In line with the Fasttoken White Paper, we've burnt 120 million FTN tokens on the Ethereum Mainnet. This move reduces our total supply from 1 billion to 880 million tokens and is a key part of our minting process. The burnt tokens will be slowly minted on the Bahamut Mainnet, serving as rewards for network validators. This is essential for enabling the natural minting processes outlined in our whitepaper.
Bahamut uses a unique Proof of Stake and Activity (POSA) consensus. This allows validators to earn rewards from their smart contract activities, making the network more engaging and robust. By carefully executing this token burn, we're setting the stage for a more decentralized and efficient ecosystem. Keep an eye out for more Fasttoken developments and check the transaction details here.