Geco.one, the cryptocurrency derivatives exchange, burns the Gecoin tokens (GEC) for the third time. GEC burning is a cyclical ritual that’s designed to cut supply and stimulate the price.
GEC Token burn
The Geco.one exchange informed about the token burn on its social media.
It happened on 28.06.2022 and the next one is going to happen in three months — on 28.09.2022. The total number of tokens burned was 120.000 GEC which is 0.07% of the total supply.
The proof of the transaction was provided as a reference to the smart contract.
https://etherscan.io/tx/0x213f784590cb2f7edc76aa22b48668c628ecd5eb9fea57779af7c43859de71d6
GEC token is deflationary by definition. Its supply will be regularly lowered by the process of burning tokens, which investors use on the crypto exchanges (Latoken & Coinsbit) on an ongoing basis to reduce commissions for trading.
All the GEC tokens, once used, are transferred to the one wallet address and then sent to a unique wallet without the key so nobody cannot retrieve tokens in any way — that’s called a “burning” procedure.
The total amount of tokens created is 173 105 106 GEC. The first burning took place on December 28, 2021. Every quarter the number of GEC tokens used on the platform over three months is burned permanently. For GEC, the goal of coin-burning events is to gradually reduce its total supply until it’s under 80 million GEC (just below 50% of the total initial supply of 173105106 GEC).
