🔥Token Burn

Token burning is the process of permanently removing coins from circulation, thereby reducing the total supply. This action is performed by the development team.

💰 What are the advantages of burning tokens?

• Tokens become more valuable

It all comes down to the laws of supply and demand. Burning tokens helps to restrict the supply. If the demand stays the same or increases, the price of the token will naturally go up. Hence, it might potentially result in an increase in the value of the token.

• A steady value of the token

Token burning can help to stabilize the value of the token and prevent potential price inflation. By making the token price more stable, it gives its holders an incentive to hold these tokens and, as a consequence, to keep token prices even more favorable.

📉 Deflationary Mechanics

• Most part of the withdrawal fees are used to burn tokens (apart from the first two months that volume will be low and the impact of doing burns minimal, but using those fees for operations to have a big head start will greatly benefit the token in the future).

• Tokens minted to the team are either rewarded to $FAR holders or burned.

As a reminder, our goal is to transform Faraway into a very low inflationary token as the project progresses. We will add many more burning mechanisms very soon. A burning fee when swapping will be implemented in the future as well.