Ethlas is excited to announce that it has started a regular burn schedule, reducing the total supply of its native XGEM token and following industry standards.
Ethlas is excited to announce that it has started a regular burn schedule that will reduce the total supply of its native XGEM token. Following industry standards set by players such as Binance BNB, and other established tokens, a portion of the total supply will be burnt starting in November 2022. This will significantly enhance the value for all XGEM holders over time.
Like most native digital assets, XGEM is built on the Polygon blockchain and plays a fundamental role in powering Ethlas’ ecosystem. XGEMs are cross-compatible reward tokens that power both real-world experiences and metaverse platforms – from retail shopping, dining, and entertainment experiences to major gaming ecosystems.
XGEM first went live on 28th December 2021 with an initial maximum supply of 74 billion. The token allocation is set to be: 51.5% for user and consumer rewards, 10% for staking rewards and liquidity pool, 7.5% for strategic partnerships, 4% for public sales, and 2.5% for private sales. The remaining supply is reserved for the development, team, and management of the entity and ecosystem.
Details of XGEM’s token-burning mechanism:
XGEM’s tokenomic model follows a deflationary approach following a regular, monthly burn schedule to enhance the value to its long-term holders over time. The burn will be on a monthly basis and commences in November 2022, where Ethlas intends to burn over 200 million XGEMs or around 0.3% of the total supply.