Matr1x Burns 200M MAX Tokens, Reducing Total Supply By 20%
In Brief
Matr1x destroyed 200 million MAX tokens, constituting 20% of the total supply, planning to continue with additional burns.
Cultural and entertainment platform Matr1x announced the burn of 200 million MAX tokens, constituting 20% of the total supply. This burn includes 50 million tokens from the Team and Investors allocation, 80 million from the community allocation, and 70 million from the platform contribution. In a post on social media platform X, Matr1x announced plans to further continue with additional token burns.
Last month, Matr1x revealed the tokenomics for MAX, with a total supply of 1 billion MAX tokens. The distribution includes 30% allocated to the team and investors, 27.6% for contributions, 16% for the Ecosystem, 10% for the community, 9.4% for non-fungible token (NFT) airdrops, 5.5% for early bird activities, as well as 1.5% for advisors.
MAX functions as a governance token on Matr1x, facilitating applications and services within the ecosystem. Its primary utilities include community governance participation, which enables individuals to propose and vote on governance parameters and expansion features, ecosystem value capture via treasury distributions, participation in the Matr1x Launchpool, and eligibility for airdrops from other projects.
In addition, MAX provides holders with rights to publish games, vie for club seats, vote on activities, and utilize MAX in different projects. It also supports staking, thereby enhancing the network security, and offers incentives for individuals who help sustain the network. Furthermore, the token allows for governance decision-making on the Matr1x blockchain, allowing individuals to influence the development direction.
The token was recently listed on several major cryptocurrency exchanges, encompassing OKX, BingX, Bitget, HashKey Global, Kucoin, Gate.io, and Backpack.
Matr1x Participates In HashKey Global’s Launchpool As Sixth Project With 350,000 MAX In Rewards
Matr1x represents a platform that merges gaming, AI, and esports with blockchain. Its aim is to transform gaming and digital content sectors via the application of blockchain and AI. The project has raised $20 million in funding from various investors, including Hana Financial Investment, HashKey Capital, as well as OKX Ventures, among others.
It is currently featured as the sixth project in HashKey Global’s Launchpool. Participants can earn a share of 350,000 MAX tokens as rewards by maintaining net positions in futures or by locking up MAX tokens.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
