Burning tokens manually

Owned by Mike Tango Bravo
Mar 27, 2024
1 min read

This is the procedure for wineries to burn batches of tokens, rather than using the procedure as part of the openvino.exchange redeem process.

This is useful for wineries to burn tokens when wine is lost or breakages occur, when wine is used for tastings or gifts, or when the wineries owners drink their own stock.

Wineries are encouraged to hold up to 25% of their tokens in stock, to cover breakages, losses, samples and internal consumption. Also, if wineries decide to sell bottles through traditional channels, the tokens representing those bottles need to be removed from circulation.

  1. Search for the token contract on etherscan.io:

https://etherscan.io/token/0x87ab739464881af0011052d4ca0b0d657e8c3b48

  1. Connect the wallet (Connect to Web3)

  2. Find the burn method

    Screenshot 2024-03-27 at 17.25.50.png

  3. Introduce the number of tokens to burn, plus add 10*18 zeros.

  4. Write and sign the transaction.