As a Solana-based token, BONK relies on a unique combination of Proof-of-History ([PoH](https://coinmarketcap.com/alexandria/glossary/proof-of-history-poh)) and Proof-of-Stake ([PoS](https://coinmarketcap.com/alexandria/glossary/proof-of-stake-pos)) consensus mechanisms, which improves throughput and scalability. Solana is a Layer 1 blockchain, considered one of the most high-performance permissionless blockchain on the market and fastest networks due to its speed and claimed throughput: the network of 200 distinct nodes can process up to 50,000 transactions per second (TPS).

In line with the team's strategy, 50% of the total supply was airdropped to Solana users (artists, creators, and active community members). The total supply of $BONK is nearly 100 trillion coins, distributed as follows: 5% to Team Development; 5% to Marketing; 5% to Initial Liquidity; 15% to the Bonk DAO; 20% to Early contributors; 20% to 40 Solana NFT collections (297K individual NFTs); 15% to Early OpenBook traders; 10% to Solana collectors and artists; 5% to Solana developers. As of January 2023, there are 56,000,000,000,000 tokens in circulation.

Nearly half of the total supply, i.e. 50 trillion coins, is distributed among those who maintain the Solana blockchain and contribute to the development of the community in any way possible. According to Orca, a DEX built on top of the Solana blockchain, the airdrop resulted in approximately $20 million in trading volume. Since $BONK was listed across a number of popular crypto exchanges on December 30, 2022, the token has grown by over 2,000% in a week. For 2023 it was the best performing crypto asset based on return percentages. BONK now has over 350 Onchain integrations built by the community across many verticals.

At the time of writing, the team behind the Bonk project remains anonymous. As of January 2023, there is no comprehensive whitepaper for investors on the official website, instead visitors can see the one-pager and the bonk-paper with information about the token distribution, integration details, and links to the blockchain explorer - SolScan.

According to the one-pager, BONK is the first dog-themed coin on [Solana](https://coinmarketcap.com/currencies/solana/) "for the people, by the people" with 50% of the total supply of the cryptocurrency airdropped to the Solana community. BONK is similar to [Shiba Inu (SHIB)](https://coinmarketcap.com/currencies/shiba-inu/) and [Dogecoin (DOGE)](https://coinmarketcap.com/currencies/dogecoin/) memecoins, it was launched on December 25, 2022, and led to an increase in the price of the SOL token (a rise of 34% in 48 hours). Trading began on December 30, 2022, arousing genuine interest from the crypto community. The main goal of the team is to bring back liquidity to Solana-based decentralized exchanges ([DEXs](https://coinmarketcap.com/alexandria/glossary/decentralized-exchange-dex)). The idea of the developers was to create a full-fledged community coin that will be used across all the [dApps](https://coinmarketcap.com/alexandria/glossary/decentralized-applications-dapps) built on Solana, and each user will have the opportunity to become part of the ecosystem, "where everyone gets a fair shot". BONK was airdropped randomly to Solana [NFT](https://coinmarketcap.com/alexandria/glossary/non-fungible-token) collectors, developers, and artists, other airdrop details remain unknown. Currently, the project has a small digital footprint on the Internet, except for an active twitter account.