Light it up! 🔥 We just finished our first token burn event today and 1,479,290 $BORING tokens have been burned.
So, what is a token burn?
Token burning is the process of permanently removing a number of tokens from circulation. This is typically done by transferring the tokens to a burn address, i.e. a wallet from which they cannot ever be retrieved.
Why are we burning tokens?
As we mentioned in the previous medium article, part of the cross-chain transaction earnings goes to the treasury for future token burns. By burning tokens, we attempt to keep $BORING token value at a healthy level and perceive the importance of scarcity as the supply of the tokens in circulation is intentionally decreased.
How many tokens will be burned?
For this first token burn event, we took $49,724.38 out of the treasury to burn approximately 1,479,290 $BORING tokens.
The burnt $BORING tokens were all sent to the Null Address 0x0000000000000000000000000000000000000001, an inaccessible address from which they can never be recovered. Here is the TXID: https://etherscan.io/tx/0x527ffe7df0d23afb976de63df041436ddcddfe0bb21430d06d112164bf208fa9.
What will be the effect on the total supply?
Since there are 1,479,290 $BORING tokens been burned, the new Total Supply is 1,998,520,710 $BORING now.