Why Crypto Projects Burn Tokens?
To maintain asset prices, some crypto projects use "coin burn" to manage supply by removing tokens from circulation
In token burn, coins are sent to a burn address, rendering them inaccessible and permanently removing them from circulation
Token burning can be voluntary or implemented through smart contracts or protocols
Reasons for token burning include proof-of-burn for network security, increasing value by reducing supply, and managing price fluctuations
Pros of burning tokens include curbing inflation, maintaining or increasing value, and creating deflationary effects.