A coin burn is a process of permanently removing cryptocurrencies from circulation to reduce the total supply of the coin. In other words, coins are destroyed and can no longer be used in trading or anything else.
By making the coin scarcer, coin burning aims to create a deflationary effect and potentially increases the crypto’s valuation to benefit its holders.
As the official token for Burnchain, $BURN tokens enable users can participate in proof of stake governance.
The main goal of Burnchain is to increase the use cases of $BURN by providing it with much-needed utility. It will allow users to access an ecosystem of DeFi products, NFTs and GameFi. For instance participating in the NFT market through minting and exchanging NFTs by paying for gas with $BURN, Partaking in lucrative GameFi opportunities and engaging with the growing blockchaingaming community, joining decentralized exchanges to swap tokens and speculating on their value, accessing advanced financial instruments such as staking, lending, borrowing, and liquidity mining, taking part in the upcoming metaverse revolution through Burnchain-powered NFTs, participating in DAOs and funding entire communities and so on.