Dear Minebase community.
Today we want to inform you about the monthly burning of minebase tokens. In order for you to understand the procedure, we would like to introduce you to the main burning mechanism. The current number of burned tokens is: 802.834,615.Here is the burn address at Etherscan.
https://etherscan.io/tx/0x91cfc2cfa1c6d8df7d56c204ed27c5d6ff7d802d1d554cdf232f8f431b4af5ee
The calculation basis for the burning of tokens is:
1 All fees incurred from the wallet addresses during the period of burning.
2. all tokens created in the period of burning (current token CTP price is calculated)
Formula:
Fees Price ( Wallet addresses ) + Token Price : 4
This means. In this period of burning (september/oktober 2022) we have $6,890,328 in fees from the wallet addresses to create the token.
In total, 2,151,288 tokens were created.
The formula is: fees from wallet addresses
$6,890,328 + token (2,151,288 x 6.50) = $13,983.372
13,983.327 + $6,890,328 = $20,873,700 : 4 = $5,218,425.
The 5,218,425 must now be divided again by the $6.50 to calculate the tokens that will be burned.
So 5,218,425 : 6.50 =
802,834.615 tokens that were burned. ( september/october 2022 )
This process takes place once a month.
Please note that we will continue to burn tokens in the future.
1. after 6 months of listing on the Exchanges, 0.025% of the tokens will be burned if the price drops more than 10%.
2. All tokens used to buy NFTs will be burned.
3. In case of games, 10% of the staked value will be burned.
This gives you an insight to understand how the token may develop in the future.
Thank you for your attention
Your Minebase Team
