Final Burn Event is starting!
This story was originally posted July 1st, 2021
Hey everyone. As you may remember, at the beginning of June we introduced our future plans for making things safer and more transparent regarding SAMO funds. Apart from better communication to the community, the plan also called for splitting our main mint wallet into dedicated sub wallets and locking all of the excess funds that were not being used. June has now passed, which means the locked funds in the burn wallet have now been released just in time for the upcoming Final Burn Event.
To find out what we have in store for July and what the plans for the future are, read on!
Let’s start with the burn. The dedicated burn wallet still contains 54% of the total token supply that is meant to be burned. As planned, we will be starting the Final Burn Event in a matter of days. The whole event will be a year-long ordeal and the total sum of tokens will be burned over the course of multiple stages that will be taking place with the start of each month. We are aware that people are excited and anticipating a huge burn. That’s why we will start things off with a bang. The Final Burn event will begin with a total of 1.5 billion tokens being burned straight away, making the burn over twice as large as the previous record. Following that, every next month an additional 500 million tokens will be burned until the supply of the mint wallet is depleted and there are no more tokens to burn.
We still plan on using good practices for keeping things safe and transparent just as before. Once the event kicks off and we execute the largest SAMO burn ever, the funds remaining on the mint wallet will be, once again, locked for safekeeping. This time the locking period will be 1 year with periodical monthly token releases of 500 million to be burned. The tokens will be released on the first day of the month and the burn will occur on a random day the very same month. Proof of burn will also follow shortly after its execution. As before, a contract seed will be provided so everyone can check for themselves on bonfida vesting that the tokens are indeed locked for the stated period and cannot be accessed.
We hope you are excited, not only about the upcoming huge burn, but for the announced future stages as well. With 12 more additional burns scheduled we have packed the next 12 months with things to look forward to. Stay tuned and follow the announcements for the upcoming news on the big burn, contract seed and other info.
