Serum(SRM) Token burn 237,023 SRM ($521,450)
Serum1. Applicable Date
2022-02-03
2. Announcement Type
Reporting results
3. Purpose of token burn
Every week, Serum buys 68% of the total transaction fees accumulated on its decentralized exchange in circulating SRM and immediately burns the supply.
Fees per transaction depend on the amount of SRM the user holds; the more SRM they have, the less fees they have to pay.
Token burns take a certain amount of tokens out of the circulating supply, directly affecting the supply and demand dynamics of a certain token. Because the overall number of tokens in circulation decreases, tokens become scarcer and thus theoretically boost the value of a cryptocurrency, assuming that the net valuation of the token remains the same. Token burns are known to be an effective deflationary mechanism, but users should also check the overall tokenomics of a certain project as executing token burns does not necessarily mean that the token itself is deflationary.
4. Details
Token: SRM
Burn Amount (Tokens): 237,023.739284
Value in USD: $521,450.60
5. Other relevant information
- Tx Hash: 5y2HQ7KDvmFbpFUc1dLPAQnYPn54LbcvFpCu4KWhfv3wJt9WzoiZj2bJfdU56BmXZ27XBbjSRpEABB2AUki2e16n
- Status: Success
- Block Height: 119171336
- Timestamp: Feb 4, 2022 at 02:08:49 KST (UTC+9)
- Transaction fee: 0.000005 SOL
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