The Burn
With the ongoing evolution of the chain, the original tokenomics was restructured, affecting how tokens are minted, distributed, and, most importantly, burned.
The eCredits coin has thus undergone a substantial modification that affected the overall ecosystem's economic model. The burn represents a considerable reduction in ECS supply, which has advantages far surpassing its costs. By slashing the ECS token supply, the eSync Network reduced inflation, enhanced scarcity, and bolstered the value of the ecosystem. This strategic move was a tool through which the foundation for sustained growth has been laid down, fostering a healthier economic environment.
The burn occurred March 20, 2024, at 1 PM (CET).
Burn Highlights:
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1.88 billion ECS were burned from the circulating supply.
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An additional 8.4 billion ECS from project treasury were also burned.
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42 billion of ACT Swap funds were burned.
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The Token Loss Dynamic Reweighting (TLDR) accounts for 52.4 billion ECS, constituting 83% of the total ECS supply to be burned.
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There is a provision for burning an extra 0.9 billion ECS, which represents 8.57% of the relevant amount. 8,4 billion ECS burned from project treasury.
| Current UOM | Burn UOM | Future UOM | % of total | |
|---|---|---|---|---|
| Circulation Supply | 3.850.044.383,28 ECS | 1.876.845.767,75 ECS | 1.973.198.615,53 ECS | 18,66% |
| Project Funds | 17.035.748.455,69 ECS | 8.435.748.455,69 ECS | 8.600.000.000,00 ECS | 81,33% |
| ACT Swap Funds | 42.114.207.161,03 ECS | 42.113.207.161,03 ECS | 1.000.000,00 ECS | 0% |
| Total Current Supply TLDR | 63.000.000.000 ECS | 52.425.801.384,47 ECS | 10.574.198.615,53 ECS | 100% |
*** There is a provision for burning an extra 0.9 billion ECS, which represents 8.57% of the relevant amount. 8,4 billion ECS burned from project treasury.