Solana Token Burning Tutorial
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Solana Token Burn refers to the destruction of a portion of Solana (SOL) tokens through a specific mechanism or transaction, thereby reducing the total number of tokens in circulation. The purpose is to reduce the supply to increase the scarcity of tokens, which may in turn increase their value.
Solana Wallet
The minimum amount of money required in a wallet is 0.03 SOL
The token contract to be frozen and the account address information to be frozen
Link your wallet
Enter the GTokenTool token burning page, connect your wallet in the upper right corner, and select Phantom wallet.
Solana Token Burn: https://sol.gtokentool.com/#/liquidityManagement/burnToken
Select the tokens to burn
Retrieve token-related information
Enter the number of tokens you want to burn
Submit and complete token burning
Before performing a token burn, please make sure you fully understand the purpose of the burn and the potential impact on the project's economic model. Burning tokens is an irreversible operation. Once executed, the burned tokens will be permanently removed from circulation. Before submitting a burn operation, be sure to carefully check the number of tokens to be burned. The wrong amount may lead to unexpected financial losses.
What does it mean to close an account?
A: Every time you receive a new token, the Solana system will automatically open a token storage account in your address. The so-called "closing an account" means that all tokens are destroyed and the account is closed. Closing an account does not affect your own wallet, so don't worry.
Can NFTs be destroyed?
A: You get NFT by adding to the Orca pool, which does not support destruction/pool burning for the time being. Currently, you can destroy LPs of Ryadium and Meteora.
Can I withdraw liquidity after burning the pool?
A: After burning the pool, you will never be able to withdraw liquidity
If you have any questions or are unclear, please join the official Telegram group: https://t.me/gtokentool
