At Nova Network we always strive to give the best value out to our partners, holders, and enthusiasts. As part of the array of changes we are implementing to our range of products and services, we felt the need to adjust SNT's supply to better reflect the values we want to put forth as an ecosystem. To accomplish that we have passed a proposal that will allow us to burn up to one third of the available SNT supply on Fantom Opera held by Nova Network Inc., significantly reducing the total amount of SNT tokens available, whilst increasing the value of each individual token in circulation that derives from its use-cases both in Fantom itself and in our native network.
The goal is to take about SNT 20,000,000 out of circulation in the next 24 months. Nova Network Inc. will only burn funds it possesses, and no wallets will see any reduction of their own SNT holdings.
You can read the full proposal by downloading the PDF below.
Proposal To Reduce Supernova Token (SNT) Supply on Fantom Opera
The supply reduction will take place via burning events, which will consist on sending SNT tokens to a dead wallet - specifically 0x000...000dEaD. All tokens to be burned will be either already in possession of Nova Network Inc. or acquired by Nova Network Inc. through buybacks, which means that the reduction in supply should not affect any of our current token holders as far as their own holdings go.
The burn evens will be made public and follow the guidelines of the proposal above.
First Burn Event, 2M SNT Burned to Date
The first of many burn events intended has already taken place today, 26th of May 2022, which saw about SNT 1,753,686 being taken out of circulation, bringing the total burned supply on Fantom Opera to SNT 2,000,000. You can click here to check out the transaction receipt.