feature_image

Therefore, on November 1st, the Liquidity Burn (now over 17k $WOMBAT) and the Purchase Burn (currently over 1.1m $WOMBAT) will both be burned in addition to the 20m $WOMBAT Adoption burn.

Wombat - The Burning Initiative

Over a month has passed since the first proficient $WOMBAT token burn. The team burned more than 9 $WOMBAT million at the time. But that was only the first step to reduce inflation, they revealed a 5-part burning program on October 24th, with the intention of halving the token supply!

The Great Burning
The main objective is to maintain and increase value for $WOMBAT holders while the token stays on a strong deflationary trajectory. In addition to broader ecosystem use cases, the burning program offers direct means for the Wombat community to influence the token supply through regular activities, such as utilizing the blockchain or introducing friends to fantastic games via Wombat.

Over time, the developers anticipate burning at least 5 billion tokens. The early adopters will therefore receive at least twice as much value for their $WOMBAT assets as the Wombatverse expands. Depending on the overall state of the industry and the adoption of Web3 in gaming, it might potentially exceed that amount.

How does the Burning occur?
Wombat continuously burns tokens that accumulate as trading commissions in the Uniswap v3 liquidity pool. The result being, as more tokens are traded, more of them will be burned—this is known as a liquidity burn.

The payments for drops and blends on Neftyblocks (both using the WAX-based $WOMBAT) as well as the clan expansion minting cost of 1500 $WOMBAT apiece were implemented by the devs last week. The team will burn 100% of those funds each month over the following six months, as opposed to just 20% over the long run.

The newly created Adoption Burn is a significant component of that program! Wombat intends to burn 500m (!) $WOMBAT over the following few months based on the adoption of Wombat and its ecosystem starting in November 2022 through the Adoption Burn.

This also includes burning $WOMBAT determined by:
Each download of the Wombat app will burn 25 $WOMBAT

Secondary NFT trades including NFTs issued by Wombat will burn 20 $WOMBAT for every 1 USD of trading volume, including NFTs from Womplay and Dungeon Master

Each "Top game" download on Wombat will burn 100 $WOMBAT.

Users who use Wombat to sign blockchain transactions – 10 $WOMBAT are burnt everyday for each user who uses Wombat to sign a transaction.

The Monthly Burn
Beginning this month, Wombat will carry out monthly token burns for the three aforementioned mechanisms. To enable tracking by services like Coinmarketcap and Coingecko, the developers will calculate each amount independently and burn it from a different address on the Ethereum blockchain, which is the chain on which $WOMBAT was first created.
Therefore, on November 1st, the Liquidity Burn (now over 17k $WOMBAT) and the Purchase Burn (currently over 1.1m $WOMBAT) will both be burned in addition to the 20m $WOMBAT Adoption burn.

Wombat
The only app a gamer needs to locate, access, and play high-quality games as well as communicate with NFTs on all significant blockchains is Wombat, a Web3 gaming platform. With Wombat, users can communicate with other users on the blockspace, participate in a virtual economy, and gain prizes and achievements for their actions. Most importantly, Wombat works to make gaming on mobile and PC enjoyable and engaging for all players, from casual to hardcore.

We have previously covered Wombat and you can read more here.

Conclusion
As the Wombat Ecosystem expands, the developers are pushing for solutions creating huge value for all users. The Wombat team has always shown their mind is long-term oriented and their goals are set for years to come, while constantly engaging and taking feedback from the community in order to optimize and offer the best possible experience to old and new gamers alike!


Project Links
Website - https://wombat.app
Telegram - https://t.me/getwombat
Discord - http://discord.gg/wombatgamers
Twitter - https://twitter.com/adoptwombat
CoinMarketCap - https://coinmarketcap.com/currencies/wombat-web-3-gaming-platform/

Written By

Petrache Ionut

Oct 31, 2022