SXP Token Deflation

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When transactions occur on the Swipe Network, 80% of the fees, which are denominated in SXP, will be automatically burned by smart contract (Source). The rest of the fees will be retained by the smart contract. In the future, Swipe plans to distribute the fees collected via a Proof-of-Stake mechanism to network validators. All transactions are updated directly onchain, and then reflected within the Swipe API to notify users of the Swipe Wallet.

Burning was stopped between Nov 24 to Dec 31, 2020 for a Binance promotion that waives card fees. Burning was resumed since Jan 1, 2021.

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