In accordance with our published token economics, LCX will burn 100% of all LCX Tokens used to pay for fees at LCX. Since launch of LCX Terminal in June 2019, the platform had been growing rapidly and we accumulated LCX Token as part of our revenues over time. Furthermore LCX has conducted an IEO at Liquid and LCX has decided to burn the unsold LCX Token as part of the first token burn.
The 1st Token Burn was facilitated on 11th December 2019.
Overview LCX Token (Dec 11th, 2019):
1st Token Burn: 42’331’625 LCX Token (4.23%)
Updated Circulated Supply: 481’001’708 LCX Token (50.23%)
New Total Supply: 957’668’375 LCX Token
The LCX Token burn record is public on the blockchain.
Transaction id:
https://etherscan.io/tx/0xc58c0345932534277245094ea82d0d678fcba3f05424fd1777555330510ddf94
You can also see the reduced total supply:
https://etherscan.io/token/0x037a54aab062628c9bbae1fdb1583c195585fe41
Utility Token
The LCX Token is created as a utility Token which may be used to pay all fees associated with the services offered by LCX. The LCX Token can currently be used as a voucher to pay subscription fee of LCX Terminal.
Guaranteed LCX Token Value of 0.10 USD at LCX.com
Within the LCX ecosystem, at LCX.com, the value of the utility token will be determined by the market, but will always be at a minimum of 0.10 USD. For example in the case of the minimum value (0.10 USD), if you pay for services at LCX.com valued 10 USD, you have to pay a maximum of 100 LCX. If the market price of LCX Token has increased to 1 USD for example, you will have to pay 10 LCX Token to pay for services valued 10 USD.
For example, if the LCX Token is traded on cryptocurrency exchange at 0.02 USD – below our minimum of 0.10 USD – and if you pay for services at LCX.com valued 10 USD, you only have to pay 100 LCX as well, because the value of LCX Token will not go below 0.10 USD within our ecosystem.
