The day we’ve been waiting for is finally here! Well, almost. On Friday, September 27 at roughly 4 pm Vietnam time (UTC/GMT +7), one-fifth of our native crypto’s supply has a date with destiny.
We’re taking a hefty chunk from the wallet holding coins for our core team and advisors. This gesture displays our commitment to focusing on the project’s long-term goals. Because at this stage in our journey as Southeast Asia’s first blockchain venture builder, we’re better off without these coins.
Are you looking for proof-of-burn? Crypto aggregator site — CoinMarketCap — is a great place to check. Once the site’s records have a chance to refresh, expect our listed supply (currently 98,249,595) to drop by a cool 20 million coins.
And, we have even more good news: this week’s 20% reduction is only the first of a two-step melting process.
Stage 2: Trimming Another 15M
One of the most beneficial features of building on Komodo Platform’s Smart Chains is the power to freely allocate digital assets. In other words, we can take our native cryptocurrency and do nearly anything we please with it.
For example, our upcoming cashback and rewards platform utilizes an underlying coin that’s invisible to users. And, courtesy of KMD’s cross-chain interoperability, another 15M RFOX are laying the foundation for our new venture’s financial ecosystem.
Our CEO and co-founder, Ben Fairbank, had this to say about the secondary burn:
“We thought it was important to show our ongoing commitment to the utility of the RFOX coin. We’re excited to explain how the coin will fuel the ecosystem as we build out our first few projects.”
To paraphrase, RedFOX Labs is intent on setting the standard for the term ‘utility coin.’
The simple laws of supply and demand dictate that a decrease in amount leads to an increase in value. And as a blockchain startup running a crypto network, we work towards ensuring each RFOX coin represents as much value as we can squeeze into a single unit of measurement.
You see, we’re building real-world solutions to real-world problems. And part of the problem with the crypto industry at large is the creation of unnecessary tokens and coins. Rather than create yet another crypto asset — enough already! — we’re making the most of what we already have.
Now, not every blockchain venture we build requires its own coin. In some cases, like our upcoming app built alongside MYMEDIA Myanmar, a coin makes perfect sense. In others, there’s no need to bother.
We’re very mindful of the decision and would rather not list additional assets on CMC. Instead, we’ll send RFOX coins into a one-way, “black hole” wallet from which they never return.
As Benny said, there’s more to come. We’re burning 20M RFOX in a few days and another 15M over the coming months. Beyond that, we’ll all have to wait and see what the future brings. As our circulating supply continues to diminish over time, the remaining coins enjoy a stronger value proposition. And that, friends, is a win-win scenario for all holders of RFOX coin.