Serum(SRM) Token burn 423,543 SRM ($847,086)
SerumApplicable Date
2022-02-26
Announcement Type
Reporting results
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.
Details
Token: SRM
Burn Amount (Tokens): 423,543
Value in USD: $847,086.60
Other relevant information
- Tx Hash: bdZbHMyaDrys3Jxqrz5BNdsdXgVAXgEp6JAow7myN1giP57dybqsnrzyJ3AgWGQxULymDQskSyKyhKTSVDodc86
- Status: Success
- Block Height: 122661733
- Timestamp: Feb 27, 2022 at 13:28:39 PM KST (UTC+9)
- Transaction fee: 0.000005 SOL
SRM is ultimately a deflationary token, meaning that its total token supply will gradually decrease through these token burns. However, it should be noted that it constitutes just 0.0042% of the total SRM supply (max supply of SRM) and 0.32% of the current circulating supply
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