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The Burning DAN

daneel(25)

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2018-03-22 14:42

You read it right, we are not talking about this great festival in the desert but the DAN tokens burning. As promised, 60% of unsold tokens, that’s to say 30 679 281 DAN, has been burned.

More precisely, we sent the tokens to a “burn contract address” especially created as a token trash bin. Technically it is a contract without send function. This means that not even the contract owner can do anything with the tokens received to that contract address. Thus, all tokens sent to this address are lost forever. This is a proper process to burn unsold tokens. New total supply is now: 69 320 719 DANs.

To verify the amount of DAN burned, check this transaction on Etherscan: https://etherscan.io/tx/0x2cbbd941e6ff5560ab2656c353a37ecf4c4df4281e869131c88a327e0cde26a8

And here are the 30M DAN burned, R.I.P:

https://etherscan.io/address/0xAa8b7b98A0E12CDda43c221Eed7998FB51352442#tokentxns

As a reminder, here are the main advantages of the new token allocation:

The burning process reduces the total supply on the market and potentially contribute to an appreciation of the token price
This new distribution model allows our community to continue to dominate the market, jointly holding 56% of all tokens.
With the redistribution, contributors sustain their value by receiving more tokens on their initial investment.
This new distribution model guarantee the liquidity on the market and the scalability of the project as our token will be the only way to subscribe and use Daneel’s service.
For more details, please read this Medium article.

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