Space Token Burn Program: How does it work?
We are excited to reveal the new Space Token Burn Program!
As you know, After each transaction on the BNB Smart Chain, 1% of the SPACE amount is automatically sent to the null address to be burned.
The null address is created by the blockchain for the sole purpose of burning tokens. Therefore, the address is public and is publicly verifiable and the tokens sent to the null address will never be used.
You can track all SPACE who was burned here:
Today, already 680 274 SPACE was burned by this on-chain mechanism!
In order to support continued ecosystem growth and healthy product economics, we have chosen to conduct a monthly Space Token burning process. Planned burns protect the price of SPACE, and maintain the balance between holders and the Final Autoclaim wallet to support our token distribution model. Space Tokens will be burned once a month.
Buy-Back and Burn
Every month, we will add 3% of the revenues made on Final Autoclaim to a reserve to protect the price of our token. When the price arrives in a bearish zone (we will use some efficient technical indicators to determine this zone), we will manually buy SPACE and burn these tokens bought.
In this way, we reward long-term SPACE holders by buying back and burning only when the price of the token is going down.
Space Token Deposits Burn
You are aware that some off-chain pools to stake Space Token were recently added to Final Autoclaim, these Staking Pools sometimes require users to deposit Space Token from their on-chain SPACE wallets to Final Autoclaim. This mechanism makes the Final Autoclaim reserve grow.
Every month, the total of Space Tokens deposited on Final Autoclaim by using BSC, Polygon, or Fantom Network will be burned, this will improve the balance between Final Autoclaim Reserve and Holder wallets.
Track Space Token Burn
We will post Space Burn Program reports monthly on our social networks, and a page will be created to consult different key information about the Space ecosystem. In particular, you will be able to follow the number of SPACE that is actually staked, the amounts to be burned, and the transactions proving that these have been burned.