Our PEAK token contract offers the possibility to burn PEAK tokens if certain conditions are met.
But the question is, what does it mean to burn a cryptocurrency token?
Token burning is a very common strategy used by crypto companies. The goal is to reduce the circulating supply in order to stabilize and increase the price. The actual burning consists of sending a certain number of tokens to a certain address (0x0) or smart contract, which no one has access to anymore. If it is ensured that these cryptocurrencies can no longer be accessed by anyone, this is referred to as token burning.
Our PEAKDEFI platform uses PEAK Burning for unpaid commissions. If you look at our PEAKDEFI platform, you will see that we have an attractive affiliate program and pay out up to 20% of the rewards for staking as commissions.
However, sometimes it happens that some users don’t have a sponsor with a big structure and therefore not all 20% is always paid out.
If this is the case, the smart contract of our PEAKDEFI staking platform burns the unspent PEAK tokens.
PEAK Burning on the Ethereum Blockchain
Our PEAKDEFI platform was launched on the Ethereum Blockchain back in December 2020. Therefore, over 889.564 PEAK tokens have already been burned so far! If you want to check this for yourself, feel free to follow our link, which will show you the contract on the Bitquery blockchain explorer.
You can also view the list of recipients of all PEAK transactions ever made and if you scroll down you will also see the contract and the total summed up.
PEAK Burning on the Binance Smart Chain
Our PEAKDEFI staking for our PEAK token was launched only a few days ago on the Binance Smart Chain, so there are currently no large amounts of PEAK burned there yet. However, if you still want to keep track of the amount of PEAK tokens burned, you have to be a little bit more patient until we update the link and publish it in this medium article.
If you want to know more about our PEAKDEFI platform and PEAK token staking, you can visit our website and check it out for yourself.