Token Burn is the mechanism in which a certain percentage or amount of the coins are removed from circulation permanently. The amount of the coins burned depends upon the metrics decided by the project team.
Token Burn Process
This approach is usually taken by the Token creators in order to cause deflation. This provides greater benefits to potential investors.
The burning of the tokens in the cryptocurrency space is similar to the buy-back of shares by public companies in the stock market, which reduces the amount of the shares that are in circulation.
WazirX 4th Quarterly Token Burn
Part 1: 333 WRX burned. TXID here.
Part 2: 3000 WRX burned. TXID here
Part 3: 1,000,000 WRX burned. TXID here
Part 4: 1,250,000 WRX burned. TXID here
Part 5: 1,500,000 WRX burned. TXID here
This burn event has permanently removed $14 Million USD worth of WRX from circulation. I’d also like to add that the value of WRX burned this quarter is 2060% more than what it was in the third quarter!