PipeFlare is updating its Terms and Conditions. As of July 15th, we will begin burning the Flare Tokens (1FLR) of users who have not been active on PipeFlare for a year or more. We’ve compiled a list of questions you may have about our upcoming 1FLR Token burn and have listed them below.
Why Is PipeFlare Burning Flare Tokens?
Burning the Flare Tokens of inactive users is a deflationary act. Burning 1FLR will decrease the circulating supply of the Flare Tokens.
How Exactly Does Burning Flare Tokens Work?
1FLR is “burned” when tokens are sent to a wallet address that can only receive tokens. This address is also called an “eater” or a “burner” address. Cryptocurrency wallets have private keys that let you access the tokens you have stored in them; however, burner addresses do not have a private key, which means the tokens are gone forever.
How Will The 1FLR Token Burn’s Progress Be Measured?
To measure the progress of the 1FLR Token burn, PipeFlare will maintain a Proof-of-Burn ledger. The ledger will show (X) amount of 1FLR Tokens were burned on (Y) date. A transaction log will be provided so that you may validate the burn yourself.
Token Burn Update (as of August 31st, 2022): 6,114,969 1FLR Tokens Burned
If you have any further questions, please head on over to our Discord and submit them in the #customer-support channel. We are taking great steps to improve the community!