PRAGE Token Burn Program
RageFan is announcing the burn program for PRAGE Tokens. To inform the uninitiated, token burn is an activity in which certain number of tokens are send to an ownerless address from which it cannot retrieved or the effective utility of the token is removed. The aim of the burn is to remove the utility of $PRage and motivate to users holding the token to play with $PRage before it loses its value. This burn will happen for the play token $PRAGE. Read through the article to get more details.
Play Tokens in RageFan
It is imperative we detail the Play tokens on Rage Platform. Play tokens are very essential part of Ragefan DFS application. These are the token pegged against actual $Rage in value but can be only used with DFS application. RageFan has motivated its users with rewards and bonuses for various marketing purposes such referral, joining, AMAs, social media signups, influencers signups, leaderboard rewards, etc. Rewards were given in $PRAGE. $PRAGE or play token was more effective in bringing the users back to platform and play.
Launch of new Play Token in RageFan
Inferring from the positive role of $PRAGE and to ensure more effective use of marketing tokens Ragefan will be issuing a new play token every quarter followed by an Utility Burn of the play token. To streamline the process $PRAGE currently in use will not be issued post 31 Dec 2021. The Utility of $PRAGE will be stopped by Jan 31st 2022. Play token $22Q1R will be launched as new a play token and all new bonuses will be in $22Q1R for Q1 of 2022.
$22Q1R will be issued and allowed to use in DFS system from 01 January 2022 till 30 April 2022. During the month of Jan 2022 $22Q1R will be valid along with $PRAGE, essentially having two play tokens simultaneously in use during 1 month per quarter. Similarly new Play token $22Q2R will be active along with $22Q1R from 01 April 2022 till 30 April 2022. This ensures smoother transition to new Play Token with minimum of 1 month to use the token.
What happens to $PRAGE or other Play Tokens after deadline?
Play tokens in circulation will be utility burnt, where it will lose its utility. It will still remain in users wallet but with no further utility. The total $RAGE pledged will be reused for pledging next play token minting.
How long token burn program will last?
The current token burn program will continue till last quarter of 2023 where the play token $23Q4R issued. The team or community will decide the next course of token burn post 2023.
Schedule of burn
Play tokens of previous quarter will be burnt during 2nd month of every quarter starting from February 2022. Schedule of burn for next two years is as below,
As mentioned in above table Play tokens in circulation will be burnt during below months
- February 2022
- May 2022
- August 2022
- November 2022
- February 2023
- May 2023
- August 2023
- November 2023
- February 2024
PRAGE Burn Process
The utility of the play token will stop as per the above schedule in RageFan app. Community will be appraised of the Utility burn.