TokenSight Burns 6.1M TKST, Reducing Token Supply by 6.1%
6.1M of 100M TKST was burned on the 4th of May 2024.
This has several positive implications for TKST token holders, due to the revenue share of fees which gets passed on to token holders. Less tokens in supply mean more revenue share goes to the existing tokens.
- 75% of platform fees are currently distributed to token holders
- 40% of token trading taxes are distributed to token holders
For more information on how platform fees and token trading taxes are distributed to TKST holders, check out our revenue share deep dive.
Future Plans for Token Burn
The Ecosystem Reserve is the pool of TKST which function as a strategic reserve to be deployed across a variety of uses. To start 6.1M has been burned by the Ecosystem Reserve and the treasury.
Moving forward, TokenSight will burn TKST from its Ecosystem Reserve as they unlock over a 36-month vesting period. This program will be employed on a forward-looking basis whereby the vast majority of Ecosystem Reserve TKST will be burned as they unlock.
The Burn Program is designed to deliver more value to TKST holders, aligned with TokenSight’s commitment to the TKST community. Periodic updates regarding the program’s strategic initiatives will be provided to the community. Learn more about TKST Tokenomics.
TokenSight Contract Addresses
Ethereum: 0x7cdbfc86a0bfa20f133748b0cf5cea5b787b182c
What does a Token Burn Mean?
Crypto token burns are the process of permanently removing a certain number of tokens from the circulating supply.
This is done by sending the tokens to a special address called a burn address, which is designed only to receive but never send out cryptocurrencies.
Because this wallet does not have a retrievable private key (or seed phrase), any tokens sent to it are permanently inaccessible (and therefore burned from supply).
This act is significant in the crypto world because it is irreversible, signaling a project’s dedication to reducing the supply of tokens and, by extension, their commitment to the project’s future plans.
TokenSight — Trade like it’s CEX with full control of your coins.
TokenSight helps you securely manage your on-chain trading end-to-end with a centralized exchange experience on your own terms. With TokenSight you gain access to a full dex experience with a web app for serious trades, and a telegram bot so you can make trades on the go — all with non-custodial wallets.
Here’s what’s different with TokenSight
With a plethora of DEX platforms and Telegram Bots to choose from, why TokenSight? Here’s why:
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- On-chain alerts
- 10 Chains Supported through one interface and telegram trading bot
- Lowest fees on Telegram trading bots in the market
- Doxxed and experienced founding team
- 75% revenue share with token holders
Never take your fingers off the pulse of the market, because this market sleeps for… no one.
