Feel the Burn. SXP Burning Update
Members of the Solar community often have questions regarding the burning of SXP. In this post, we will explain the concept of burning and how Dokdo handles it.
What is Burning?
Burning tokens or coins involves sending them to a wallet address where they become unusable, effectively removing them from circulation. This reduces the total supply of a cryptocurrency, making the remaining coins more scarce.
SXP Burns in Action
The Solar Blockchain has implemented several mechanisms for burning SXP coins at the protocol level. One mechanism involves systematically burning 90% of transaction fees. However, third-party entities, like Dokdo, integrate these burning features. The Solar Blockchain Foundation does not endorse or promote any specific burning activities.
As the adoption of our products increases, so will the frequency of transactions within our ecosystem. With each transaction, there comes an opportunity to implement SXP burning. The burning pace will intensify as activity surges and our platform becomes a cornerstone of daily transactions.
For example, Dokdo has committed to burning a portion of all income from swaps made via the Solar Mobile Wallet in conjunction with ChangeNOW. Recently, during a testing phase, 2200 SXP was burned. While this figure may seem small, it signifies the beginning of potential burning as adoption surges and transaction volumes increase.
The imminent launch of Solar Card, the launch of tymt, the expansion of District 53, and the launch of the e-commerce store moon.store are expected to increase SXP transactions within the Solar Blockchain ecosystem. As a result, the frequency of SXP burns is likely to rise correspondingly.
Solar Cards will drive adoption and usage within the Solar ecosystem. With more users utilising Solar Card for day-to-day transactions, transaction volume will increase, leading to more SXP being burned.
The development of District 53 includes the launch of a new website and improved features and functionality within the game. Our marketing team has a comprehensive plan that will increase the number of users and, therefore, SXP transactions within the game.
The launch of the e-commerce store moon.store adds another dimension to the Solar ecosystem, potentially attracting more users and increasing transactional activity. Users buying and selling goods on moon.store with SXP will generate more transactions, resulting in additional SXP burns.
Conclusion
This article offers a brief introduction to the concept of burning. The key takeaway point is that the more transactions occur, the more SXP will be burned.
Our aim is to develop products that people will love to use. This will streamline the adoption process, making it easy for individuals to join the Solar ecosystem. Transactional activity will increase as more users integrate our products into their daily lives, fueling increased SXP burns.
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