# 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. 

{% hint style="info" %}
**Attention:** a trustline must have been established to the XSPUNK issuing address (rPB7vXTeWrQ5nxEpQbLvay8nfJUJfeecYL) on **January 21st 2022 at 18:00 UTC.**
{% endhint %}

### 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  |

{% hint style="info" %}
**Example:** assume there are 10 $XSPUNK tokens, at a ratio of 1:50, 500 $XNET tokens would be receivable.
{% endhint %}

The burn feature will be enabled on [XNET ](https://xnet.cam/)in Q1 2024 - see our [roadmap.](https://xnet-1.gitbook.io/xnet-whitepaper/overview/roadmap)


---

# Agent Instructions: Querying This Documentation

If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question.

Perform an HTTP GET request on the current page URL with the `ask` query parameter:

```
GET https://xnet-1.gitbook.io/xnet-whitepaper/overview/burning-xspunk-tokens.md?ask=<question>
```

The question should be specific, self-contained, and written in natural language.
The response will contain a direct answer to the question and relevant excerpts and sources from the documentation.

Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.