Burn Announcement

The Weentar project is a very special project that provides challenges and huge potential for personal growth to all our team members. Each of us is learning constantly from this unique experience and is improving daily. We don’t want to be a rigid project with a plan set in stone that will hurt the project and the community if you stick to it too much. To be honest, initially, we did not plan to burn any of the Weentar tokens (there is actually no public burn functionality in the code). However, based on the experience we made in the last couple of weeks together with our great community it came to our attention that burning some of the supply would be beneficial for everyone and might even help the project to grow.

Therefore we did quite some calculation and concluded that we will burn all unsold tokens of the presale phase 1 and 2 as well as half of the supply of phase 3. Since we want to keep the total distribution in a way, that at least 65 percent of all tokens belong to the community, we also have to burn some tokens of the reserved pools for team members, seed investors, and platform growth. This means that in total we will burn 2.1 billion tokens, reducing the total supply from 3 billion to 900 million.

We think that this is a step in the right direction that is beneficial for everyone and makes a clear statement that we really care for our community and do not stick to predefined plans at the expense of people who trust in us. As already stated above, we cannot burn these tokens in a traditional way since there is no such functionality in the code of the token. However, we will send these 2.1 billion tokens to a special smart contract where these tokens are locked forever and no one can ever access them.

At this point, we want to thank all people who believe in us and already invested their hard-earned money into our project. We hope that you appreciate this move.

Your Weentar Team

At Weentar are reimagining social media through the power of the blockchain.