The Burn of a Lifetime!
As our advocates and POLX army personnel well know, there is a token upgrade slated to take place on June 4th. This of course involves the implementation of the taxation structure and our never ending quest to build the unbreakable digital asset.
While we have asked our earliest supporters to be patient as we iterate forward, Polylastic felt it was incumbent upon us to reward those users. As is often the case in crypto, we have experienced great speculation and commensurate volatility in a short time. The space grows like no other, contracting and expanding in ways that are both exhilarating and uncomfortable. Nonetheless, we adhere to our vision and move forward as market cycles complete as if they were cooked in a microwaves.
Crossing the Bridge
In order to effectuate the upgrade, the POLX tokens must essentially migrate to a new version and this represented an opportunity to reward our initial visionaries. Hence, we decided to not impose any network tax whilst upgrading the current circulating tokens.
Network taxation, once live, represents an ongoing fee and burn structure to support the POLX token and drive scarcity. Prior to this, interested parties have had a chance to build their position and glimpse what is forthcoming.
While these numbers are not exact, they do represent an accurate approximation of what we have proposed:
- Circulating Supply: ~10B
- Vesting & Locked: ~90B
The circulating supply will be untouched and remain 10B, however, the currently sidelined 90B will be subjected to the first network tax and it is a big one:
- ~90B x 2% =1.8B POLX
- 20% or approximately 360M POLX will be burnt
- approximately 1.44B POLX will be used to incentivize and reward users
While the burn will happen upon migration, please understand that the additional 1.44B are largely vesting tokens and will only be accessible upon release. As vesting completes, they will be placed into a treasury and earmarked for incentives for users.
This represents a truly massive step forward and shows Polylastic’s willingness to practice what they preach. An aggressive network tax is the proverbial rose with thorns—its sting is felt upon leaving while its beauty lies in its benefit to long-term supporters.