The post XRP Ledger Burns 11 Million Tokens To Combat Spam Transactions appeared first on Coinpedia Fintech News
The XRP Ledger (XRPL) has witnessed more than 11 million XRP tokens burned since its inception. While the burning of tokens has received little attention compared to other assets, opinions remain divided on whether the existing burn mechanism can significantly enhance XRP’s value in the future.
Combating Spam Transactions
Data from XRPSCAN, an XRP Ledger explorer, indicates that the network has burned 11.04 million XRP to date. This number has accumulated through an unpredictable burn rate that eliminates fractions of XRP after each ledger closure.
Burn mechanisms are typically employed by a network or a project’s community to create a deflationary pattern for an asset, as a decreased supply can strengthen its price movement.
However, the XRP burn mechanism aims to tackle spam transactions instead of primarily supporting the asset’s price. To accomplish this, the n
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