PLUG Chain: $PLUGCN Token Burning Event!
Dear Plug Chain fans,
We have some exciting news for you. PLUG Chain will be conducting a token burning event on the 26 April 2022, and a total of 13 Billion $PLUGCN will be burned (about 70% to 80% of the current circulation!)
The $PLUGCN that are to be burned came from current stash held by Plug Chain Foundation. On chain transaction will occur for this burning event (will release txid)
You guys asked for it, you got it!
Let us countdown together. Stay tuned for the burn TXID!
What does it mean for the investors and holders?
“Burning” crypto implies permanently eliminating a number of tokens from circulation. This is normally done by moving the tokens being referred to a burn address, for example a wallet from which they can’t at any point be recovered. This is regularly portrayed as obliterating tokens.
The foundation is going to burn tokens to reduce the overall supply which will create a “deflationary” event. The value of $PLUGCN will increase in price while the circulating supply falls and they become all the more scarce.
Staking Affected by Supply & Demand
Burning tokens can likewise help those staking tokens to validate transactions in a proof-of-stake protocol. Whenever a large amount of tokens are taken out from circulation, there’s a logical opportunity that staking will generate more staking rewards.
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