Everything You Need to Know About the AppCoins Burn [Updated]
[Note: This article has been updated on February 9th, 2021 to reflect an increased burn rate from 0.1% to 0.2%.]
As many of our users have noticed, we have recently launched a new feature called an AppCoins burn. But what is a burn, and how will it be used to boost the value of AppCoins? To find out the answers to all of your questions, read through the information below:
The Current Situation
Currently, many of the transactions in the AppCoins ecosystem are made using AppCoins-Credits (APPC-C) — the virtual currency created by AppCoins that allows all users to make fast online transactions. The frequent use of AppCoins-Credits is very exciting for us, however there is a downside, as this success also means that AppCoins value isn’t increasing according to its usage — since transactions using AppCoins-Credits doesn’t increase AppCoins demand.
How Will Burning Boost the Value of AppCoins?
With this new feature, we are burning AppCoins in proportion to the amount of in-app purchases made with both AppCoins and AppCoins-Credits. By reducing the amount of available AppCoins, the value will be boosted.
How Many AppCoins Will Be Burned?
AppCoins will be burnt on a daily basis, corresponding to 0.2% of the in-app purchases of the previous day.
How to Keep Track of the AppCoins Burn
In order to make this process more transparent and make it easier for users to keep track of this new feature, we have also included new widgets in AppCoins Explorer! Through AppCoins Explorer, you’re able to track the burn of AppCoins and see an overview of the quantity of burnt AppCoins over time.
Here are the actions that users can perform using AppCoins Explorer to track the AppCoins Burn:
- Use graphics to show the amount of burnt AppCoins in the past few months, weeks, or days:
- See the total amount of burnt AppCoins:
For further information on transactions, you can also check out Etherscan’s site, which will allow you to view the specific daily transactions in real time.
