fred fredx token burn

FRED Energy Burns 50% of its Token Supply

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Future plans for our project include our swap app which will enable our token holders to swap from FRED (Stellar) to FREDx (ETH). We originally reserved 404M from both blockchain assets as a reserve for the swap pool. The team felt a little uneasy at the thought of 50% of the supply being held in a pool and decided to burn the tokens to reduce risk.

We will now use tokens from the project reserve allocation of approx 10M to seed the swap pool. The swap pool will be coded to ensure that once supply from one side is exhausted, no more swaps can be made until swaps from the other side have replenished the pool. The desire is to have a push-pull effect between blockchains and tokens.

The token burn accomplishes a few things;

  • Reduced risk due to number of tokens being held in swap pool
  • Increased investor confidence that total supply cannot be more than 808M tokens across blockchains
  • Increase in token value due to reduced supply (over the long term)

Token burn tx information;

https://etherscan.io/tx/0x6ba2e1d6427df532281832d442c3345e9e3dc1c180c9c89e5afb9ae9287a324a

https://stellar.expert/explorer/public/tx/71c0adbf2073d2bb59fa1dfbf7629d2a6c4d5e5223c8a7ccfd052946a2c4e159

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