LCX Token Burn Q2 2020
par LCX Team · July 1, 2020
Summary of LCX’s Token Burn for Q2-2020…
In accordance with our published token economics, LCX will burn 100% of all LCX Tokens used to pay for fees within LCX’s ecosystem. We want to ensure that all token burn activities are carried out in an open and transparent fashion, that’s why we are upcoming you today.
At the moment LCX receives fees for the monthly or annual subscription for Pro accounts at LCX Terminal and for withdrawal fees at LCX Accounts. Usage of LCX Terminal and LCX Smart Order had been growing. Furthermore the updated “Buy LCX” functionality is used frequently by our users. As a result we accumulated LCX Token as part of our revenues over time.
LCX executes token burns each quarter in accordance to the announced token metrics. The first token burn was executed on December 11th 2019, where a total of 42’331’625 LCX Token or 4.23% of the total supply was burned. The second Token was facilitated on April 2nd 2020 where a total of 986’000 LCX Token or 0.103% of the total supply was burned. Today we facilitated the next token burn for Q2 2020 where 1’411’400 LCX Token or 0.15% of the total supply was burned. Until today, a total of 44’729’025 LCX Token had been burned.
Overview LCX Token (July 1st 2020):
The LCX Token burn record is public on the blockchain.
Transaction id:
https://etherscan.io/tx/0x902ddafeab37190fbabe7cb6165c5a2d5008d272c37446b92332d0987dffeee9
You can also see the reduced total supply:
https://etherscan.io/token/0x037a54aab062628c9bbae1fdb1583c195585fe41
Utility Token
The LCX Token is created as a utility Token which may be used to pay all fees associated with the services offered by LCX. The LCX Token can currently be used as a voucher to pay subscription fee of LCX Terminal.
Guaranteed LCX Token Value of 0.10 USD at LCX.com
Within the LCX ecosystem, at LCX.com, the value of the utility token will be determined by the market, but will always be at a minimum of 0.10 USD. For example in the case of the minimum value (0.10 USD), if you pay for services at LCX.com valued 10 USD, you have to pay a maximum of 100 LCX. If the market price of LCX Token has increased to 1 USD for example, you will have to pay 10 LCX Token to pay for services valued 10 USD.
For example, if the LCX Token is traded on cryptocurrency exchange at 0.02 USD – below our minimum of 0.10 USD – and if you pay for services at LCX.com valued 10 USD, you only have to pay 100 LCX as well, because the value of LCX Token will not go below 0.10 USD within our ecosystem.