Disclaimer: Not financial advice. Always do your own research and consult a professional finance advisor before making any investments.
Another momentous event has occurred! The first ever burn of pooled VSG has been is now complete. This burn, performed several hours ago, totalled some 3.1 million VSG! Worth about $10,000 dollars.
One of the major standout features of Vector Smart Chain has been its hyper-deflationary mechanism. This means $1 worth of VSG (the gas token of Vector Smart Chain) from every single $4 transaction fee put into a pool for later burning. These burns will continue each week until the supply has reduced to around the 1 billion mark.
If you want to check it out the burn details, you can view the transaction on the VSC Block Explorer.
To celebrate this event the VSC Team with special guests held a Burn Party. You can listen to the recording of this voice chat here.
We’ll be posting the highlights of this great the event a little later!
What is burning and what does it do?
Put simply, token burning is the process of permanently removing a certain number of tokens from circulation – in this case, VSG. The result of this is the increased scarcity of the remaining tokens, which may inturn raise the value of those tokens.
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