The first planned token burning process of Fenerbahçe Token, which was created by Paribu in collaboration with Fenerbahçe, was performed today.
In the first burning process, 170,000 Fenerbahçe Tokens corresponding to 11,500,000 TRY were burned.
As described in Fenerbahçe Token whitepaper , the maximum supply of Fenerbahçe Token will be 190,700,000 and the entire supply will be created within 25 years. With the planned token burning processes to take place over time, the final supply will be reduced up to 100 million tokens.
What is token burning?
Token burning is defined as the transfer of a certain amount of a token to an irreversible address so as to withdraw such amount of token from circulation permanently. Once removed from circulation, such crypto assets cannot be returned back to circulation.
Token burning processes are a functional contribution of smart contracts. Therefore, burning processes may only be carried out by crypto assets. In money markets, performance of a similar process is not possible.