InPoker adds a public real-time counter for burned INP tokens on main website
We are thrilled to announce that INP holders and investors can now view the amount of burned tokens in real time on the main InPoker website. The team always takes initiative to work toward a sustainable INP token economy and full transparency.
In the cryptocurrency world people can often come across the news about developers burning millions and billions of tokens. Burning tokens reduces the circulating supply and makes them rarer. That scarcity often leads to an increase in price and benefits the holders and investors. The idea behind token burning can be compared to traditional stock exchange days. It’s very similar to and inspired by stock buybacks. A stock buyback is when the company that issued the stock buys shares back at the market price and reabsorbs them, reducing the number of total shares in the market. While buybacks and token burning aren’t exactly the same, they’re similar concepts that can serve the same goals.
In a modern world, many companies follow this example and the InPoker team uses this tactic to add value to the project and INP holders. InPoker periodically burns half of the revenue share received from the rakes in INP games in addition to utilizing 50% of the rake revenue share earned in BUSD games to buy back and burn INP tokens. This means that with each game users play, they contribute to making the tokens rare in the long term! InPoker also charges users a 3% fee for INP withdrawal, which is automatically burned by the smart contract. 50% of the profit received from the NFT royalties is also burned.
This is done in order to decrease the circulating supply and increase demand as the platform becomes more popular. Shortage of tokens in circulation will drive the demand. By keeping the INP tokens and staking them, users can continue to be rewarded. This will attract more users to the platform while providing a sustainable blockchain economy for the INP token.
Burning often helps cryptocurrency rise in value. Many tokens have positive price movements after tokens are burned. If a cryptocurrency has a high inflation rate, burning tokens can curb the increase. It’s a way for participants to add new blocks of transactions to a blockchain with proof-of-burn cryptos.
Stay tuned for more exciting developments on inpoker.app
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