Coin Burn
Coin Burning is a process that is performed by permanently eliminating some of a crypto project s existing supply, usually with the aim of reducing supply or increasing value.
Coin burning is usually carried out according to a plan determined by the developers or managers of the project. This plan determines the amount, method and process of burning to be carried out in a certain time period or a certain period. The amount to be burned can often be a percentage or a specific amount of the project s total supply. This amount is determined by taking into account the project s goals, market conditions and community expectations. Burning is usually done through a smart contract or a private transaction on the blockchain. This process reduces the supply by permanently eliminating the designated quantity. Once the transaction is completed, these burned coins are deemed to no longer be in circulation and cannot be retrieved. —
