Natmin’s Token Burning Event, 1 March 2019

After the successful end of our Public Token Sale at the end of December 2018, we announced our token burning event to take place on 1 March 2019. In an effort to stabilize and increase our token value, we planned to burn 38,468,534 NAT — the number of unsold tokens from the public token sale. More information about our token sale can be seen here.

Since listing on exchanges on 1 February 2019, we announced a buyback program where we aimed to buy back 30,000,000 NAT in 30 days. This buyback program was not originally planned or documented in our whitepaper and was an ad hoc decision from Natmin to help improve our token stability and value. We completed the buyback on 28 February 2019.

During the buyback period, we purchased 21,500,000 NAT from exchanges and partners. We decided to burn these tokens rather than lock them for future use. This brought the total number of tokens to be burned to 59,968,534 NAT. As we all like nice round numbers, we have burned a total number of 60,000,000 NAT, reducing our total supply to 340,000,000 NAT.

Our token burning function deducts the number of tokens from the owner wallet as well as from the total supply, and then emits the transaction to address(0). Please see the function below:

function _burn(address _user, uint256 _value) internal ownerOnly {
require(balances[_user] >= _value);

balances[_user] = balances[_user].sub(_value);
_totalSupply = _totalSupply.sub(_value);

emit Burn(_user, _value);
emit Transfer(_user, address(0), _value);

bytes memory _empty;
emit Transfer(_user, address(0), _value, _empty);
}

The token burning event was carried out successfully and the transaction receipt can be viewed here: https://etherscan.io/tx/0x336ef5bc6f6895a374152e11846e0eb4fd337bc44e01d13d54ab1f075461a801