In accordance with our published token economics, LCX will burn 100% of all LCX Tokens used to pay for fees within LCX’s ecosystem. We want to ensure that all token burn activities are carried out in an open and transparent fashion, that’s why we are upcoming you today.
At the moment LCX receives fees for the monthly or annual subscription for Pro accounts at LCX Terminal and for withdrawal fees at LCX Accounts. Usage of LCX Terminal and LCX Smart Order had been growing. Furthermore the updated “Buy LCX” functionality is used frequently by our users. As a result we accumulated LCX Token as part of our revenues over time.
LCX executes token burns each quarter in accordance to the announced token metrics. 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. The second Token was facilitated on April 2nd 2020 where a total of 986’000 LCX Token or 0.103% of the total supply was burned. Today we facilitated the next token burn for Q2 2020 where 1’411’400 LCX Token or 0.15% of the total supply was burned. Until today, a total of 44’729’025 LCX Token had been burned.
The LCX Token burn record is public on the blockchain.
You can also see the reduced total supply:
We had been working in close collaboration with Coingecko to keep the community updated about the Circulating Supply of LCX Token. Coingecko has published a list of LCX related wallets to explain how the Circulating Supply is calculated. #Transparency
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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