Depending on the project ideas and goals, it may be necessary to reduce the number of issued tokens. So, for example, when user withdrawing tokens from any liquidity pools, Pool’s LP tokens are burned in order not to dilute liquidity and to ensure that the pool returns are calculated correctly (check it). Burning tokens can be implemented by calling the function of the project's smart contract, as in the case of the above example, or by API request to the Waves node. However, sometimes, when the implementation of project ideas does not require smart contracts and using a backend architecture, the WX.Network interface can be used.
To burn an tokens you should launch WX.Network, navigate to the Wallet tab, then open the My Issued Tokens folder шт the Tokens section, hover over the necessary asset, and click on the three-dot icon:
In the appeared menu click on the Token Burn button and fill the appeared form.
Enter the amount of assets you would like to burn In the Quantity of assets to be burned field and click Continue.
In the following window double-check the entered data and if everything is correct click Send or click Go Back to make corrections.
Note: Please be careful, the burning process cannot be canceled.
Note: take into account, that any user can burn tokens even if it is not a token issuer but only those amount that it has on the balance of its waves address.
If you have any questions related to WX.Network, feel free to contact us.
tags*: decrease supply burn token destroy delete