02 Oct Max Property Group Burns 123,000,000 MPG Tokens
Max Property Group (MPG) has committed to burn all the MPG tokens held in its PRE-ITO and ITO PHASE I wallets. After 50 million tokens were burned during July and August 2019, we can hereby confirm that the remainder of the ITO PHASE I tokens have now been burned.
On the 30th of September 2019 at 09:49 AM the remaining MPG tokens from the ITO phase I wallet (ARDOR-X7SZ-D552–7M5R-3GEK4) were sent to the burn address (ARDOR-Q9KZ-74XD-WERK-CV6GB).
On the 2nd of October 2019 at 12:46 PM the remaining MPG tokens from the Marketing Q3 2019 wallet (ARDOR-B4R8-TY2X-2GUP-6W7GG) were sent to the burn address (ARDOR-Q9KZ-74XD-WERK-CV6GB).
All transactions to the burn address are publicly accessible as they are of course all registered on the Ardor blockchain. To access them you can go to the Ardor Explorer (https://ardor.tools/account/ARDOR-Q9KZ-74XD-WERK-CV6GB) and simply change the “Transactions for” to the MPG blockchain.
MPG has now burned over 200,000,000 MPG tokens, which is over 20% of the total supply.
We will continue to burn remaining tokens and will keep informing you after the burn events, so as not to influence the market of MPG tokens.
To perform a transaction on the Max Crowdfund platform, fees are charged in Euros but paid in MPG tokens. The MPG tokens used on the platform are instantly burned, thus diminishing their supply. The fees are charged in Euros in order to ensure transaction costs are stabilised in case the MPG token value were to increase dramatically as a result of its diminishing supply.
The platform is now functional on the MPG blockchain, with the MPG token being used to pay for certain transactions such as creating a support ticket, voting for a charity and paying transaction fees when making an investment, in line with the company’s development roadmap. Additional transactions, such as creating fundraising projects (in the form of security tokens), will also soon be charged in MPG tokens, as soon as the development team has completed the integration step of adding assets to the MPG blockchain.