Deflationary tokenomics
GEC token has a deflationary token economy. It means that a concrete number of tokens was created, and even when the demand for tokens increases, the supply doesn't. It stimulates natural growth in value when the reserve shrinks.
GEC is a utility token - every Geco.one user can use GEC to buy a Elite Membership, which allows one to reduce trading fees by 20% and access staking. Furthermore, GEC is burned every three months to lower its supply and stimulate the growth of Gecoin value over time.
Every quarter Gecoins are burned - it means that every GEC token used on the Geco.one exchange is transferred to the unique wallet without the key so that no one can access tokens in any way.
The total amount of tokens created is 173 105 106 GEC. The first burning took place on December 28, 2021. For GEC, the goal of coin-burning events is to slowly reduce the total supply until it's under 88 million GEC (just below 50% of the initial supply)
Burning data
Each burn event is publicly accessible and you can see them here:
1st Burn - 6 105 106 GEC (3.53% of total supply):
2nd Burn - 100 000 GEC (0.05% of total supply):
3rd Burn- 120 000 GEC (0.07% of total supply):
4th Burn - 460 682 GEC (0.27% of total supply):
5th Burn - 200 000 GEC (0.12% of total supply)
6th Burn - 7 000 000 GEC (4.21% of total supply)
7th Burn - 5 700 000 GEC (3.59% of total supply)
GITHUB https://github.com/Geco-one/gecoin-contract
If you want to know more about Gecoin, please visit our website: www.geco.one/gec-token
