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Round 4 — July 2021 Token Burn Update

Round 4 — July 2021 Token Burn Update

Dear Community,

In accordance with our latest tokenomics update, we have faciliated another token burn of 5,000,000.00 MITX to the Burn Address (0x000000000000000000000000000000000000dead) on 4th July 2021. You may view it on Etherscan here.

The new token total supply will be 718,999,995.00 MITx as at 4th July 2021.

Upcoming token burn schedule

5th Burn (4th Oct 2021): 5,000,000.00 MITx

6th Burn (4th Jan 2022): 4,000,000.00 MITx

7th Burn (4th Apr 2022): 4,000,000.00 MITx

8th Burn (4th Jul 2022): 4,000,000.00 MITx

9th Burn (4th Oct 2022): 1,999,995.00 MITx – completion of token burn

Therefore, the upcoming Token Burn Schedule of 23,999,995.000 MITx will complete its burn schedule by 4th Oct 2022, resulting in the Total Supply as 700,000,000.00 MITx.

For more information about our tokenomics update, please click here.


What is a token burn?

A token burn is a process of sending a number of tokens to a wallet address — commonly referred to as the “black hole” — where the private keys are unobtainable by anyone. This process makes the tokens unusable forever and cannot be undone.

Why are token burns necessary?

Token burns will keep the token value at a healthy level and importantly embrace the importance of scarcity as the supply of the tokens in circulation is intentionally decreased. This process adds security for users/token holders and lets them safely expedite their transactions without perverse incentives. Because there is no incentive to charge higher fees other than for faster execution, users can trust that the network will be used more responsibly.

Economic principles have proven that this is an effective method and a reinforcement for the respective project’s growth.

About Morpheus Labs

Morpheus Labs is a Blockchain-Platform-As-A-Service (BPaaS) provider offering mission-critical tools, infrastructure, various blockchain protocols, and blockchain use case references for enterprises and developers to build, experiment and manage their own applications effortlessly at minimal cost and time. Armed with relevant capabilities, the platform offers a multitude of intuitive solutions that enables developers and enterprises alike to take advantage of its platform to build effective solutions for various use cases.

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