TLDR:
The Maxx Team will burn 1,201,600 PWR from the treasury every week to combat the 201,600 PWR minted from mining each week, plus an extra 1,000,000 PWR for at least the next 52 weeks.
Major Announcement
The Maxx team have been reviewing actions that can make a greater positive impact on the chain for PWR and its holders. We took a step back and took a look at what we did initially, and we then realized that even after a 60% burn of the initial supply, it just wasn’t enough.
Going into this, we wanted to ensure the treasury kept a sufficient amount of supply for any potential VC venture or any other opportunity that would come up unexpectedly. We did realize, however, that 150M is much more than is required. So then we thought of finding a fine balance between the two thoughts.
So with that said, starting today, we will be initiating a WEEKLY BURN 🔥 from our treasury.
Every Friday, for AT LEAST the next 52 weeks, we will BURN 1,201,600 PWR from our treasury 🔥
Why 1,201,600 PWR? Well, 201,600 PWR is the amount of PWR that can be mined on a weekly basis. And then we thought, what the hell! Let’s throw in an extra million for good measure.
So, for AT LEAST the next 52 weeks, the inflationary aspect of our native blockchain coin will be counteracted with a weekly burn that, in essence, burns an extra million PWR coin, therefore creating a deflationary supply for the chain over the next 52 weeks at a minimum.
This will be in addition to the deflationary mechanisms we currently have on place on chain.
Now I say “AT LEAST” 52 weeks because after the end of 52 weeks, we will still have just over 87.5M PWR in the treasury (assuming none is disbursed by that point). At that point, we will reassess the situation and determine how we would like to proceed.
With this in place, there will be one change to a deflationary mechanism we have in place and that is with regards to the PWR coins burned through the $MAXX Token staking platform on MaxxChain. Going forward, we will use that entire 10% to buyback and burn supply of $MAXX on MaxxChain – something we think that $MAXX token holders will be happy to see.
We believe this is the right strategic move to make for the next 52 weeks as we continue to position ourselves within the industry to be among the top layer 1 blockchains. Our goal has always been to do what’s best for the chain, and all of its users, and we believe this is another step in the right direction.
Thank you as always for the support, and we look forward to coming back with some more bullish news as it comes.
