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