King Money KIM: Token Burn
Second KIM Burn eventThe second KIM Burn event held successfully after the latest Burn.Over 3 million KingMoney coins, worth over 1 billion EUR, have been destroyed in line with our summer promise. The explorer provides more details about this transaction :https://explorer.kingmoney.io/tx/9302577c9cdac3ee0cb18fac5029c471514d24b17035376ca18abd8a70809569The First KIM Burn took place on July 7, 2021. The timeframe was initially announced in kingmoney official website. In the summer, KIM burns are set to occur at the beginning of every month. The first KIM Burn event burned 3,041,000 KIM worth nearly $550,000,000 EUR.
What is coin (token) burn?
A coin (token) burn is a process of sending a certain amount of cryptocurrency to a public address that has unobtainable private keys. In the future, the sent coins cannot be spent, thus the coin burn leads to an overall decrease in the cryptocurrency circulating supply.