Dear Biconomy exchange users and $BIT token holders!
There was a third manual burning of the $BIT token in the amount of 6,000,000,000 $BIT tokens.
This time we burnt a slightly smaller amount since the amount of burning depends on the size of Biconomy company profits and in the summer months, it is lower for all companies. Also, our deflationary model works great, and burn volumes are very high, so the amount of manual burn also depends on it.
Here are the facts and figures behind $BIT Token third manual Burn:
- Total BIT burned: 6,000,000,000 $BIT = 0.6% from Total $BIT Supply
- Transaction ID (TXID) for $BIT burn: View Transaction - 1 , 2
- Burning occurred through partial buyback of $BIT Tokens from the market.
- The Total Amount of burned $BIT Tokens for all time now 30.36% - 303,655,120,320.00 $BIT
Congratulations to $BIT Token holders and our entire community on this amazing event!
Manual Burn History:
1st Manual $BIT Burn
2nd Manual $BIT Burn
What do You need to Know about $BIT Burning Models?
There are three ways to burn the $BIT token.
Method 1. Manual burning, which takes place every quarter, is carried out by the method of full or partial buyback of $BIT tokens from the market. This is done by using 50 percent of the profits earned by the exchange.
Method 2. Deflationary model. This is the automatic burning of the $BIT Token, prescribed in its smart contract. This is the fastest and most efficient method of burning since any on-chain $BIT transaction is taxed at 6% and the entire amount is immediately burned.
Method 3. Additional burning from the profits.
After the launch of futures trading on the exchange, we also intend to direct 50% of the profits received to the additional burning of $BIT tokens.
This burn will be added to the manual quarterly burn.
These burning methods were created from the very beginning to ensure the deflation of the token and increase its useful utility properties, the stability of the development of the economic model of the $BIT Token.
This means that holders of $BIT tokens will have not just a token in their hands, but will be able to participate in a full-fledged cryptocurrency market with a huge future and growth potential.
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Biconomy Team
Risk warning: Cryptocurrency investment is subject to high market risk. Please make your investments cautiously. Biconomy will make its best efforts to choose high-quality coins, but will not be responsible for your investment losses.
01.09.2022