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 six deflationary machanisms in place:
- 20% of the NFT Marketplace fees will be used to buy back and burn PLAY tokens
- 20% of the PlaySwap Arena fees will be used to buy back and burn PLAY tokens
- 20% of the gaming platform fees will be used to buy back and burn PLAY tokens
- 80% of the gaming protocol fees will be burned
- 20% of the trading fees are used to buy back tokens and burn them
- 80% of the auto compound Play pool fees 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.