Serum(SRM) Token burn 276,721 SRM ($592,183)

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

Amount (Tokens): 276721.349477

Value in USD: 592183.6

Announcement Type

Reporting Results

Other relevant information

• Tx Hash: 5Y4kAgCjDWumCU9jueJ1XKtbymFKesVnXgNp6usekvAKgYuNmYoimsGdpMTmES7tnEmYM2MScpa5oLL3RLpTaX9M
• Status: Success
• Block Height: 118087636
• Timestamp: Jan 27, 2022 at 23:43:04 KST (UTC+9)
• Transaction fee: 0.000005 SOL

Applicable Date

2022-01-27