Back in May, we had a one-off burn of 1 mln OVR tokens to celebrate the first six months since our launch; we will now make the OVR token burning structural! From the 1st of November, we’ll initiate our continuous token burning program. Will allocate 50% of revenues generated from OVRLand sales to burn OVR tokens.
40% will be used for direct token burn, while 10% will incentivize OVRLand sales with a monthly extraction among the new OVRLand buyers using Chainlink VRF. The more OVRLands you buy higher the probability to win!
This mechanic will make the OVR token scarcer. Now the question you may ask is how far this burn can go? How many OVRLands are out there that can be sold?
Potentially 1.6 trillion OVRLands are covering the surface of the planet, but probably not all of those will be sold; there are oceans, deserts, the rainforest, and so on.
But let’s make a low estimate; let’s only take into account the OVRLands that correspond to points of interest that have been registered on Open Street Map: those are roughly 100 Mln. Let’s also take the very conservative assumption that none of those is bigger than 1 OVRLand. With a 10 $ cost and a token price of 1$ is 1 Bln in OVR token sales, so 400 Mln OVR in potential burn VS less than 100 mln in current total supply.
But burning gets addictive! What about the trading fees on Uniswap? During the hype period, OVR generated over 24 Mln in daily volume on Uniswap only. As you might know, liquidity providers are earning a % of the volume traded, denominated in the two tokens of the supported market. OVR will also burn all of the OVR denominated fees generated on Uniswap V3!
Sounds hot, right? If you like fire, just keep an eye on the token burning smart contract.