The Biggest Burn in Oxen History
Oxen announced the biggest burn in Oxen history with 695,520 OXEN that is set to be burnt over the next 6 months.
Over the next 6 months, there will be 6 burn events — once a month. On each burn day, there will be a bonfire full of 115,920 OXEN.
The first burn will take place on June 1, and the subsequent burn events will take place on the first of each month for the next 5 months after that.
Over the entire burn period, roughly 1% of the total supply of OXEN will be permanently destroyed.
Currently, almost half of the circulating OXEN is locked in service nodes. With the burn on top of this, the amount of unlocked OXEN available is going to take a huge hit. All of the OXEN being burnt is coming from foundation wallets, and while this will burn will help offset inflation over the next six months — they have got much bigger plans long term.
How does burning work?
The tokens are publicly burnt so that they are lost forever. A transaction is sent with a custom fee amount (this is the amount which will be burnt). The Oxen never goes to anyone’s address, instead it is instantly burnt and removed from the supply.
Because Oxen is a private blockchain, we need to take some extra steps to make sure people can view the incoming transactions and verify the burn for themselves.
You will be able to view the burn transactions on the Oxen blockchain explorer and watch us melt down the tokens every month.
What is Oxen?
Oxen is many things. A private cryptocurrency. A secure messaging platform. A network anonymity layer. Tools to build a more private future for the Internet.
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