Coinmetro Unveils New XCM Staking & Burning Tokenomics
A question our active community has been asking and now we have the answer: TODAY!
Today, we’re launching even more robust XCM Tokenomics which are designed to provide you with increased passive income, mechanical demand and buy pressure for XCM as well as a deflationary token model.
What is the XCM Token?
For anyone new to Coinmetro, XCM is the native utility token of the Coinmetro platform. It fuels our entire ecosystem and acts as an access point to ever-growing rewards and perks for its holders.
The Coinmetro mantra has always been to build a proper, sustainable ecosystem designed for the long-term success of our customers, with XCM playing a major role.
XCM is Headed to MARs (Multi-Asset Rewards)
From the moment we released the first iteration of XCM Staking last year, our plan has been to create a sustainable, long-term passive income opportunity. We launched with a reasonable APR which we aimed to gradually increase over time.
XCM Stakers rejoice!
Now, in addition to receiving XCM rewards for staking, we have successfully implemented Multi-Asset Rewards.
What does this mean?
All XCM Stakers will now receive various additional “bonus” tokens starting with Kadena (KDA). We’ll add FLUX (FLUX), ThoughtAI (THT) and Vesper Finance (VSP) in the short-term, with many more coming soon thereafter.
If you are already staking XCM, there is no need to take any action. Check the XCM Staking page and you will already see your bonuses being accrued
This update is enormous! It means you are receiving bonus tokens now and that as Coinmetro supports staking of new assets in the future, it will enable us to pay out even more bonus assets. We aim to grow the opportunities for our clients over time. The potential is limitless, and you don’t have to do anything!
We are offering many advantages over competitors with fee-free and instant claiming of staking rewards and bonuses. They also will not expire, so you can cashout at your leisure.
The XCM staking program will continue to provide major benefits like fee rebates and bonuses as well as the passive income streams mentioned above. Here you can learn more about XCM Staking.
FYI: All staking rewards are now paid on an hourly basis as opposed to daily, so you can cash out your rewards and reinvest on a more regular basis.
Introducing XCM Token Burning!
We have been waiting to make this announcement since 2018!
On February 16th, we stopped vaulting tokens in favor of burning!
We have already burned 6,825 XCM which is just the start
As platform usage increases, so will the mechanical demand for XCM tokens from the market, and even more XCM will be burned. With a growing range of products and services coming soon, we plan for each to include XCM utility.
Every XCM token burned is permanently removed from circulation. This decreases the total supply and increases buy pressure, something all of us XCM-holders like to see. XCM, a real deflationary token!
How do we Calculate the Burn Amount?
100% of all Exchange fees collected by Coinmetro are used to market buy XCM from the order book at regular intervals. 50% of this XCM will be burned on-chain at 12:00 UTC each Friday. Coinmetro retains the ability to dynamically change this rate between 1-100%, with the intention of keeping it at 50% or above.
To celebrate the news of XCM burning, we have sent 250,000 XCM to the burn address!
In the very near future, we will be applying burning to the Margin fees, SWAP fees and all existing products, so you can expect the burn rate and buy pressure of XCM to increase dramatically. We will also include XCM utility in all future services.
What does the Future Hold for XCM Tokenomics?
Here is some of our plan:
More MARs with assets we already support for staking
More staking opportunities, which leads to more MARs on XCM Staking!
More fees being burned across existing and new services
We will continue with quarterly burn events
Plus much more!
By the way, if you noticed that new XCM logo… there is more info on our rebranding rollout here.
We are very excited about the new XCM Tokenomics and hope you are as well! If you’re new to Coinmetro, head over to our site to sign up. If you’re already a Coinmetroid, thank you and here’s a link to check out XCM Staking.