The XinFin Network, a self-described “global open source Hybrid Blockchain protocol/platform with independent community contributors,” has seen a significant influx of user activity in the recent months, according to a press release.
Since then, the platform has added over 19 million blocks as well as become host to over 120 Masternodes to keep the network running smoothly, the release continues.
It has also brought with a ton of benefits for its members like smart contracts and faster transaction speeds. With this significant increase in demand, the platform plans to burn some of its tokens to lower transaction fees in the long run for its users. This is due to a spike in Ethereum gas fees, the release notes.
As the XDCE token is an ERC20 one, this could prove problematic for this influx of users, hence the token burn.
“The network will burn 5 billion XDCE tokens taking the total supply of XDCE from 15 billion to 10 billion tokens. The community also plans to further reduce the supply of the XDCE tokens in the near future,” the release reads. This will increase the asset’s value as well.
On top of this, the platform’s other token, XDC, is growing in popularity. The XinFin team is developing a way to automatically swap the two due to this reason.