Since the launch of SergisDAO’s utility token IS, our community has fully embraced this coin. Today, we have dozens of holders, as well as numerous people who use it on a regular basis. We want to strive to maximize the value of $IS for you by continuously growing the number of use cases. At the same time, we are committed to maintaining the deflationary nature of this token. This is why we have designed a special burning mechanism to ensure constant reduction of the $IS supply. Today, we are announcing the first burn of $IS.
$IS Burning Mechanics
As you know from our Whitepaper, the total supply of $IS is 1,010,101,010 coins. Such a supply is already considered quite modest by the industry’s standards. Yet, we want to decrease it further by burning tokens and eventually leaving only 1,001,001 $IS in existence. If you are not familiar with the term, the act of token burning involves taking a certain sum of crypto and removing it from the supply by using a special service.
The IS token is used in:
– Ecosystem incentives;
– In-game token exchange;
– NFT staking rewards;
– Increasing staking APY;
– Referral system incentives;
– DAO Governance & Treasury.
By maintaining an increasing demand for the IS token, ensuring a continuous growth in the number of transactions involving $IS (primarily through exchanging $IS for $USDT), and leaving fewer coins on the market, we create a higher level of scarcity and boost the value of the token. In order to achieve our goal, we are going to conduct regular $IS burns.
As you know from our Whitepaper, every $IS that we buy back via our official swap is also burnt, thus accelerating the pace of the token’s deflation.
The First $IS Burning Event
As part of the first $IS burn, we will forever take out of the supply 91,424.4489 $IS coins.
As you know, up until last week our token lived on the Solana blockchain. Therefore, the first buyback sum eligible for burning was collected there. The sum of the Solana buyback was 65,184.4489 $IS (1629.611 $USDT).
This week a total of 26,240 IS tokens worth 656 $USDT have been exchanged on the Polygon blockchain.
Thus, the total amount of $IS subject to the first burning will be 91,424.4489 $IS or 2285.611 $USDT.
Although a relatively moderate amount, this will serve as the first steppingstone to the gradual reduction of the number of $IS on the market.
Become a member of SergisDAO and join us in the effort to increase the value of $IS: https://discord.gg/sergis