Additional XDB Token Burn
The DigitalBits Foundation is announcing that 100 million XDB ERC-20 tokens will be burnt today, reducing the current total supply for the XDB ERC-20 from 1.5 billion to 1.4 billion. Additional token burns are also expected prior to the commencement of the mainnet token swap.
Back in November 2019, the total supply of XDB ERC-20 was reduced via the token burn process from the original XDB ERC-20 supply of 100 billion to 1.5 billion. This burn was done to address confusion and concern as well as to provide reassurance that the majority of the original 100 billion ERC-20 tokens total supply would not find its way into circulation. This disclosure has also been present on the Coinmarketcap and Coingecko webpages for XDB.
With the upcoming mainnet token swap, the commencement of this further ERC-20 burn is to provide a similar reassurance that these burnt tokens will not find their way into circulation.
As for the upcoming mainnet token swap, that process will be fully executed and communicated by participating exchanges. Digifinex is the first exchange that has confirmed that they will facilitate the token swap on their exchange on August 15th, 2022.
We expect other announcements from exchanges to take place in the coming days announcing the precise date of the swap, in order to give users proper notice. Each participating exchange will provide instructions on how they will facilitate the swap for their clients.
The digitalbits mainnet token is the native token of the DigitalBits blockchain. Every blockchain address on the DigitalBits blockchain requires mainnet tokens to enable functional use of the account and for transaction fees on the network associated with an array of uses including sending payments and creating fungible tokens and NFTs. The mainnet token can also serve as a bridge token between two on-chain tokens that don’t have a direct market.
To reassure the whole DigitalBits community, the team will be actively supporting the process via Telegram channel over the coming weeks, addressing any queries you may have.
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