BTCPMX Token Burn Announcement
Dear ChipMonk World Community,
In accordance with our tokenomics update, today on 13 November 2021 we facilitated the token burn of 125,000,000,000,000 BTCPMX to the Burn Address (0x0dead9e105c699fd216a55e5ece6e5c7f57471f0) on 13 November 2021.
The new token total supply is 875,000,000,000,000.00 BTCPMX.
FAQ
What is a token burn?
A token burn is a process of sending a number of tokens to a wallet address — commonly referred to as the “black hole” — where the private keys are unobtainable by anyone. This process makes the tokens unusable forever and cannot be undone.
Why are token burns necessary?
Token burns will keep the token value at a healthy level and importantly embrace the importance of scarcity as the supply of the tokens in circulation is intentionally decreased. This process adds security for users/token holders and lets them safely expedite their transactions without perverse incentives. Because there is no incentive to charge higher fees other than for faster execution, users can trust that the network will be used more responsibly.
Economic principles have proven that this is an effective method and a reinforcement for the respective project’s growth.
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