Burning ART
Reducing the supply
Last updated
Reducing the supply
Last updated
The ART token will be deflationary. A 0.5% fee is deducted from every $ ART transaction on the blockchain, all of that fee is incinerated.
The burned tokens will be sent to a non-existent wallet addres: 0x000000000000000000000000000000000000dEaD
The uni.decentral-art platform uses the native ART token for trading artworks, currently 2.5 billion of which have been minted on both the Ethereum and Polygon blockchains. To ensure security and avoid the risk of hacking through token transfer bridges, we have decided not to use bridges for ART transfer. In order to balance the amount of ART tokens, every purchase made on one platform will result in the burning of the same token on the other platform. This approach guarantees that our ART tokens are secure and are not subject to additional transfer costs.
In order to ensure the security of ART tokens, uni.decentral-art platform has decided to avoid using token transfer bridges between networks. As a result, every purchase of an ART token on one network automatically causes the removal of one ART token from the other network and sends it to be burned, at the same address used for burning ETH and MATIC tokens 0x000000000000000000000000000000000000dEaD. This balances the number of ART tokens on both networks and minimizes the risk of hacking or additional costs associated with transfers.
Any tokens that reach this address are permanently withdrawn from circulation.
