Dear JPEX Users,
We are pleased to announce that the total proceeds of profits made from transaction fees on the JPEX Crypto Trading platform will be used to repurchase JPC, the native asset of the JPEX ecosystem.
The total number of repurchased JPCs will be destroyed. The destruction mechanism was commence on December 1, 2022.
Token burning is the process of permanently removing a cryptocurrency from circulation, thereby reducing the total supply.
JPEX will use proceeds of transaction fees from the opening quarter of the year (January to March) through to the end of the second month of the last quarter (November).
Below is a breakdown of the repurchasing and token-destroying process.
Date: Sep 1, 2023, 00:00 UTC.
Total repurchased JPC approximately: 55,027,266 JPC
Total used amount (USDT): 1,695,504 USDT
Destroyed Transaction ID (TXID): 0x08a506b7110ceb742792e1a98039853c49d842f0490a43f1240ad774f2361900
The JPC destruction mechanism will effectively enhance the value of the token since the activity triggers one of the major attributes of cryptocurrency which is scarcity. With JPC becoming a deflationary token, renewed interest in the token will be reflected positively in the entire JPEX ecosystem.
Thank you for your support!