In the cryptocurrency space, the phrase “token burning” is quite common. It defines the process of removing the tokens from circulation in order to decrease the supply and increase demand that comes with the scarcity of digital assets. That scarcity often leads to an increase in price and benefits the holders and investors.
InPoker has been conducting periodic burning operations for over a year, however up to this point the process was manual and conducted on a weekly basis after accumulating the tokens for that week. We are extremely proud to announce that we have recently upgraded and automated the INP burning mechanism, whereby the smart contract now performs burning operations every day at random times.
In the poker world, rake is a commission taken for each pot in cash table games, whereas the fee is a commission taken for entering a poker tournament. InPoker burns half of the profit received from the rake in INP games in addition to utilizing 50% of the profit earned in USD games to buy back and burn INP tokens. This means that with each game users play, they contribute to the scarcity of the tokens in the long term! InPoker also charges users a 3% fee for INP withdrawal, which is automatically burned by the smart contract.
Prior to this update, InPoker has recently accumulated 4,613,456 INP tokens which have been successfully burned today
https://bscscan.com/tx/0xf1bebf016e02bf018490bb58626f47cf761625fa076457128bc0e41025f599d9. INP holders and investors can view the amount of burned tokens in real time on the main InPoker website, a feature that goes in line with our vision of building a sustainable INP token economy and providing full transparency.
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