Thursday, September 7th, 2023 – Web3 games platform Tamadoge has unveiled an exciting new burn program aimed at enhancing the scarcity and value of its native token, $TAMA. This burn program, which forms an integral part of Tamadoge’s strategy to reduce the circulating supply of $TAMA, features three distinct burning methods: Mega Burns, Community Burns, and Platform Revenue Burns. By implementing these methods, Tamadoge aims to engage its community in a transparent and interactive manner while driving the growth of its ecosystem.
The Three Burn Methods
The burn program launches today and is easily accessible to users through the newly launched Tamadoge Burn Portal. The Burn Portal provides detailed information about the burn schedules for each of the three burn methods, ensuring transparency and community involvement. It also maintains a record of the total number of tokens burnt to date, allowing users to track the progress of the burn program.
Mega Burns: In the fourth quarter of 2023, Tamadoge will organize special promotional events designed to burn a significant amount of $TAMA tokens.
Community Burns: Tamadoge encourages community participation by offering to match the burning of each $TAMA token by community members with an equivalent amount of $TAMA burnt by the platform, up to 5 million $TAMA. The community burn program will conclude on November 5, 2023.
Platform Revenue Burns: All revenue generated from Tamadoge platform sales will be converted into $TAMA tokens and subsequently burnt, further reducing the token supply.
Effortless Burning Process
Tamadoge prioritizes ease of use and ensures a seamless burning process for its users. To initiate the burning process, users simply need to connect their wallets, view their $TAMA balance, enter the desired amount of tokens to burn, and click the burn button to complete the transaction. However, users should bear in mind that they are responsible for paying the Ethereum gas fees associated with these transactions, so selecting a time when the network is less congested is advisable.
For desktop users utilizing MetaMask, the Chrome browser extension handles the transaction, whereas users connected with a Tamadoge Wallet (Web3Auth) will navigate the transaction through the Tamadoge and Web3Auth user interface flow. In both cases, the user must pay the ETH gas fee.
Enhancing Community Engagement
Recognizing the significance of community involvement in the growth of its ecosystem, Tamadoge’s Burn Portal includes essential data points to keep the community informed. These data points comprise the total number of tokens burnt, the number of tokens burnt by the community, and, for logged-in users, the number of tokens burnt by each individual.
Tamadoge CEO Jon Bishop expressed excitement about the burn program, stating, “We’re always looking for ways to bring coin growth and value to the Tamadoge Army. One thing that the community has consistently asked for is for us to do more burning, and today I am proud to announce that the team has delivered on that request. The product they have delivered around burning is excellent.”
In addition to the burn program, Tamadoge recently introduced a staking feature, which has already seen 39.7 million $TAMA tokens staked. Stakers are rewarded with 3 TAMA per ETH block, and a staking pool of two million $TAMA tokens has been allocated for distributing rewards. The pool is split across four months, equating to 500,000 $TAMA per month (approximately 216,000 block confirmations).
Importantly, the staking system offers flexibility as users can withdraw their staked tokens at any time. The annual percentage yield (APY) varies depending on the number of staked tokens, ensuring that stakers receive rewards proportionate to their stake in the pool. As of now, the APY stands at 5.1%.
Tamadoge recently unveiled its new roadmap, promising the announcement of mystery projects and giveaways in the coming days and weeks. As a Web3 gaming project, Tamadoge has released six games across two apps, including Tamadoge Arena, a mobile-exclusive game featuring three levels. The community has enthusiastically received all six games, and the Tamadoge Arcade games are playable on both web and mobile platforms.
With its presence on 12 crypto trading venues, including top-tier centralized exchanges such as OKX and Bybit, Tamadoge’s $TAMA token has achieved widespread recognition. Moreover, the mobile games market is projected to surpass 2.32 billion users by 2027, according to Statista. Given Tamadoge’s focus on mainstream casual gamers and the potential of the $TAMA token, significant growth awaits the platform in the months and years to come.
Tamadoge’s new burn program streamlines the process of reducing the circulating supply of $TAMA tokens, enhancing the token’s scarcity and value. By involving the community in various burn methods and providing transparent updates through the Burn Portal, Tamadoge demonstrates its commitment to engaging its user base. Combined with the recent introduction of staking and the expanding Tamadoge ecosystem, the platform is positioned for continued growth and success in the ever-evolving Web3 space.