PLAY token burn 🔥
What is token burning?
Token burning is the process of permanently removing tokens from circulation, reducing the total supply. Burning tokens can be done in several ways, most commonly by sending tokens to a so-called "eater address" or "dead address." The "dead address" balance is publicly visible on the blockchain. Still, access to its tokens is unavailable to anyone.
Why is token burning important?
- Increase the value of the token
- Increasing the token price is probably the most well-known benefit of a token burn. Token burn reduces the overall circulation. Thereby the overall supply decreases. It might potentially increase the token value. The constant burning of the coin helps to keep a steady price.
How does token burning at PlaySwap work?
There will be four deflationary machanisms in place:
- 20% of the trading fees are used to buy back PLAY tokens and burn them
- 80% of the auto compound Play pool fee will be burned
- 100% of the Play2Earn fees will be burned
- 50% of the profit generated in all other gaming related activities will be burned
PLAY token burn will occur once a month.
- Even though PLAY token burn occurs once a month, PLAY token buyback happens during the month. We will share a final burn report monthly.
PlaySwap reserves the right in its sole discretion to change or amend the burning schedule at any time and for any reason.