Yesterday we initiated the token-burning process for Leancoin. In line with our documentation, our Smart Contract will be releasing 5% of tokens per month, which will be burned thereby reducing the total supply. At this point, the total supply has been reduced from 8,200,000,000 billion to 8,126,500,000 which is visible on SolScan and conveyed through the API:
Burning transactions can be observed at this address:
New Metadata for Leancoin
We want to inform you that on the Solscan You can find updated Metadata for Leancoin. It means that Leancoin has officially added a logo, name, ticker, and description that will be used by blockchain wallets and blockchain platforms.
Future activities for Leancoin burning
Our aim with the UBB strategy is to increase the utility for Leancoin and use the generated funds for buybacks. The purchased tokens will fuel the Burning Wallet on the smart contract, where they will be burned at a ratio of 5% per month.
The Leancoin team does not have access to the smart contract, and the tokens are released automatically. Initially, the Burning Wallet contained 1,400,000,000 Leancoin but it will be equipped with additional tokens from the swap Wallet (Lean Management Tokens not exchanged by the team) as well as tokens stemming from the UBB model. At this moment the amount of tokens in the Leancoin Burning Wallet was reduced to 1,396,500,000 Leancoin.
