Burning feature $PIECE token
Burning Function for “The Piece” Token $PIECE
In order to create a high demand for our token, we want to include a burning function in addition to some other features like staking or marketplace transactions.
First of all, it should be clear that the token has a maximum supply of 100,000,000.
A burning feature makes the token deflationary.
But how will we burn tokens?
From each transaction on the marketplace, 7.5% of fees are deducted.
2.5% goes to the actual NFT owner, 2% to the staking pool, 2% to “ThePiece” and 1% is burned.
For better understanding, I will illustrate it with numbers.
When someone wants to sell a fragment on the marketplace, they must first determine how much they want to offer it for.
Let’s say the fragment is listed with a price of 100 $PIECE.
The buyer sees the price and buys the fragment.
Now the seller gets 92.5 $PIECE tokens credited to his wallet.
The 7.5% will be deducted automatically.
Now 2.5 $PIECE goes as passive income to the person who provided the original NFT.
2 $PIECE tokens go into the staking pool as a reward.
Another 2 $PIECE tokens will go to the “ThePiece” team as support for further development of the marketplace.
And 1 $PIECE token will be sent to a wallet where the collected tokens will be burned every week.