DeFi Protocol Paycer burned another 1,250,000 PCR Tokens
The Paycer team just burned another 1,250,000 PCR tokens, 3,75M PCR tokens have been burned until now. Paycer will burn a total of 30,000,000 PCR tokens. This will reduce the maximum PCR supply by 30M forever. Destroying tokens will lead to a higher value of the remaining PCR tokens in the long run, as the total amount of possible tokens will be reduced.
You can find the burn transaction here:
https://polygonscan.com/tx/0x106f5acf76980082bd3aeacefa4467d1af7d7fad4c384aec1eaa47650632055b
The Burn Schedule
The token burn will run as follows, every month on the 15th an amount of 1,250,000 (1.25M) tokens will be burned in a burning event. This burning event will run over a period of 24 months. After this two years a total of 30,000,000 (30M) PCR tokens will be burned.
How does a token burn work?
The PCR token smart contract has a burn function that sends the burned tokens to an address that can not be accessed by anyone. Therefore, these tokens can never be sent again and are lost. Just like when you lose the private key for a wallet. The burn function also reduces the number of the maximum token supply.
Burn function from the PCR token smart contract
Why over a 24 month period?
There are several reasons for this. For one thing, burning all tokens in in one go would have less effect on the price development now than in the future. In addition, people would have forgotten the token burn quickly. With a spread over a longer period of time, it has a greater effect and more people learn about it. Furthermore, at the current market price, a smaller USD equivalent would be burned. If the PCR price continues to rise in the future, a larger amount of USD equivalent can be destroyed each month. Which is positive for the price development. Last but not least, it is also good from a marketing point of view, as we can announce the token burn every month over a period of two years.
What to expect?
As the maximum supply is reduced, there will be fewer tokens in circulation in the long run, making each PCR token worth more. In addition, reward token reserves for staking and liquidity mining will last longer because fewer PCR tokens can be in circulation. It will also become more difficult to reach the highest loyalty tier as user numbers increase.
More info and all PCR burn transactions can be found in Paycer’s Gitbook:
https://paycer.gitbook.io/paycer/paycer-token/token-burn
Next Steps
The next burn of 1.25M tokens will take place on May the 15th. 🔥🔥🔥
Your Paycer Team
About Paycer
The Paycer Protocol will provide cross-chain operability and aggregate selected DeFi products from different blockchains. The Paycer Platform will combine the Paycer Protocol with traditional financial services (TradFi) like a bank account and a debit card. Users only need to make a fiat money deposit on the Paycer platform to get started, no interaction with cryptocurrencies or DeFi is required. Paycer will then automatically place the deposit in selected DeFi products, providing a high and constant interest rate as a passive income.
DLDR: Paycer’s mission is to make DeFi available for retail clients to enable mass adoption.
Be sure to follow Paycer on social media for all the latest updates on product development. We have further exciting announcements to share very soon.
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