Burning XSPUNK Tokens
Last updated
Last updated
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.
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
| XNET tokens | XSPUNK Tokens | Ratio |
|---|---|---|
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.
5,000,000
1000 (x100)
1:50