The Burning
LUXY Token will be a deflationary token. Over time, 50% of the total supply will be burned, reducing the token supply from 100 million to 50 million.
We will have events called “The Burning”. Information regarding The Burning will be displayed on a page containing:
- Amount of collected fees
- Equivalent amount in LUXY tokens
- Date of Next Burn
The Burning will happen via two avenues:
- 100% of all fees paid in the form of LUXY Token will be sent to the burn address 0x000000000000000000000000000000000000dEaD. This means that any marketplace fees generated from buying any services, and marketplace fees from buys/sells of NFTs paid with LUXY Token, will be burned.
- 25% of all fees paid via forms other than LUXY will be used to buy back LUXY from the market, Those acquired LUXY tokens will then be sent to the burn address 0x000000000000000000000000000000000000dEaD. First year 25%, and then 10%.
- In both cases, Governance can choose to alter this parameter of the marketplace in future.
The Burning will continue until 50 million $LUXY are removed from circulation.
Last modified 1yr ago