Phase 1 : Token Burn Program
Burn Details
15% of the ITHEUM max supply will be burned over a maximum 3 months (90 days), equating to 150,000,000 ITHEUM tokens. This reduces the max supply from 1 billion to 850 million. The total burn can be sped up to 1.5 months (45 days) if public usage of the protocol triggers a "boosted burn" rate.
Where the tokens come from - Breakdown:
Treasury: 7.00% (70,000,000 tokens)
Team/Advisory: 3.00% (30,000,000 tokens)
Ecosystem: 2.75% (27,500,000 tokens)
Community: 2.25% (22,500,000 tokens)
Daily Burn Rate:
A daily base burn rate of 0.16% (1,666,667 tokens) is applied. However, based on some usage metrics of the protocol, a boosted burn rate of up to 0.33% (3,333,333 tokens) can take effect — speeding up the daily burn.
With the boosted burn rate, the entire burn process could be completed in 45 days instead of 90 days.
Once 150,000,000 ITHEUM tokens are burned, regardless on if this happens at any time within 90 days, then the this burn program will end
This dynamic boosted mechanism empowers the community to actively participate in accelerating the burn by engaging with the Itheum protocol.
How the Burn Program Was Proposed and Passed
The idea for the token burn program originated within our DAO on November 11th 2024. We invited the community to contribute to the discussion, ensuring alignment with our decentralized governance ethos.
X Announcement Link : https://x.com/itheum/status/1859245625201533059
The proposal was put to a vote on Jan 15, 2025 and was passed with overwhelming support, garnering 2023100.8370 votes for YES vs 0.0000 votes for NO. X Announcement Link is here. The program officially comes into effect on January 18, 2025.
How You Can Speed Up the Burn
Community engagement directly influences the burn rate. By using Itheum products across supported chains, you can boost the burn rate and contribute to token scarcity.
MultiversX:
Data NFTs:
Explore and trade Data NFTs: Data NFT Marketplace.
NFMe ID with Liveliness Bond:
Mint or top up NFMe IDs with ITHEUM Liveliness Bonds: NFMe ID. Earn 40% APR staking rewards while contributing to TVL growth.
Solana:
Music NFTs:
Get Music NFTs from Drip Channel and use them on NFTunes.
Trade Music NFTs on Tensor and utilize them on NFTunes.
The more you listen to music, the more you contribute to the burn.
NFMe ID with Liveliness Bond:
Mint or top up NFMe IDs: AI Workforce. Earn 40% APR staking rewards while contributing to TVL growth.
What are you waiting for, go and speed up the burn!
Burn Process & Burn Audit
Token burning will happen weekly (or worse case fortnightly). Each burn event will be called a "round"
Our community will be publicly notified on the burn rate for the week and how it was calculated (as the burn amount is dynamic and linked to protocol usage)
To ensure it's all done transparently and can be monitored by anyone, burn transactions can be seen on the official Itheum burn wallet : https://explorer.multiversx.com/accounts/erd17exmcvh0wm2xx9ngas84vd3jyc4zgf6scg75tmncff6k3qnxux0qzw0mrf
Burn transactions per round are as follows:
1
30 Jan 2025
19,724,229
2
7 Feb 2025
13,817,066
3
14 Feb 2025
16,962,094
More
Coming...
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