If you’re a WAX Token Holder, there is a reason to cheer every time you see someone unstake their Genesis WAX Protocol Tokens. Why? Because it’s a deflationary event, and that means your ownership of the total supply of WAX increases.
Since the WAX Blockchain mainnet launch on June 30, 2019, a total of 243 million WAX Protocol Tokens have been burned. The burn is equal to 26.4% of tokens in the circulating supply.
These burned tokens are unclaimed GBM Rewards. WAX ERC20 Token holders who participated in the mainnet token swap received Genesis WAX Protocol Tokens. Genesis WAX Protocol Token holders can double their tokens by leaving them staked for 3 years. Unstaked Genesis WAX Protocol Tokens permanently stop producing GBM rewards, and all those unearned GBM rewards are burned. To date, 243 million tokens have been burned. The Genesis Block Member Program allows for up to 50% of the WAX Token supply to be burnt when Genesis WAX Protocol Tokens are unstaked.
To learn more about WAX Tokens, click here.
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