What is the concept of burn in the cryptocurrency industry?

1 answers

• Nov 26, 2021 · 3 years ago
  Burn is an interesting concept in the cryptocurrency industry. It refers to the intentional removal of a certain amount of tokens from circulation. This can be done by sending the tokens to an address where they can never be accessed again. The purpose of burn is to reduce the total supply of a cryptocurrency, which can potentially increase its value. By creating scarcity, burn can make the remaining tokens more valuable. It can also be seen as a way to reward token holders by reducing the supply and increasing the value of their holdings. Burn can be initiated by the project team or by community consensus. It's a fascinating mechanism that adds an extra layer of dynamics to the crypto market.
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