RFOX Presents: The Token Burning Party
Mark your calendar for the coolest RFOX Burn Party on January 31, 2022, and save the dates from January 27 to 31, 2022, for the Scavenger Hunt contest.
2022 is here, and we could not be more thrilled! There are so many events to look forward to this year, but the first and foremost is our upcoming RFOX Burn Party. This is exciting because RFOX’s last burn resulted in the destruction of 16,484,940 RFOX tokens.
As announced in the Arkamoto SHOP sale tokenomics, we have spent 45% of the ETH proceeds to buy back RFOX tokens from the open market. To reduce the overall supply, approximately 1,391,090.21 RFOX were allocated for rewards to VFOX holders. The auction also collected 291.4891 ETH (Real-time price on December 11, 2021) from the winning bids.
On January 31, 2022, approximately 927,392.41 RFOX from the Arkamoto SHOP sale and 2,950,380.30 RFOX from the Callinova auction — a total of approximately 3,877,773 RFOX — will be burned to reduce the overall supply, improve the incentivization and economics of the tokens. From the Callinova auction, the total bid was 29,503,803.00 RFOX, and around 4,425,570.45 RFOX were allocated for rewards to VFOX holders.
To celebrate this event, we’re throwing a fun Scavenger Hunt contest, where we will give out fabulous prizes.
What is Token Burning, How Does It Work, and Why is It Important?
Coin burning, from a crypto standpoint, is the intentional removal of a number of crypto coins or tokens from circulation by the coin’s developers. It permanently removes coins or tokens from the network, lowering their total circulating quantity and boosting relative scarcity.
How does this happen? Traditionally, a coin or token’s developers first create a crypto address and intentionally forget its private keys. This way, any amount sent to that address will not be touched at all, effectively “burning” that amount.
Since then, token burn mechanisms have been more sophisticated, depending on the blockchain used. For instance, Ethereum introduced the EIP-1559 protocol in August 2021, introducing a burn feature that automatically takes a portion of the ETH transaction fees on the Ethereum blockchain out of circulation. Meanwhile, for Binance Smart Chain, a coin burning event occurs through a burn function in its smart contract, which lets users deduct coins from their wallet directly for burning purposes. In both cases, burning transactions are irreversible, public, and permanently recorded on the blockchain.
Token burning benefits both RFOX and the token holders. Burning tokens maintains RFOX’s scarcity and shows our sense of confidence and reliability to the community, especially at the rapid growth of our metaverse and token utility development.
Enough serious talk, let the fun begin!
RFOX Burn Party 2022 Scavenger Hunt Contest
To be a part of this contest, you must have accounts on Twitter and Discord. It’s that easy. Don’t miss your chance to win exciting prizes.
How to Participate:
1) You must:
- Follow @RFOX_Official on Twitter
- Join RFOX’s Discord channel
2) Find clues during the scavenger hunt. Tip: Each clue leads to the next clue.
3) All final answers with your Twitter username must be submitted on RFOX Discord channel.
4) All correct answers will be in the running to win, and each account will count as one entry for the lucky draw.
5) Selection of winners will be based on a lucky draw system. There will be 5 lucky winners.
6) The Contest begins on January 27, 2022 and ends on January 31, 2022.
Search for #SayHelloToRFOXBurn to begin the HUNT.
Each winner will get one RARE KOGs Topper. The list of winners will be announced on February 1, 2022.