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.
The LCX Token burn record is public on the blockchain.
You can also see the reduced total supply:
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.
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.
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.
LCX AG is a company found in 2018 and registered in Liechtenstein No. FL-0002.580.678-2. LCX AG is regulated by the Financial Market Authority of Liechtenstein under the registration No. 288159 as a trusted technology service provider.
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