The Wait Is Over — Burn-Drop Is Here!
After a successful warm-up with IGNITE, we are now ready for the main event — Burn-Drop tokenomics officially launches on November 3, 2020!
Thousands of users and >1 billion IOTX are now participating in Burn-Drop. Set your buckets to auto-stake ≥ 91 days to be eligible for Burn-Drop — you can learn how to stake IOTX here.
What is Burn-Drop?
Burn-Drop is an innovative tokenomics design where IOTX is burned/dropped for every new device registered to the IoTeX Network, such as Ucam and Pebble Tracker. Burn-Drop directly rewards long-term stakers, reduces the total supply of IOTX over time, and provides funding + network incentives to onboard new “Powered by IoTeX” devices.
By the Numbers:
- 1 Billion IOTX (10% of total supply) will be burned/dropped as we onboard 1 million devices
- 900M IOTX will be burned and 100M IOTX will be dropped to long-term stakers
- 10 Burn-Drop phases, with earlier phases having a higher Burn & Drop rate
Burn-Drop rewards long-term stakers every time a new IoTeX device is registered with IOTX dividends that are “dropped” directly to your staking buckets.
Dropping IOTX to Stakers
In return for providing security for IoTeX, long-term stakers earn Burn-Drop rewards, which are in addition to rewards received from staking. Secure your share of 100 Million IOTX by auto-staking ≥ 91 days!
Burn-Drop is powered by smart contracts. Every “Powered by IoTeX” device has a decentralized identity (DID) registered to the IoTeX blockchain — each time a new device is registered, there will be a verifiable record and the Burn-Drop smart contract will burn + drop IOTX based on the following schedule:
Phase Completion Bonuses
After the completion of each phase, we will introduce a special bonus available only to Burn-Drop eligible stakers. Whether that is extra token rewards, raffles for awesome prizes, or special network perks, we can’t wait to reward our Burn-Drop devotees!
For more information on Burn-Drop, see our detailed Medium blog.
Founded as an open source platform in 2017, IoTeX is building the Internet of Trusted Things, an open ecosystem where all “things” — humans, machines, businesses, and DApps — can interact with trust and privacy. Backed by a global team of 30+ top research scientists and engineers, IoTeX combines blockchain, secure hardware, and confidential computing to enable next-gen IoT devices, networks, and economies. IoTeX will empower the future decentralized economy by “connecting the physical world, block by block”.