This page provides a list of frequently asked questions related to the EG Burn Party application.
The act of burning a token is to permanently remove a given number of tokens from the circulating supply, rendering the burnt tokens completely inaccessible. This happens by transferring tokens to a burn address, i.e. an inaccessible wallet from which they cannot be retrieved. Burning portions of a cryptocurrency will reduce the circulating supply, making the tokens scarcer, and potentially increasing the price. As a result, this can be beneficial for holders.
A Burn Party is a collaborative effort to reduce the supply of a token by a token holder's community or project team. Collaborative efforts for burning tokens provide a greater deflationary impact compared to traditional burn mechanisms by bringing holders together to reduce the supply of a token. The EG Burn Party platform gives you an easy way to do this. Additionally, a Burn Party can be used as a means for promotion, exposure, and community building by uniting holders under a common goal.
If a Burn Party does not reach its target and the expiration time comes, contributors to the Burn Party may visit the dashboard, connect their wallets, and then reclaim their tokens.
If you would like your Burn Party to be featured, you can visit our Contact Page and submit a "Featured Request" ticket. We have sitewide promotional packages ranging from 1, 3, or 7 days, including the Landing Page.
Most major wallet applications are supported. You can connect via MetaMask, Binance Chain Wallet, or WalletConnect.
Yes, there is no limit on the number of Burn Partys you can create or participate in.
Yes, you can contribute at any time during the period that the Burn Party is live.
You can choose anywhere from 1 week to 6 weeks for the length of time of your Burn Party. You can also choose which time to begin your Burn Party.
At this time there is no minimum quantity of tokens needed to create your own Burn Party.