In line with Max Property Group’s (MPG) commitment to burn the remainder of the MPG tokens held in its PRE-ITO and ITO PHASE I wallets, 50 million tokens were burned on the 19th August 2019, when the remaining tokens from the PRE-ITO wallet were sent to the Ardor burn address. More information about the official Ardor Burn address can be found here.
The company’s first burn event took place in July 2019 and Max Property Group has already confirmed that the remaining tokens from the ITO phase I wallet will also be burned. MPG will burn over 200,000,000 MPG tokens. So far, close to 90,000,000 MPG tokens (or 9% of the total supply) have been burned and just over 20% of the MPG tokens will have been burned once the next burn event has happened. MPG did not announce the burn event so as not to influence the market of the MPG tokens. More details about the MPG token can be found here and more details about company controlled wallets can be found here.
To perform a transaction on the Max Crowdfund platform, fees are charged in Euros but paid in MPG tokens. The MPG tokens used on the platform are instantly burned, thus diminishing their supply. The fees are charged in Euros in order to ensure transaction costs are stabilised in case the MPG token value were to increase dramatically as a result of its diminishing supply.
The platform is now functional on the MPG blockchain, with the MPG token being used to pay for certain transactions such as creating a support ticket, voting for a charity and paying transactions fees when making an investment, in line with the company’s development roadmap. Additional transactions, such as creating fundraising projects (in the form of security tokens), will also soon be charged in MPG tokens, as soon as the development team has completed the integration step of adding assets to the MPG blockchain.