How to burn your Insula Token and participate to the stock reduction?
User Guide: Burning Insula Tokens Directly to the Smart Contract
Keep in mind that burning tokens is irreversible, and the tokens cannot be recovered once they are burned.
This user guide will walk you through the process of burning Insula Tokens directly by interacting with the Write function of the smart contract. The Insula Token contract can be found on Etherscan at the following address.
Table of Contents
- Connecting Your Wallet
- Burning Insula Tokens
- Verifying the Token Burn
Before you begin, ensure that you have the following:
- A compatible Ethereum wallet with Insula Tokens (e.g., MetaMask, MyEtherWallet).
- Some Ether (ETH) to cover the gas fees for the transaction.
2. Connecting Your Wallet
To burn Insula Tokens, you will need to connect your Ethereum wallet to Etherscan. Follow these steps:
- Visit the Insula Token contract on Etherscan.
- Scroll down to the "Write Contract" tab.
- Click "Connect to Web3" to connect your wallet. A prompt will appear asking you to authorize the connection. Grant the necessary permissions.
3. Burning Insula Tokens
Once your wallet is connected, follow these steps to burn your Insula Tokens:
- In the "Write Contract" tab, find the `burn` function (function #5).
- Enter the number of Insula Tokens you want to burn in the `_value` field. Remember that Insula Tokens have 18 decimals, so you must enter the value with the appropriate number of zeros. For example, to burn 10 tokens, enter `10000000000000000000`.
- Click "Write" to initiate the token burn. A prompt will appear requesting you to confirm the transaction. Review the transaction details and check the gas fees before proceeding.
- Confirm the transaction in your wallet. Wait for the transaction to be processed and added to the blockchain.
4. Verifying the Token Burn
To verify that your Insula Tokens have been successfully burned, follow these steps:
- Visit your Ethereum wallet, and check your Insula Token balance. It should be reduced by the amount you burned.
- Click on the transaction hash in your wallet or Etherscan to view the details of the transaction. Look for the "Event Logs" section and ensure that the "Burn" event is listed.
Congratulations! You have successfully burned Insula Tokens directly to the smart contract.
Previous burns can be seen here:
The steepness of the burn can provide an approximation of the future expected burns and where the current supply should be in theory according to past burns.