PlaceWar — Milestone Burning Event 🔥
March 29, 2022 — PlaceWar team is happy to announce to conduct a burning milestone event for $PLACE and $GEAR’s total supply.
What Is a Coin Burn?
Coin burning is the process of permanently removing cryptocurrencies from circulation, reducing the total supply.
How does it work?
Basically speaking, a token burn event happens in the following order:
- A cryptocurrency holder will call the burn function, stating that they want to burn a nominated amount of coins.
- The smart contract will then verify that the person has the coins in their wallet and that the number of coins stated is valid. The burning mechanism only allows positive numbers.
- If the person doesn’t have enough coins, or if the stated number is invalid (e.g., 0 or -5), the burn function won’t be executed.
- If they do have enough, then the coins will be subtracted from that wallet. The total supply of that coin will then be updated, meaning that the coins were permanently burned.
About the Milestone Burning event
The PlaceWar Treasury will burn 20% of total $GEAR and $PLACE from crafting upon reaching milestones when (2x each milestone:
- 2000 users by 7D as per DappRadar
- 4000 users by 7D as per DappRadar
- 8000 users by 7D as per DappRadar
- 16000 users by 7D as per DappRadar
and so forth.
Let’s burn tokens and let’s make Placedonia a better place.
PlaceWar creates a gamified and open Internet culture metaverse and puts users in control. You are guaranteed a gaming experience that you’ve never seen before in any other Play-To-Earn games. We integrate battle and creation, and we make sure there is an incentive mechanism to support them both.