LCX Token Burn Q1 2020
by LCX Team · April 2, 2020
Summary of LCX’s Token Burn for Q1-2020…
In accordance with our published token economics, LCX will burn 100% of all LCX Tokens used to pay for fees within LCX’s ecosystem. With this announcement we want to ensure that all token burn activities are carried out in an open and transparent fashion.
At the moment the only fee LCX receives are the monthly / annual subscription for pro accounts at LCX Terminal. Since launch of LCX Terminal and also due to LCX Smart Order, the platform had been growing rapidly and we accumulated LCX Token as part of our revenues over time.
This $LCX Token Burn was facilitated on April 2, 2020.
Link to the first Token Burn was executed on December 11th 2019, where a total of 42’331’625 LCX Token or 4.23% of the total supply was burned. As a result, until today, a total of 43’317’625 LCX Token had been burned.
Overview LCX Token (April 2, 2020):
Token Burn: 986’000 LCX Token (0.103%)
New Total Supply: 956’682’375 LCX Token
Updated Circulated Supply: 467’236’535 LCX Token (48.8%)
The LCX Token burn record is public on the blockchain.
Transaction id:
https://etherscan.io/tx/0x8ff9efa39576812bb03fcd40ea162eff7bf9f9b0fe324a6d27eaacd3e1539522
You can also see the reduced total supply:
https://etherscan.io/token/0x037a54aab062628c9bbae1fdb1583c195585fe41
Token Economics and Circulating Supply
We are changing how we calculate the Circulating Supply and will now follow the CMC methodology. According to CoinMarketCap, the Circulating Supply is the best approximation of the number of coins that are circulating in the market and in the general public’s hands. See updated LCX Token Economics here.
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.