FAQ

This page provides a list of frequently asked questions related to the EG Burn Party application.

What is a token burn, and what happens to burnt tokens?

The act of burning a token is to permanently remove a given number of tokens from the circulating supply, rendering the burnt tokens completely inaccessible. This happens by transferring tokens to a burn address, i.e. an inaccessible wallet from which they cannot be retrieved. Burning portions of a cryptocurrency will reduce the circulating supply, making the tokens scarcer, and potentially increasing the price. As a result, this can be beneficial for holders.

What is a Burn Party?

A Burn Party is a collaborative effort to reduce the supply of a token by a token holder's community or project team. Collaborative efforts for burning tokens provide a greater deflationary impact compared to traditional burn mechanisms by bringing holders together to reduce the supply of a token. The EG Burn Party platform gives you an easy way to do this. Additionally, a Burn Party can be used as a means for promotion, exposure, and community building by uniting holders under a common goal.

How do I create a Burn Party?

For information about creating a Burn Party event, please visit the "Create a Burn Party" page.

What happens if a Burn Party does not reach its target?

If a Burn Party does not reach its target and the expiration time comes, contributors to the Burn Party may visit the dashboard, connect their wallets, and then reclaim their tokens.

How can I get my project's token verified on EG Burn Party?

If you are responsible for a token or know someone who is, you can visit our Contact Page and submit a "Request for Verification".

How can my Burn Party be featured?

If you would like your Burn Party to be featured, you can visit our Contact Page and submit a "Featured Request" ticket. We have sitewide promotional packages ranging from 1, 3, or 7 days, including the Landing Page.

Which Wallets are Supported?

Most major wallet applications are supported. You can connect via MetaMask, Binance Chain Wallet, or WalletConnect.

Can I create multiple Burn Parties for the same token?

Yes, there is no limit on the number of Burn Partys you can create or participate in.

Once a Burn Party is hosted, can I contribute anytime?

Yes, you can contribute at any time during the period that the Burn Party is live.

How long can I host a Burn Party?

You can choose anywhere from 1 week to 6 weeks for the length of time of your Burn Party. You can also choose which time to begin your Burn Party.

Is there a minimum quantity of tokens to start a Burn Party?

At this time there is no minimum quantity of tokens needed to create your own Burn Party.

Where can I find a copy of the Litepaper?

You can find a copy of the Litepaper by visiting our Litepaper Page.