Proof of Burn
Glide is committed to generating long term value for its community through deflationary mechanism to increase the GLIDE tokens long-term value. The portion of platform's revenue used for buyback & burn currently are:
1. Swap Fees - 0.1% (out of 0.25%) of all swap fees are used for buyback & burn of GLIDE tokens. This was voted on in a Glide DAO governance proposal that concluded on January 4th, 2022.
2. Auto-Staking Performance Fee - 2% of yield (profits, not principle) goes towards buyback and burn.
3. Phantz Club NFT Sale Royalties - As part of our partnership with the Phantz Club, all royalties (10% per sale) received in ELA will be converted to GLIDE and burned.
4. More to come
Below is a record of every burn transaction we have initiated since launch: