The catalyst for the bull market: DMEX platform token (DMC)’s most recent buyback-and-burn operation just destroyed 290k tokens

Blockchain and finance are compatible by nature. Bitcoin was born amid the global financial crisis. The blockchain technology has been widely implemented in the DeFi space, and NFT has opened the door to universal tokenization. The popular narratives in traditional finance are being repeated in the crypto industry. The core of finance is the transformation of utility and risk between different times and spaces, this is covered by traditional financial institutions, markets, as well as various products and services providers. The crypto market, on the other hand, provides price comparison, settlement, lending, trading, custodianship, finance, insurance, and derivatives through smart contracts. The booming crypto market has just witnessed the longest-lasting digital currency bull market since the birth of Bitcoin.

The mining industry, as the head of the crypto industry food chain, is naturally the leading sector in this bull market. The wealth-creating effect of mining attracts the attention of a lot of miners and even investors who are completely new to the crypto industry. However, the mining industry is unique to other industries. It has a high entry barrier that is extremely unfriendly to small and medium-sized investors. Individual mining participants need to deal with various challenges such as choosing a suitable site for the mining machines, daily maintenance, and technical trouble-shootings. With the gradual increase in mining demand, a new wave of user-friendly cloud mining platforms has emerged, among which a decentralized mining power financial service platform DMEX has asserted its prominence.

DMEX is a decentralized mining power financial service platform. DMEX endeavors to lower the entry barrier for the average users, improve the capital utilization rate for the mining machine sellers, and increase the value of idle assets for the miners. DMEX is building a strong community of shared interests, shared risks, and shared mining incomes for mining machine sellers, miners, and users. The platform has a rigorous risk management system fortified with DAO community governance and smart contract. DMEX will invigorate the mining industry with innovative DeFi products such as the mining power marketplace, mining power backed collateral loans, and mining insurance.

On May 7th, 2021, DMEX has successfully completed its third and largest buyback-and-burn operation so far. A total amount of 289,292.08 DMC tokens have been transferred to a black-hole address and burned.

Buyback-and-burn details:

Chia mining power NFT (500T) platform service fee: 6038.054506 DMC

USDT joint mining pool platform service fee: 13200.84 DMC

FIL joint mining pool and FIL mining power NFT (512T) platform service fee: 270053.1886 DMC

Total token burned: 289292.08 DMC

Black-hole address: 0x0000000000000000000000000000000000000001

DMEX is a community-oriented platform. It is operated, managed, and developed by the DAO community governance consensus. DMC holders are entitled to in-depth participation in the governance and future development of the DMEX platform. For example, DMC holders can vote to decide significant community agendas such as transaction fee percentage, liquidity pool asset allocation, DMC’s long-term incentive plan, DMC’s buy-back and destruction schedule, as well as other important agendas. Every DAO member will be entitled to share the revenue generated from DMEX’s development. The DMEX platform will continue to search for mutually beneficial arrangements so as to share the platform’s revenue with DMC token holders.

DMC is the platform token of DMEX. The total issuance of DMC is 100 million, 50% of which is generated by mining. The mining reward will be halved every six months. On a monthly basis, DMEX will allocate 80% of the total platform fee revenue toward user benefits, among which 40% will be designated as the reward for DMC mining single token staking pool, 60% will be invested on buyback-and-burn until the total remaining DMC amount is 21 million. According to DMEX official information, DMC is a deflationary token. DMC will appreciate as the DMEX platform further improves its ecosystem construction. The buyback-and-burn operation will also continue to secure users’ assets and facilitate the healthy and sustainable development of DMEX.

What is really worth mentioning is the DMEX platform’s innovative mining power tokenization. As is known to all, each basic element of the internet world has their own set of standards, such as the TCP/IP protocol for sharing data packets, GIF/MP3 to transmit images and sound. However, these digital formats are not designed to establish nor confirm ownership rights. The emergence of NFT has redefined digital ownership. With the help of blockchain technology, mining power is instilled with brand new uniqueness and scarcity. The tokenization of mining power into NFTs makes it much more convenient to confirm ownership, safekeeping, trade, and circulate mining powers. As a more flexible and efficient mining solution, cloud mining will also gradually become the mainstream of the market.

All in all, the DMEX platform strives to solve the prominent issues plaguing the traditional mining power trading markets, such as mining power seller defaults, poor asset liquidity for mining power buyers and poor transparency with mining incomes. DMEX will utilize decentralized smart contract technology and DAO communal governance as well as mining power tokenization and DeFi instruments to reduce the entry barrier for the average users so that everyone will be able to enjoy the benefits of mining.

DMEX’s official roadmap has set out the targets and timelines of the platform’s ecosystem construction. DMEX’s platform token DMC will be greatly empowered with DMEX’s mining powers products gaining increasing market recognition. DMC’s buyback and burn mechanism will also continue to facilitate the deflation of DMC and increase DMC’s future value. With further development, DMC could be fueling the bull market in the cryptocurrency world.

Contact us:

Official website: dmex.finance

Telegram: DMEX Chat

Twitter: @DMEX_finance

Medium: dmex.medium