What is the PulseChain Burn Address?
The PulseChain Burn Address is 0x0000000000000000000000000000000000000369
The final three digits of ‘369’ represent the average annual inflation rate of the Hex system.
The burn address is primarily used for projects to automatically send various tokens for the purpose of deflating their supplies.
For example, PLSX, from the buy and burn function of PulseX, is sent to this address to be removed from the market forever.
PulseChain validators have also been burning PLS at this address.
Information about the burn address can be found here:
https://scan.pulsechain.com/address/0x0000000000000000000000000000000000000369
What is a Burn Address Used For?
A burn address, also known as a black hole address, is a special type of cryptocurrency address that is intentionally created to receive funds that are sent with the purpose of destroying them permanently. In other words, the funds sent to a burn address are effectively taken out of circulation and become unspendable.
The primary purpose of a burn address is to reduce the overall supply of a particular cryptocurrency. This process is often employed as a deflationary mechanism to increase the scarcity and value of the remaining tokens or coins in circulation. By removing a portion of the cryptocurrency from circulation, the supply-demand dynamics are affected, potentially leading to price appreciation.
Burn addresses are typically generated using cryptographic algorithms and can be created for various cryptocurrencies. Once a burn address is created, it is publicly shared, allowing users to voluntarily send their tokens or coins to that address if they choose to do so. However, it’s important to note that sending funds to a burn address is irreversible, and those funds cannot be recovered or accessed by anyone.
What is the PulseX Buy and Burn?
The PulseX Buy and Burn is a “fee scrape” which takes 21% of the trading fees and sends them to the PulseChan burn address.
You can find statistics on the PulseX Buy and Burn here
The purpose of this is to reduce the circulating supply of PLSX forever.
In less than a day after PulseChain launch, over 4 billion PLSX has been used in the buy and burn function.
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Originally published at https://www.liquidloans.io.
