prices.

There are two types of exchange rates aggregated by Swapzone – fixed rates and floating rates. To receive the exact amount of crypto that is displayed at the beginning of the exchange and shield yourself against the market's volatility, opt for fixed-rate offers. If you're ready to take a risk and receive less or more than the sum displayed, go with floating-rate offers but bear in mind that floating rates may drastically change any second. You can refresh your memory on how to get the best exchange rate here.

Where to find the lowest transaction fees?

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Crypto transaction fees may vary depending on the network (Ethereum transaction fees tend to spike during the congestion on the network), your chosen cryptocurrency, an instant exchange provider as well as its transaction processing speed and internal policy. These fees may be relatively low but it’s crucial to know they may be imposed in the first place.

If you want to exchange cryptocurrency with the lowest fees, beware of the offers with a grey-colored “Transaction fees are not included” label displayed under the exchange rate. To avoid having to pay an unexpected amount of fees during the exchange, opt for those that do not have that label. Read our articles to learn more about how to exchange cryptocurrency with the lowest fees and find out which assets have the lowest transaction fees.

What is average transaction time?

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Transactions usually take from 5 to 30 minutes to be processed, especially if you choose currencies with speedy networks. However, there are several factors that may affect and slow down the exchange process, i.e. transaction volume, blockchain capacity, network updates, cryptocurrency itself and the capacity or chosen exchange platforms.

The processing may take longer due to the large transaction volume, congestion of the network, blockchain overload and market overload, technical issues or system failures, lack of liquidity or network maintenance.

The transaction may be also stuck if you forget to add a required Extra ID, mistake networks or use the wrong wallet for a chosen crypto asset. If you worry that the exchange processing is taking too long, please, contact us at [email protected] or via our live chat on the landing page.

How to choose a cryptocurrency wallet to store Rainbow Token?

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To exchange, buy, sell or trade cryptocurrency and store your crypto keys safely and securely, you need a crypto wallet. Choosing the best cryptocurrency wallet is a question of preference and need. To learn more, read our guide on how to choose the best cryptocurrency wallet for your needs.

There are several types of wallets for different crypto assets and tasks. Software wallets, or hot storage wallets, are connected to the Internet and come in many forms: Web, Desktop, Mobile or Browser Extensions. If you want to build a large crypto portfolio, you might want to look at multi currency wallets like Exodus, MetaMask, TrustWallet, Atomic or Guarda. If a coin or a token of your choice isn’t available there, you can always opt for a single-currency wallet that is usually designed by the project that launched the asset.

If you take safety and security matters seriously, go for hardware wallets, or cold storage wallets, like Ledger or Trezor, or even paper wallets. We strongly recommend you to do your research before creating a wallet: read the reviews to see what the community thinks, learn about the fees a particular wallet imposes for performing transactions, check out supported currencies and networks and see its security policy.

What is the best cryptocurrency exchange for beginners?

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There are loads of different crypto exchange services, with new platforms emerging every month. Exchange providers differ by supported currencies, liquidity providers, fees, customer support, user interface, level of privacy and anonymity and customer support, which makes it hard for beginners to understand which one to choose. To learn more about what these exchanges offer and how you can assess them, read our guide on how to choose the best exchange platform.

To navigate them through the field full of services, we conduct research and thorough analysis of the market & list both prominent and promising exchange providers, keeping in touch with their teams 24/7. We give you all the necessary data on the offers they provide as well as their brief history, KYC/AML policies, reliability and advantages, while also indicating their downsides so that you don’t have to do that yourself.

What is Swapzone?

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Swapzone is an instant non-custodial cryptocurrency exchange aggregator that helps users make an informed choice when exchanging crypto assets. To make this possible, we gather the information on the exchange providers, select the parameters for comparison, aggregate and sort available deals & give an option to make a swap through providers' APIs in the same interface with a common user flow for every exchange. Still have doubts? Here's 9 reasons why you should use Swapzone to exchange crypto.

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