In our ongoing mission to maximize value for our community and maintain a healthy token economy, we are thrilled to announce that we have successfully completed the first token burn event for the Finblox (FBX) token on May 19, 2023.
The Token Burn: A Strategic Step
In a strategic move following the FBX token sale on the Finblox launchpad, we executed a substantial token burn. We stated that, any unsold tokens would be burned and we intentionally allocated a large portion of tokens to ensure a meaningful burn. A total of 437,472,883 $FBX, representing more than 4.37% of the total token supply, were permanently removed from circulation.
Token burning is a strategy utilized by blockchain projects to improve tokenomics for the community and reward holders. By reducing the total supply, the scarcity, and thus the potential value, of each remaining token increases.
FBX Token Supply: Stability and Predictability
The FBX maximum token supply is fixed, with 10 billion tokens minted at once. This amount, combined with a carefully planned vesting schedule, ensures stability and predictability in our token economy.
The recent token burn event was part of our strategic approach to managing this supply. It’s a clear demonstration of our commitment to enhancing the inherent value of each token and benefiting our community of long-term holders.
Future Burn Events: Continued Commitment
While we have not announced specific future burn events at this time, our community can expect us to continue taking steps that benefit our token holders and benefit our token economy. The successful token burn event marks a significant milestone in our journey, reinforcing our commitment to maximizing the power and potential of our platform.