Burns Points

Disclaimer: Currently, the Burning Meme platform is in its testnet phase, and Burns are used as the primary voting and reward mechanism. Following the testnet phase, Burns will be migrated to Guru tokens or converted to token, which will then be used for all platform functionalities, including voting, rewards, and interactions with launched memecoins.

Overview

Burns are the platform's internal point system used to participate in various activities within the Burning Meme ecosystem. They are not a cryptocurrency or real currency at this point but serve as a crucial element for user engagement and reward distribution.

Functions of Burns

  • Participation in Activities: Burns are used to vote in the Burn/Boost game, influencing the fate of memes.

  • Supporting Memes: Allocate Burns to memes you believe in, increasing their chances of being boosted.

  • Eligibility for Airdrops: Accumulating and using Burns points makes you eligible for memecoin airdrop allocations when a meme you supported gets boosted.

Potential Future as a Token

While Burns currently function as a point system, there is potential for them to become a token in the future. This transition would involve:

  • Community Proposal: Any change in the status of Burns would require a formal proposal from the community.

  • Voting Process: The community would vote on the proposal when the time is right, ensuring a democratic decision-making process.

  • Conversion Considerations: If Burns were to become a token, they wouldn't be converted on a 1:1 basis from points to tokens. The specifics would be determined based on the proposal and community consensus.

Key Characteristics

  • Non-Convertible: Burns cannot be exchanged for real currency or other tokens at this time.

  • Earnable: Users can earn Burns by participating in platform activities, completing quests, and engaging with the community.

  • Consumable: Spending Burns on activities like voting reduces your Burns balance but increases your engagement level and potential rewards.

  • Fair Distribution: The system is designed to reward active participation rather than financial investment, promoting inclusivity.

Earning Burns

  • Initial Allocation: New users receive Burns based on the age of their Telegram account.

  • Quests and Tasks: Complete various missions in the Earn folder to gain additional Burns.

  • Engagement: Participate in the Burn/Boost game, create memes, and engage with other users.

Spending Burns

  • Voting in Burn/Boost Game: Use Burns to cast your vote, influencing meme outcomes.

  • Supporting Creators: Allocate Burns to memes and creators you support.

  • Participating in Events: Some platform events or special activities may require Burns for entry.

Monitoring Burns

  • Balance Tracking: Keep an eye on your Burns balance from your profile dashboard.

  • Transaction History: View how you've earned and spent Burns over time.

Community Governance

  • Future Developments: Any significant changes to how Burns function will involve community input and voting.

  • Proposal Submission: Users can suggest ideas for Burns' evolution through formal proposals.

  • Democratic Process: Ensures that the platform grows in a way that reflects the community's best interests.

Liquidity Pool

  • Funding Source:

    • Proceeds from NFT sales contribute to the liquidity pool.

  • Purpose:

    • Supports stable trading environments.

    • Ensures sufficient liquidity for memecoin transactions.

Participant Incentives

  • Sustainable Growth:

    • Designed to prevent pump-and-dump scenarios.

  • Community Empowerment:

    • Encourages long-term participation and investment.

  • Fair Distribution:

    • Rewards are structured to benefit all contributors equitably.

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