By definition, token burning is the process of permanently removing a portion of tokens of a crypto project from circulation, decreasing the number of tokens available.
Technically, the tokens in question are transferred to a burn address that has no functions other than receiving tokens. Once sent to the burn address, the tokens will become unretrievable.
Burning token means reducing the overall supply.
When a project executes token burning, its main goal is often to increase the value of the remaining tokens by making the assets more scarce.
In other words, token burning helps against inflation. For this reason, some projects would burn tokens regularly in order to reassure investors of the value of the tokens.
By now we have executed 2 burns of THC - one of the two main tokens of Thetan Arena. For the second burn, the THC was collected from several activities that our players and community were engaging in, both in and outside of the game:
After the 2nd burn, 128,000,000 THC has been permanently removed from circulation. This amount accounted for more than 45% of the total THC and was equivalent to about $1,400,000 USD by the time of the burn.
As Thetan Arena keeps growing, we also look to create a stable tokenomics for our holders and investors, who have put strong faith in Thetan Arena and provided the project with relentless support. Moreover, transparency is one of our cores that we have stuck to throughout the development. On account of these reasons, Thetan Arena will start burning tokens monthly as proof of our determination to fight inflation and to bring more value to our holders and investors, hence solidifying Thetan Arena as a project with great potential in the Play-to-Earn sector.
* Thetan Arena reserves the right in its sole discretion to amend or change or cancel this announcement at any time and for any reasons without prior notice.