Today I will talk about burning tokens in an excellent project. Without further ado, just in essence. So, it started recently. The
@HubzzHQ project is at a very early stage. And he has already launched his token (BHhYx1h3mwiQLcYdD2N9tG6nRFcn6pmwwtzS5XMvBAGS) address of the contract. There will also be a link to the token's website under the post. There is no ready-made product yet. It is planned to release a simple multiverse, but with the ability to trade and exchange assets in it, as well as customize the environment for yourself or your community. I've already written a bit about it. Therefore, I will refer to my post. If you're interested, read it.
Why issue a token before the full release of the product itself? The
@Russfranky founder answers this simply. He wants to encourage early adopters in this way. And these are not just words. A lot of awards are already being distributed among the (so far small) community. This is real money. No points or other non-existent assets. Get into the discord of the project if you also want to claim awards.
$HUBZZ is easily exchanged through the Phantom wallet or on the dexscreener exchange. A striking difference from most crypto projects is that they only give points or promises. You can either buy an asset or sell it. Moreover, since this is an early stage, it is also possible to make money on exchange rate fluctuations. Which I did recently.
In addition, a token burning campaign was launched. This is similar to staking, where people are encouraged to hold an asset for a long time so that its price increases. But it's built differently. The fact is that the current token is a kind of memcoin. Yes, it has a price and a task, which I wrote about above. But it is not the main one. In the future, it is planned to issue the
$HBC token. He probably won't be on Solana anymore. There are certain metrics that need to be achieved in order to launch it. You can read more on the website, which I will post in the comments. But there are not few details yet. They will be revealed in the Bluepaper, which will be released soon. So far, we only understand that by burning memcoin in the amount of 100 thousand, we get a consensus license. A non-transferable document in the blockchain that gives us the right to claim a proportional share of the future token at the time of release. It will be very interesting to get acquainted with Bluepaper. I've only burned 500,000 so far. I don't want to rush it.
Although it might be worth it to hurry up. After all, project gives out rewards depending on the burned share. Here's the table.
Reward Ladder (Cumulative)
🖤10,000 HUBZZ → Bags Poster (1,080 supply | Max 1 per wallet)
🖤100,000 HUBZZ → Consensus License (Unlimited | Max 1 per wallet)
🖤150,000 HUBZZ → Wifchair (900 supply | Max 1 per wallet)
🖤250,000 HUBZZ → BD Key #1 (360 total supply | Max 3 per wallet)
🖤500,000 HUBZZ → BD Key #2
🖤750,000 HUBZZ → BD Key #3
Thus, it can be seen from the table that my wallet now has a consensus license in the amount of 500,000, because I have burned more than 100,000. I can also get a poster and in-game item called Wifchair. And two keys. Please note that the number of Wifchairs and keys is limited. Only the wallets that burn the required amounts first will receive them. Before the release of the multiverse itself, it is not particularly clear what exactly this will give. But that's okay. We can make our own choice whether to leave everything in the current memcoin or burn it, thus investing in the future of the project. But it provides a deflationary tokenomics model. Hubzz is a kind of fuel for the older brother, who will replace him if the necessary metrics are achieved. Judging by the picture that I attached to the post at the moment, more than 51 million
$HUBZZ have been burned. The figure continues to grow. This stimulates an increase in the price of memcoin itself, and most importantly, the volumes needed to achieve metrics.
Thus, you can either buy the memcoin itself and hold it, if you waiting for growth with further sale. Short-term benefit. Or burn it. This is a hold strategy for those who really believed in the project. I have 1.4 million
$HUBZZ now. It was 1.9 million before the burning. I'm not in a hurry yet and waiting for the release of the Bluepaper to find out more details. However, I like the thoughtfulness of the community's reward system itself. It is quite flexible and takes into account the interests of different players in the market. That's why, in fact, I decided to burn part of my assets. I'll see what happens next. I'm not chasing all the possible profits. Hubzz is primarily entertainment for me, and I like making decisions here with the growing interest in the project. So let's see if he can interest me more so that I can burn it all down. Including my vip role in the discord. It is issued to holders of 1 million.😅