It sounds scarry it's true but if we don't burn tokens, they will simply be worth less... By burning we can optimize it according to the income we generate.
When we started the project, we wanted to achieve a close to 100% burn rate but we realised that this was only possible if the tokens are circulating. There are a lot of accounts that simply hodl the token and with a burn rate of 50%, we get a quite stable circulating supply.
In a way we could have said that we don't burn and we only min 50% of the tokens but this gives less flexibility. We can adapt the burn rate according to the income than we generate and it takes into account the tokens that are 'blocked' on inactive accounts.
The max supply is 1'000'000'000. We needed to keep a high number because otherwise it wouldn't be possible to mint tokens with mills if the max supply was reached.
At the moment there are 44 LEN tokens in the prize pot for the Liotes Power Challenge 2025.
Seeing something with value get burnt up sounds scary but I do understand the concept behind burns in crypto. So let it burn. :)
It sounds scarry it's true but if we don't burn tokens, they will simply be worth less... By burning we can optimize it according to the income we generate.
Has the burn rate achieve what you've set out to do so far?
When we started the project, we wanted to achieve a close to 100% burn rate but we realised that this was only possible if the tokens are circulating. There are a lot of accounts that simply hodl the token and with a burn rate of 50%, we get a quite stable circulating supply.
I think it is a good goal, and the burns do help to maintain the LEN price.
In a way we could have said that we don't burn and we only min 50% of the tokens but this gives less flexibility. We can adapt the burn rate according to the income than we generate and it takes into account the tokens that are 'blocked' on inactive accounts.
Almost 50%, man. That'll go a long way in keeping the token's price up. It'll take some of the selling pressure off.
We try to keep the burn rate as high as possible to have a somewhat stable circulating supply, so that the token price can actually go up.
thanks for the update.
Can i ask, what is the upper cap for len tokens? (max len tokens)
!BBH
!PIZZA
The max supply is 1'000'000'000. We needed to keep a high number because otherwise it wouldn't be possible to mint tokens with mills if the max supply was reached.
$PIZZA slices delivered:
@imfarhad(2/5) tipped @liotes
Thanks for the update!
Thank you for the update! I think what you want to achieve is a nice target and it sounds really practical to keep the prices strong for LEN.
Thanks for the news.
!ALIVE
!WINE
Thanks for the update and explanation.