Today, on May 15, 2021 @ 9:32:56 a.m. UTC, MDF (Minter Development Foundation) burned 385 000 000 BIP, or 9.3% of current supply. The coins were sent to the 0th address: Mx0000000000000000000000000000000000000000.
This volume was forever removed from circulation and therefore will never enter the market.
Ninety-nine percent of DAO funds that had been accumulated since launch were burned. Coins of regular users were not affected.
The event was dedicated to the day when Minter network went live, which was two years ago today (May 15, 2019). It has become the most massive coin burn in the history of Minter blockchain.
Deflationary mechanisms such as limited supply, burn of coins, and gradual decrease of rewards for generating new blocks have proved efficient in strengthening the tokenomics of many blockchains.
With demand remaining the same and supply reduced, the price always increases. Assuming that demand is on the rise, the use of deflationary tools would lead to a hyperbolic price growth.
The April 12 upgrade has brought Minter closer than ever to fulfilling its original vision for an efficient, blockchain-powered Internet of Money architecture.
Below are the major features that will attract players of the DeFi market:
- Trade in most cryptocurrencies, tokens, and digital assets within a single network, all in a decentralized way
- Make transactions in 5 seconds with final blocks
- Pay fees (fixed at $0.01 per transfer and $0.03 + 0.2% per swap) in any liquid coin/token. It’s worth noting that when a custom coin/token is used to pay fee, BIP is automatically bought at the market and the fee is paid in BIP itself
- Enjoy all benefits of integration with Ethereum and Binance Smart Chain and later, with other popular networks
- Send cross-chain transfers with swaps. For example, BUSD on Binance Smart Chain for USDC on Ethereum
- Place limit orders powered by a unique implementation at the core level of Minter blockchain
- Create your own tokens and liquidity pools in a couple of clicks
- Use BIPx, a mirrored version of BIP on Ethereum and BSC, to earn with the best DeFi services
The BIP’s Use Cases Are Many
- Delegate and get rewards (portion of block rewards + transaction fees)
- Provide custom coins with reserve, or back them
- Pay all network fees (+30 types of transactions)
- Validate the network (mining, voting power)
- Supply liquidity to the Minter pools (for 0.2% of the amount swapped) and in the case of BIPx, to pools on Ethereum and BSC
Minter is building long-awaited blockchain architecture and services on top of it, while its base currency BIP has a wide variety of application, follows a deflationary model, and unlocks access to the global DeFi economy. These factors lay a solid foundation for Minter to be successful in the expanding, borderless market of digital assets.
Minter is turning two, happy birthday!
Thank you for being with us!