Record-Breaking 500,000 XCM Burn Event
More Utility – More Value
After listing a handful of valuable assets and projects in the last few weeks, the 15 Weeks of Summer Campaign is now focusing on our own XCM token. If you’ve been around for a while, you know that in February this year we stopped vaulting tokens in favor of burning. We had a major burn event in March, where 250,000 XCM were sent to the burn address. Visit here for a recap of all the 15 Weeks of Summer events so far!
For Week 7 of our summer-long program, we’re putting even more value into our Coinmetro asset with an even bigger, record-breaking 500,000 XCM burn.
Etherscan – tx/0x3b1847b7403270fbb6f2decdc4012ef1b56b97fe883d0e4881aa93150f861b14
500k XCM Burn – Tokenomics for Inclusive & Accessible Finance
As our Coinmetro platform is progressively maturing, the mechanical demand for XCM tokens is increasing. Why? Because 100% of all exchange fees collected by Coinmetro are used to market buy XCM from the order book at regular intervals. We then burn 50% of that XCM on-chain to remove it from circulation permanently. This provides a deflationary character to XCM, by decreasing the total supply and increasing the buy pressure.
Today, we are happy to announce that we have sent 500k XCM to the burn address, as a commitment from our side to give more utility and value to the XCM token.
With the recently added tokenomics, we are burning 25% of all fees collected on our Swap widget, as well as burns from other products. As the utility of XCM increases, so will the burn rate – you can expect the mechanical pressure to increase exponentially as we rapidly grow our user base during the second half of 2022. With new marketing initiatives ready to roll out next week, we expect a surge of new users to enter the metropolis, educated and ready to participate in the growing ecosystem with XCM at the core of it all.
A Complete Crypto Ecosystem
Lately, we have been focusing on making XCM a meaningful token by pushing forward several utilities and tokenomics that are bringing more value to holders. Recently, we included THT on MARs (Multi-Asset Rewards). The new update followed the inclusion of KDA & FLUX earlier this year. In short – by staking XCM on the Coinmetro platform you are rewarded with incremental additional returns paid out in other tokens as well.
Along with the MARs program, the continuous XCM burn is placing our token in a league of its own. Few digital assets can claim such utility and valuable programs built around them.
Thus our summer campaign is carrying on with more valuable projects and crypto tools. How are you spending this summer? How are you managing your portfolio so that you can traverse this period with ability? Now is a good time to leverage your investment with assets and projects that have proven their value in time. Bear markets are critical periods where real value is being separated from fast-fading fads. At the moment, at Coinmetro, we are focused on delivering only projects and mechanisms that can make a positive change in your life and drive your portfolio forward. And it starts with XCM.