$LOCG Token Burn Mechanism Explained
The $LOCG makes up part of the core foundation of the LOCGame project. It’s the driver of rewards-based mechanisms (such as staking), governance, a currency, and much more.
That’s why our team continues to think of ways to make it more valuable and rare, rewarding our community members for holding the token and believing in our project. The token is critical in powering the ecosystem, and of course, our investors are a key part of maintaining and driving its value.
Today, let’s discuss more information regarding our burn mechanism that’s directly built into the token.
A total of $2 million $LOCG tokens have already been burned by investors, but the LOCG team will now be initiating token burning for the very first time. We’re also looking into continually doing this into the future, but this has not yet been determined — so more to come.
So how exactly will this work? Users will purchase $LOCG on the open market which they can use to buy different NFTs — once the NFTs are purchased on our marketplace, the $LOCG used as payment will be burned.
Token burning is effective because it eliminates existing coins from the total circulation/supply, making them unusable. As we continue to reduce the supply of $LOCG tokens, this can not only help potentially increase its value but also maintain the price over a longer-term timeframe.
With the introduction of the buy/sell feature on our marketplace, we will be able to to allocate a part of our charges to the burn mechanism.
Get Yourself Some $LOCG
Even more interested in buying some $LOCG? If so, you can view the token contract address on Etherscan here.
Join the LOCGame family today!