CYB Burning Plan
I. Why burning CYB?
According to Chapter 2.6, the latest Whitepaper of CYBEX,
CYBEX has a pool of budget that pays for the various tasks performed by ecosystem participants (e.g., witnesses). A pool will be reserved upon CYBEX’s launch, and all subsequent budget allocations, tasks, and associated fee structures could be decided by subsequent votes. 50% of the transaction fees within the Exchange will be burnt. Therefore, the total supply of CYB would decrease gradually, elevating the value of the remaining tokens.
The link to the Whitepaper: https://intro.cybex.io/assets/cybex_whitepaper_en_final.pdf
II. How to burn CYB?
1.Burning Plan
1 CYBEX will execute burning in the last week of every quarter (March, June, September, and December);
2 The burning volume will be 50% of the total transaction fees as of a certain time (decided by the block) within a week before the execution week;
3 The aforesaid “transaction fee” is the fees generated during bidding, canceling in EXCHANGE page and is limited to fees in the payment method of CYB;
4 Burning method: Transfer a certain amount of CYB to account “ null-account ”, which is specialized for dumping CYB. Tokens in this account cannot be transferred out or receive airdrops.
⚠⚠⚠NOTE: null-account is created by the system, an account without public keys. Anyone can check it in account permissions page.
5 The burning result will be published in the CYBEX community on a quarterly basis.
2. Execution Result
According to the above plan, the first execution of burning this quarter (Jul, Aug, and Sep) will be done this month. The burning this time covers from Feb 26, 2018, the operation day of CYBEX to Sep 23, 2018.
Execution blocks: Block#1 — Block #5999999.
The total transaction fee in this range is 96955.31665 CYB, fees in other paying methods are not included. The quantity that needed to be burnt is 50%, which is 48477.65833 CYB, 4.8 in a hundred thousand of the total token supply.
As shown in the picture below, The right amount of burning CYB as of this quarter has been transferred to null-account.
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