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Burn the state is a DeFi platform where you can earn from staking deflationary tokens such as XAMP, TOB and BOA to get ‘Burn the state’ (YFKA) governance tokens.If you act as a liquidity provider on Uniswap, come back to the ‘Burn the state’ platform and stake your LP tokens, then you can farm YFKA.
When you stake your tokens, you record your personal emission rate (percentage of ownership) for the selected pool. If you place a bet in all 4 pools, you will have 4 different emission rates.Once you lock in your ownership percentage, you keep it until you stake again or withdraw. Meanwhile, the total supply of each deflationary token continues to drop with each block.
Here’s some brief information about the deflationary tokens you can stake on the platform.
Tokens of Bible
The main feature of this ERC-20 token is that whenever the price of the token reaches a new high, 1% of the total supply is burned.
Burning takes place through rebase, similar to the one implemented on the Ampleforth platform. After the rebase, the amount of tokens you hold decreases but the general share of the total supply of coins does not decrease.
Rebase takes place twice a day. If the price doesn’t hit a higher high, the burning does not take place.
Antiample token
The basic idea about the Antiample token is that you own a percentage of the total supply of all tokens but not a fixed amount of them. This allows the protocol to update the total supply, affecting the number of individual tokens you have. If the total set of tokens decreases, the value of each token increases. Conversely, adding to the stock lowers the value of each token.
Boa token
BOA is an ERC-20 token that is designated a ‘self-absorbing’ one by its developers.
The working model of the token is as follows: it rewards buyers and punishes sellers.
All Uniswap purchases are "free". However, if you sell or transfer your tokens, 1% of the amount goes to a special “tax pool”.
All players and traders can spend 1 BOA token to redeem a proportional percentage of the total tax pool. When the total tax pool exceeds 50% of the total working capital, you can burn the BOA for profit. This means that it is in your best interest to burn the token.
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The article is written by Alexey Usanov and Mr. Anton Dziatkovskiy, the co-founder and CEO of Platinum Software Development Company.
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