December is met with triumph from ESHK as they have conducted successfully their 2022 burning plan — as written in their whitepaper. ESHK’s burning plan started from the first one in March 2022 until the last burn of this year in December 2022.
Before we delve further into ESHK’s burning plan, let’s talk about why most crypto developers burn their supply? And why it’s important to do so as part of the cryptocurrency whitepaper’s plan.
Token burn is a strategy to increase the value of remaining tokens. The tokens are sent to a wallet address, which is outside of the network and thus cannot be used for transactions other than receiving the tokens.
When token numbers are reduced, it can lead to a shortage of “supply”, which in turn drives up the value of the remaining tokens. By employing this strategy, investors can see a significant increase in the value of their assets, which often leads to new investors trying to get a piece of the action before the supply runs out.
ESHK employed this strategy, and they have burned approximately 28 Billion Tokens throughout the year. Starting from Q1 in March 2022, followed by Q2 in June 2022, then Q3 in September 2022 and the last burn of this year on Q4, December 2022 2022.
On this Q4 burn, ESHK burned another 7 Billion of their token, sending it to a null address and reducing the total of ESHK supply. Following this burning, ESHK’s current circulating supply being 71,692,609,297. And the transaction hash can be seen here:
ESHK will continue their burn plan for 2023, which will begin in March 2023 and will last for that year. Aside from the burning plan, ESHK will also implement a multi-signature contract and when the burn is finished ESHK will also improve their token security by enhancing the decentralized mechanism or smart-contract-based account.
By knowing that there will be a future burn plan for ESHK, for those who wish to invest in ESHK, it is wise to use this early information to secure the token so no to miss out the chance to get the price at a lesser value. ESHK is available on WhiteBit, Coinsbit, and PancakeSwap. Staking or Lending ESHK is also available on WhiteBit’s Crypto Lending plan (previously called staking), this is another good way to ensure profits on your investment.