# Let them BURN!

## Burning Mechanisms:

* ElrondBet.net fees ( 2.5% of each NUTS bet is being burned 🔥)
* 20% from the SquirrelS royalties will be used to buy and burn 🔥 $NUTS from the DEX 
* 50% of the $NUTS tokens collected from the minting events will be burned 🔥
* 80% of the $NUTS tokens collected from the [ElrondBet Raffles](https://elrondbet.net/raffle) will be burned monthly
* The NUTS Treasury will buy $NUTS from the market at random times and burn it 🔥

More burning mechanisms will be adopted as we progress on this adventure.

{% hint style="info" %}
Token burning is a strategy followed by cryptocurrency projects to influence the price of a token, or coin, in the market. 💹 This is done by permanently removing some tokens from circulation.
{% endhint %}

### Burn History

| Date       | Burned       | Tx Link                                                                                                                                      |
| ---------- | ------------ | -------------------------------------------------------------------------------------------------------------------------------------------- |
| 01.02.2023 | 1,073,134.30 | [Click to check on Explorer!](https://explorer.multiversx.com/transactions/514738a1d345c373b583912df11aa6621015c80f09062d7337f3cf9ef36f49aa) |
| 01.03.2023 | 101,850.54   | [Click to check on Explorer!](https://explorer.multiversx.com/transactions/69cd9220fe9ba8fb9058a5b790e1ad41ca526465fac0443b8367b8e69871c9ba) |
| 01.04.2023 | 31,417.50    | [Click to check on Explorer!](https://explorer.multiversx.com/transactions/d5a52a62176d36a25d45a61ccadab3154d926571c82b8e90be040433ac90e8fa) |
| 11.05.2023 | 5,040,889.20 | [Click to check on Explorer!](https://explorer.multiversx.com/transactions/765eceb6be13d7935f9352a3e9b682b88827785e249f4723dcb68822116c9634) |
| 30.08.2023 | 1,796,995.65 | [Click to check on Explorer!](https://explorer.multiversx.com/transactions/08cc2c33bfaed1e9281d9777332e68f500ab6f3ecdf64fccc65f36d700e7490e) |