Phoenix Protocol
Artist Xchange Coin to be Burned: Creating Scarcity and Increasing Value
Last updated
Artist Xchange Coin to be Burned: Creating Scarcity and Increasing Value
Last updated
Introduction
The Artist Xchange is a decentralized platform that allows artists to buy, sell, and trade their art using $ARTIST. To ensure the long-term success and sustainability of our platform, we have implemented a plan to burn 25% of $ARTIST total tokens over the course of 10 years. In this section, we will outline the details of our $ARTIST burn program, including the methods we will use to incentivize token holders and the schedule for burning $ARTIST.
$ARTIST Burn Program
A token burn is a process of permanently removing tokens from circulation. By burning tokens, we are reducing the total supply of tokens in circulation, which can help increase the value of the remaining tokens. We plan to burn 25% of our total tokens, which amounts to 175 million tokens, over the course of 10 years.
Incentives for $ARTIST Holders
We recognize that the success of our token burn program relies heavily on the participation of our token holders. To incentivize token holders to send their tokens to be burned, we will create a token burn program that rewards token holders who participate in the burning process.
One way we plan to incentivize token holders is by offering a certain amount of new tokens to token holders who send their tokens to be burned. For example, if a token holder burns 100 tokens, they may receive an additional 10 tokens as a reward for participating in the token burn program.
Another way to incentivize token holders is to offer a discount on trading fees for users who hold a certain amount of tokens and participate in the token burn. For example, if a token holder burns 500 tokens, they may receive a 25% discount on trading fees for a specified period of time.
$ARTIST Burn Schedule
To burn 25% of our tokens over the course of 10 years, we will create a token burn schedule that specifies how many tokens will be burned at specific intervals. We plan to burn 2.5% of our tokens every year for the next 10 years. This amounts to burning 17.5 million tokens per year.
$ARTIST Buyback Program
To fund the token buyback program, we will allocate a portion of our revenue from trading fees to buy back tokens from the market. We plan to allocate 1.5% of our trading fee revenue to the buyback program. The tokens bought back can then be burned, reducing the overall supply of tokens in circulation.
Conclusion
Overall, our token burn program, incentivized token burn program, and token buyback program can help us achieve our goal of burning 25% of our total tokens over the course of 10 years. By reducing the total supply of tokens in circulation, we hope to increase the value of the remaining tokens and ensure the long-term success of our platform.
$ARTIST Burn Schedule Chart:
1
17.5M
682.5M
2
17.5M
665M
3
17.5M
647.5M
4
17.5M
630M
5
17.5M
612.5M
6
17.5M
595M
7
17.5M
577.5M
8
17.5M
560M
9
17.5M
542.5M
10
17.5M
525
