🔥Token Burning
Last updated
Last updated
MAXX Finance is excited to announce two significant burn events as part of our ongoing commitment to a sustainable and robust ecosystem. These events are scheduled as follows:
December 18, 2023: Approximately 10% of the total MAXX supply will be burned. This event marks a significant milestone in our roadmap, reinforcing our commitment to long-term token value and ecosystem health.
Bitcoin Halving Celebration: Coinciding with the Bitcoin halving, we plan to burn approximately 20% of the total MAXX supply. This momentous event aligns with a key industry milestone, underscoring our dedication to the broader crypto community and the principles of decentralization and scarcity.
These burn events are a strategic step towards enhancing the intrinsic value of MAXX tokens and demonstrating our dedication to the community's interests and the project's longevity.
What is Token Burning?
Token burning in the crypto world refers to the process of permanently removing tokens from circulation. Unlike physical asset destruction, token burning is a digital process where tokens are sent to an inaccessible wallet, often called a "burn" or "dead" address. This address, lacking a private key, ensures that these tokens can never re-enter the market or be used again.
For MAXX Finance, token burning occurs through our smart contract, which sends tokens to the 0x00...00dEaD address on the Polygon Network. The result is a reduction in both the Circulating and Total Supply of MAXX tokens.
Why Burn Tokens?
Our primary goal with token burning is to mitigate token inflation, which can devalue a project. Given our generous APY offerings, MAXX's total supply naturally inflates over time as new tokens are minted for staking rewards. While the exact rate of inflation depends on user staking behavior, we employ token burning as a strategy to deflate the supply, thus maintaining the project's value and longevity.
How Does MAXX Implement Token Burning?
MAXX Finance executes token burning chiefly through transaction taxes, supplemented by periodic burn events targeting a portion of the tokens in the MAXX vault.
Transparency in Token Burning
All MAXX token burns are transparently recorded on the blockchain and accumulate in the designated dead address on the Polygon Network. We ensure visibility and trackability of these events through our ecosystem, with comprehensive statistics available for community review.
For the latest updates on tax values and burn statistics, please visit our taxes section and staking dashboard.
