According to our tokenomics design, each transfer must pay a 7% transfer tax. The 2% of the transfer tax for GROVEOJ will be burned (sent to the black hole address) immediately.
This is important to curtail the process of inflation inherent in a coin that can be staked to earn more of the coin. Over time, we’ll add even more mechanisms that automatically reduce the total supply of GROVEOJ and ensure that the price continues to rise over time and reward holders.
Keep in mind that GROVE is a governance and utility token and has a limited supply of only 10,000,000 tokens. As such, there is no burn mechanism in place. Instead of burning, holders are rewarded with a 2% redistribution.
Black Hole Address: TBA
Note: We'll continue to create more burning mechanisms to keep the inflation rate of GROVEOJ in check so that that value will keep rising to support our growing community and deliver incredible value.