The Defi Token XcelDefi Monthly Burn Details
The act of burning a token adds scarcity to the token and price appreciation of remaining token in circulation.
Token burns are routinely carried by many crypto providers. Token burns are executed by transferring the certain amount of tokens into inactive, unlocatable crypto wallets. Doing so causes the tokens to get purposefully lost. As no one is able to access the transferred tokens, these tokens are essentially considered destroyed, and hence the term burned.
The XcelDefi dev team has recently notified all the XLD holders that the XLD team will be executing monthly burns until 46% of the total initial supply of 111 million of XLD is permanently burned. The token burn will be conducted on the 15th of every month until the 50 million XLD is reduced from the overall initial supply of 61 million XLD.
The number of XLD burnt each month is determined from the gross profits collected from XcelPay Wallet, Xceltrip and Xcelswap in the previous month.
In the future, the revenue collected from XcelNFT and Xcelswap’s farms will be included to buy back the XLD from the market.
XLD monthly token burn is supported by:
Gross profits collected from XcelPay and XcelTrip revenue (gift cards, token swap, staking, buy with cards, hotels and flight booking charges and so on) ·
Trading fees collected from XcelSwap developer address
Different milestones achieved under vertices of Xcellab Ecosystem including XcelTrip, XcelPay and XcelSwap
Revenue collected from selling NFTs after the launch of XcelNFT(14 peaks)
XLD collected on dev address from daily minting via XcelSwap Farms, burned till an initial supply of 111 million is complete.
XLD Token Burn History
The first burn event was concluded on Sunday, May 15, 2022.
Total token burnt : 674,582 XLD burnt from the loyalty supply address and revenue wallet.
Token burnt from loyalty supply address: 412,291 XLD
Token burnt from revenue wallet: 262,291 XLD
Check the corresponding transaction hash on:
0x0f3cb7d86058779b9e4a8c9177f379b5fdec6ea4a3f2556733c97dcaee096c93 and 0xcb28fb3710dd1fdd8b122137db651beb27e01151ddd5deb678e890b9b002908a.
XcelDefi conducted its second token burn event on the 15th of June 2022.
The project burnt a total of 361,668 XLD tokens worth $3.640k at the time of the burn.
Check the corresponding transaction hash for this burn event: 0xb53c7cf227e459deb6978a16942ead18758218d4c3c41ec69577467fcd6af753
The token burn takes place on the 15th day of every month, so make sure to mark it on your calendar and keep your tabs!
Track XLD token holders XLD contract address: 0xC79d1fD14F514cD713b5cA43D288a782Ae53eAb2
Track XLD burn details here: https://www.xceldefi.com/burnevents.
Find XcelDefi on:
🌐Website — https://xceldefi.com/
📑 Whitepaper — https://xceldefi.com/whitepaper
📧Telegram — https://t.me/XcelToken
🔈 Telegram — https://t.me/xcellaboffical
🕊 Twitter — https://twitter.com/xceldefi
👤 Facebook — https://www.facebook.com/Xceldefi
📺 YouTube — shorturl.at/auJRT
📫 Roadmap — https://xceldefi.com/roadmap
📝 Medium — https://medium.com/@xceldefi