Token Burns
Last updated
Last updated
Part of the tokenomics of OpenSwap include using fees to burn OpenX tokens. Half of the 0.3% fee applied to all trades is used to buy back and burn OpenSwap Tokens from the ONE/OpenX pool. Burns are an important part of the token life cycle for OpenSwap.
The total amount of burned OpenX tokens can be viewed in by hovering over the price at the top of the screen.
As of November 2021, a bot has been created and is managed by the OpenSwap team to conduct burns regularly. Prior to the burn bot, users had the ability to prompt a staked pool to use the built up funds to burn OpenX. The community had requested the burn functionality become automated. Thus we created the burn bot and removed the ability for users to process burns.
The BurnBot operates under the following address: 0xba6D03d5736F6DD0c04B2E026BC83Dd5Eb8d5460 / one1hfks84tndakapszt9cpxhjpa6h4c64rqga7q4u
https://explorer.harmony.one/address/0xba6d03d5736f6dd0c04b2e026bc83dd5eb8d5460 Token burns occur regularly and multiple times through each hour. If the burn bot crashes for any length of time, OpenSwap will continue to compile fees, that will be burned once the bot is active again. OpenSwap does not have a burn wallet. We send them directly to 0X0 to be destroyed immediately and permanently.
