> For the complete documentation index, see [llms.txt](https://xnet-1.gitbook.io/xnet-whitepaper/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://xnet-1.gitbook.io/xnet-whitepaper/overview/burning-xspunk-tokens.md).

# 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.](/xnet-whitepaper/overview/roadmap.md)