đĨ$HOLY Burning
Last updated
Last updated
To avoid wash trading and too much inflation of $HOLY token, there are a burning mechanism implemented. Leftover $HOLY from Volume Rewards distribution will be burned by end of each month All leftover Tokens from $HOLY Volume Rewards distribution, (Max 2000 $HOLY per day) not distributed to any users will be burned by end of each month. In long term the $HOLY burning mechanism could be extended, this is something the community of HolyGrails will be able to vote for it.
Find the current Burning overview on the Burning Page on Holygrails.io to find the information about last and upcoming $HOLY Burnings.
The burning mechanism is a way to reduce the supply of a token in circulation. In the context of the $HOLY token, the burning mechanism is implemented to avoid wash trading, which is the practice of buying and selling NFT's for the purpose of manipulating its price, and to prevent inflation of the $HOLY token. Wash trading is a form of market manipulation that can be difficult to detect and can have negative effects on the market. By reducing the supply of $HOLY through burning, it becomes harder for individuals to manipulate the price of the token through wash trading.
The burning mechanism for $HOLY involves burning any leftover tokens from the Volume Rewards distribution that are not distributed to users. The maximum number of $HOLY tokens that can be burned in this way is theoretically 2000 $HOLY per day. This helps to ensure that the supply of $HOLY in circulation is not artificially inflated.
The burning mechanism for $HOLY may be extended in the future. This means that the rules for burning $HOLY may be changed to burn a larger number of tokens or to burn tokens in a different way. It is planned that the community of HolyGrails will have the opportunity to vote on any proposed changes to the burning mechanism.
The Burning Page on Holygrails.io provides information about past and upcoming burnings of $HOLY. This can be a useful resource for individuals who want to stay informed about the supply of $HOLY in circulation and the effects of the burning mechanism on the token. Check out https://holygrails.io/rewards?action=burntokens to see current $HOLY burning figures.
