Burning XSPUNK Tokens

XSPUNK Tokens

In November 2021, we released 1000 $XSPUNK IOU tokens on the XRPL that were exchangable for XSPUNK NFTs based on holding 2 or more $XSPUNK tokens.

We conducted a snapshot to determine eligiblity for the IOU token on the following basis:

• The wallet must have been in possession of 2 or more $XSPUNK tokens on January 21st, 2022, at 6 pm UTC.

Attention: a trustline must have been established to the XSPUNK issuing address (rPB7vXTeWrQ5nxEpQbLvay8nfJUJfeecYL) on January 21st 2022 at 18:00 UTC.

XSPUNK Burn

As the snapshot for XSPUNK NFT eligibility has passed we are now proposing to integrate the previous $XSPUNK token with $XNET tokens.

A total of 5,000,000 $XNET tokens have been reserved for $XSPUNK holders.

Due to the small total supply of 1000 $XSPUNK tokens the burn rate has been calculated with the following formula:

$XET tokens / ($XSPUNK tokens * 100) = Ratio

XSPUNK Holders Ratio:

XNET tokens	XSPUNK Tokens	Ratio
5,000,000	1000 (x100)	1:50

Example: assume there are 10 $XSPUNK tokens, at a ratio of 1:50, 500 $XNET tokens would be receivable.

The burn feature will be enabled on XNET in Q1 2024 - see our roadmap.