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Burning Tokens
The Gnome Mines team comes through this announcement, to celebrate the launch of the Tavern.
In addition to the tavern update, we will implement the deflationary system in our Token that will burn 50% or more of the total supply of Gmines Tokens! We intend to burn all these tokens over time
How and why do we plan to burn GMINES TOKENS?
The burning process consists of removing/destroying tokens permanently from circulation. The main benefit is making the Gmines Token a deflationary asset. These tokens that will be burned will mainly come from the following sources:
- 1.Burning, fees charged in the In-Game Token Claim process. We currently have 4 levels of fees in this claim process which are 3%, 6%, 10%, 20%
- 2.Tokens charged during the Gnome upgrade process!
- 3.Tokens charged during the Gnome status reset process!
- 4.Tokens charged during the Gnome Fusion process!
In addition to the sources mentioned above, the Gnome Mines team also plans to burn all tokens from the selling of Tavern and Chest from Shop!
Such sources and strategies were taken by the team to accelerate the process of burning Tokens in order to reach the 50% target as soon as possible.
Last modified 1yr ago