IOTEX is an interesting deflationary token due to its unique features. Its deflationary mechanism typically involves burning tokens with each transaction, which can potentially drive up the token's value over time. However, it's essential to conduct thorough research and consider your investment goals and risk tolerance before including any cryptocurrency in your portfolio.
👉IoTeX has implemented a deflationary mechanism to reduce the supply of its native token, IOTX, and potentially increase its value over time. One common deflationary mechanism used in the blockchain space is a token burn, where a certain number of tokens are permanently removed from circulation.
Circulating supply of 9,443,693,017 IOTX coins and a max. supply of 10,000,000,000 IOTX coins.
Token Burns: IoTeX may periodically burn a portion of its circulating supply by sending them to an address from which they cannot be retrieved. This reduces the total supply of IOTX tokens.
Transaction Fees: Some blockchain projects implement token burns by using a portion of the transaction fees collected on the network to buy and burn tokens.
Staking Rewards: If IoTeX has a staking system, it may use a portion of the staking rewards to buy and burn tokens.
These deflationary mechanisms are designed to create scarcity and potentially increase the value of the remaining tokens in circulation. Keep in mind that the specific details of IoTeX's deflationary mechanism may have changed, so it's a good idea to check their official documentation or announcements for the most up-to-date information.
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