Announcing the second $LMWR Burn Program
After successfully completing the first $LMWR burn program earlier this month with 165M tokens burned over a 6-month period, we're excited to announce our second burn program today.
Starting on May 1st, we will burn an additional 140M $LMWR tokens over a 3-month period, which represents approximately 18% of the tokens current total supply.
Burn Program Details
With our second burn program, we are planning to burn unallocated tokens from our Team (40M), Community Rewards (50M), and Treasury (50M) allocations. This step will allow us to further strengthen our community of $LMWR holders while eliminating tokens that we are not planning to use in the future.
In total, our burn program will decrease the total supply of $LMWR from 773,045,267 $LMWR to 633,045,269 $LMWR, representing a decrease of the tokens total supply by 18.11%.
Burn Allocations
Team - 40M $LMWR
To demonstrate our long-term commitment to LimeWire and benefit the ecosystem as a whole, we have decided to burn 40M team tokens which have not been allocated to any current or future LimeWire team members.
Community Rewards - 50M $LMWR
To keep our $LMWR allocation proportions in-line with the reduced total supply after our first burn program, we have decided to reduce our community rewards pool to 100M tokens, burning a total of 50M $LMWR.
Treasury - 50M $LMWR
Similar to above, we are also looking to align the proportions of our treasury token pool with the changed total supply resulting from our first burn program. The treasury pool will be reduced from 150M $LMWR down to 100M $LMWR.
Burn Schedule
We will burn a total of 140M tokens from the above allocations over a period of 3 months, with the first burn event taking place on May 1st, 2024.
1st burn event: May 2nd, 2024 (due to national holiday on May 1st) (Completed)
Team: 13,333,333 $LMWR to burn
Community Rewards: 16,666,666 $LMWR to burn
Treasury: 16,666,666 $LMWR to burn
Total to burn: 46,666,666 $LMWR
2nd burn event: June 1st, 2024 (Pending)
Team: 13,333,333 $LMWR to burn
Community Rewards: 16,666,666 $LMWR to burn
Treasury: 16,666,666 $LMWR to burn
Total to burn: 46,666,666 $LMWR
3rd burn event: July 1st, 2024 (Pending)
Team: 13,333,333 $LMWR to burn
Community Rewards: 16,666,666 $LMWR to burn
Treasury: 16,666,666 $LMWR to burn
Total to burn: 46,666,666 $LMWR