Stratos to Open STOS ERC-20 Burning Portal on September 7th
STOS token holders will have the capability to incinerate their ERC-20 STOS tokens on the Ethereum mainnet. The incinerated volume will be documented and integrated into the primary file of the primary network. Should there be no immediate need for native STOS tokens from the inaugural mainnet block, this step is optional. Following the establishment of the mainnet bridge, migration of ERC-20 STOS to the Stratos Chain mainnet remains an available option. All tokens reserved for mining and those under the Stratos Foundation’s possession will be transitioned via this incineration portal. The portal’s closure is scheduled for September 13th.
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.