$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.

Burn Mechanism

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!

--

--

--

New NFT Game & Collectible https://locgame.io/

Love podcasts or audiobooks? Learn on the go with our new app.

Recommended from Medium

Hey pitbros,

Graphene Snapshot One — Details

Synthetix is moving to L2 — Earn SNX with no FEES!

DeFi Dollar Farming

Yam Down 99% in 24 Hours: The Crazy World of Defi

#Oil has tested the key support and now the further development of the short-term trend isn’t clear…

Mine Digital Newsletter — Top o’ the Morning to the Top End of Town

Kevin Cage Giveaway

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
LOCGame

LOCGame

New NFT Game & Collectible https://locgame.io/

More from Medium

Meta Nebulas December 2021 Recap

ALTCOIN BUZZ ARMY AMA WITH PLAYERMON

January Review: Audit, bRing 2.0 announce and Listings

Game Dev Update #4