CRONA Token Burning
What Is Token Burning?
Token burning is the process of permanently removing coins from circulation, thereby reducing the total supply. Token burning is usually performed by the development team behind a particular cryptocurrency asset. It can be done in several ways, most commonly by sending the coins to a so-called “eater address” or “dead address”. Its current balance is publicly visible on the blockchain, but access to its contents is not available to anyone.
Why Is Token Burning Important?
There are several benefits of a coin burn and they are as follows:
Increase in the value of the token
This is probably the most well-known benefit of a coin burn. Coin burn reduces the overall circulation of the token, thereby the overall supply decreases. It might potentially result in the increase of the value of the token. The constant burning of the coin helps to keep a steady value.
A steady value of the token
Constant token burning helps to keep a steady value of the token and it also bets for a long-term price increase. Coin burn can potentially make the holder’s token more valuable than it was before the burn.
How Does Token Burning At CronaSwap Work?
The practice of burning may involve the project’s developers buying tokens back from the market or burning parts of the supply already available to them. Here, at CronaSwap, there are two deflationary mechanisms in place.
0.05% of the trading fees are used for buying the CRONA tokens back from the market and burning them.
CRONA Auto Compound performance fee is used for token burning.
20% from all the purchased lottery tickets are used for token burning.
CRONA Token Burning Schedule (Approximate)
Total burned: $37,733.675242 ( 161,087.739636168934967985CRONA tokens)
All burned CRONA tokens 100% transparent and recorded as transactions on the CRONOS:
📍 Buyback CRONA tokens from trading fees
📍 Sending CRONA tokens from trading fees to the "Burn Wallet"
📍 Sending CRONA tokens to the "Dead Address"
Total burned: $478,164 (70,0000 CRONA tokens) 📍 Sending CRONA tokens from Airdrop to the "Burn Wallet"
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