According to the Whitepaper, “50% of the transaction fees within the Exchange will be burnt”. The first execution has been done on Sep 28, 2018. The burning result each time will be published after the completion of every burning.
Click to read the Whitepaper:
The burning plan:
1.Calculation oon of burning tokens: The burning volume will be 50% of the total transaction fees as of a certain time (decided by the block) within a week before the execution week;
2.Selection of of burning period: the last week of every quarter
3.Burning met method: Transfer a certain amount of CYB to account “null-account”, which is generated by the system without public keys.
Take the first burning happened on Sep 28, 2018, as an example:
1.Calculation of burning tokens: By Sep 23, 2018, from operation to the week before execution.
Correspondent blocks: block#1 - block#5999999
From the block info, the total transaction fee is 96955.31665 CYB
Burning volume is transfer fee*50%=48477.65833 CYB
2. Execution day: Sep 28, 2018
3. Execution result: crypto-vault account transferred 48477.65833 CYB to null-account.
Know more about the execution: https://medium.com/@cybexexchange/cyb-burning-plan-947a5d3af2a7
Hope you have a great time!
Aug 6, 2018
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