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Burning Crypto: Basics of Deflation Concept and ElmoERC Burn Portal Role

Tue, 07/25/2023 - 15:13
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Vladislav Sopov
In the ever-evolving world of cryptocurrencies, unique concepts and innovative mechanisms continue to shape the landscape. One such captivating concept is "burning" crypto, a deflationary mechanism that removes tokens from circulation
Burning Crypto: Basics of Deflation Concept and ElmoERC Burn Portal Role
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Launched in 2023, ElmoERC Burn Portal is an impressive example of how burning crypto works and helps entrepreneurs to make the tokenomical designs of their Web3 projects healthier and more attractive.

What is burning crypto?

Burning crypto is a deliberate process of permanently removing tokens from circulation. Unlike traditional banking systems that can mint new currency at will, cryptocurrencies operate on fixed and predetermined supplies.

Burning serves as a counterbalance to inflation, ensuring that the token's total supply decreases over time. As a result, the remaining tokens become scarcer, potentially driving up their value in the market.

How does the process of burning crypto work?

Burning crypto can be achieved through various methods, each tailored to a project's specific goals and requirements. The process often involves sending tokens to a specific address, known as the “burn address” or “dead wallet.”

Once sent to this address, the tokens become inaccessible, effectively taken out of circulation.

Why do crypto teams need to burn crypto tokens?

The burning mechanism serves multiple purposes, each contributing to the project's overall ecosystem and potential value:

  • Scarcity and Demand. By reducing the token's supply, burning increases its scarcity, potentially creating higher demand among investors and users.
  • Deflationary Nature. Burning promotes a deflationary nature within the project, as the circulating supply decreases over time.

As such, token burn schemes make cryptocurrency tokenomics more efficient and protected from inflation.

ElmoERC Burn Portal: A Revolutionary Approach to Burning

ElmoERC holds the title of one of the most eccentric deflationary coins, employing both sell tax and utility mechanisms to consistently decrease its supply. This cutting-edge feature allows token holders to send their tokens to the '0000' null wallet, permanently removing them from the supply.

Image by ElmoERC

Unlike other projects that burn tokens to the 'dead' wallet, which only locks them without true removal, ElmoERC's Burn Portal ensures that all tokens sent to the '0000' wallet are irretrievably gone. This unique approach enhances the token's deflationary nature, fostering a safer and more sustainable long-term ecosystem.

ElmoERC's Burn Portal is just one facet of its comprehensive ecosystem, which sets it apart as a trailblazer in the meme coin space. 

  • Deflationary Model: the Burn Portal plays a pivotal role in ElmoERC's deflationary model. By burning tokens to the '0000' null wallet, the project actively reduces its circulating supply over time, creating scarcity and potentially driving up the value of the remaining tokens. This unique approach ensures a more sustainable and secure long-term ecosystem.
  • Safety and Security: ElmoERC's burning process to the '0000' null wallet ensures a safer and more secure approach compared to the traditional 'dead' wallet used by many other projects. With tokens irretrievably gone, holders can have greater confidence in the project's deflationary measures.
  • Innovative Utility Features: ElmoERC's ecosystem is further enriched by its utility features, including staking and upcoming NFT staking. Staking has already proven successful in burning almost 7.5M tokens, contributing to the deflationary nature of the project. NFT staking, on the horizon, will add another layer of utility, leading to even more burning and token value appreciation. 
  • On-chain game. ElmoERC is diligently working on an on-chain shooter that is set to redefine the gaming experience in the crypto world. This revolutionary project has the potential to change the landscape of blockchain gaming and captivate players with its innovative gameplay and features.
  • The Burn Portal for NFT Holders: a major upcoming utility feature, the Burn Portal for NFT holders, presents an exciting opportunity for users. NFT holders will be able to sell ELMO directly to the '0000' wallet through the portal. In return, users will receive USDT rewards without any taxation. This revolutionary feature has the potential to burn millions of tokens and further enhance the project's deflationary nature.

In conclusion, ElmoERC's Burn Portal actively reduces the token supply. Beyond the burning mechanism, ElmoERC's comprehensive ecosystem and innovative utility features contribute to a dynamic and rewarding experience for its community.

As the project continues to evolve and explore new horizons, its dedication to creating a deflationary and sustainable environment stands as a driving force behind its success in the meme coin realm.

How does ElmoERC Burn Portal work?

The ElmoERC Burn Portal is designed to provide an efficient and rewarding burning experience for token holders. Users can sell their ELMO tokens on the Burn Portal against the DEX spot price. The tokens sold are then immediately sent to the '0000' null address, removing them permanently from the supply.

In return for using the Burn Portal, users receive the equivalent value in USDT, a largest stablecoin, ensuring a seamless and stable user experience. This feature not only enhances the deflationary nature of ElmoERC but also offers holders an opportunity to benefit from the project's ongoing burning mechanism.

Wrapping up

Burning crypto has emerged as a captivating concept in the crypto space, offering projects an innovative way to create value and scarcity. By permanently removing tokens from circulation, burning fosters a deflationary ecosystem, potentially benefiting both token holders and the project's long-term sustainability.

ElmoERC's Burn Portal exemplifies the power of burning crypto done right. Through this revolutionary feature, ElmoERC actively increases its value, ensuring the safety and security of its ecosystem. As burning mechanisms continue to shape the crypto world, projects like ElmoERC pave the way for a more dynamic and sustainable future.

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About the author

Blockchain Analyst & Writer with scientific background. 6+ years in IT-analytics, 3+ years in blockchain.

Worked in independent analysis as well as in start-ups (, Monoreto, Attic Lab etc.)