IGNIS™ Marketplace

Burning System

IGNIS.Batches Creation

Each Cycle (one MultiversX™ Epoch = 1 Day), Foreign MVX Tokens must be burned/transmuted by creating IGNIS.Batches™. After the Cycle ends, accumulated tokens are either collected/burned/transmuted, and rewards are distributed to IGNIS.Batchers™ (users that created IGNIS.Batches™). Foreign Tokens will be:

  1. Collected in the SC, if no burn role has been acquired yet from Token Owners. Once the Burn role is acquired, these Tokens will be burned. Tokens that are collected this way, are effectively taken out of circulation. The collected Tokens can effectively be seen as tokens that are sent to a "burn address" (never to be used ever again by anyone). This is known as a "soft burn".

  2. Burned, if Burnrole has been acquired by the SC. This is known as a "hard burn".

  3. Transmuted. Valuable Tokens will be "transmuted" instead of being "burned". Their value will be used to increase the value of the IGNIS Token. Tokens that are eligible for transmutation are tokens that generate passive income. The first Token that is on the "transmute list" is the BFY Token (BFY-8344ff). (for more information see the Transmutation Page)

How are IGNIS.Batch™es generated ? This depends on their Type, and as such the types are:

  1. Hybrid IGNIS.Batch: 0.1 vEGLD + Foreign Token

  2. Foreign IGNIS.Batch: 0.2 vEGLD worth of Foreign Token.

  3. Golden IGNIS.Batch: 0.2 vEGLD

The Token Ratios are provided by JEX-Aggregator. If no ratio can be found between vEGLD and the Foreign Token, that token can't be used to create IGNIS.Batches™.

Batch Behavior

  1. Hybrid IGNIS.Batch: vEGLD is collected, Foreign Token is CBT (collected, burned or transmuted)

  2. Foreign IGNIS.Batch: 50% of the Foreign Token is converted to vEGLD (selling to EGLD, and adding EGLD to the VestaX.Finance™ Liquid Stake Protocol), the remaining 50% is CBT. As such the Foreign IGNIS.Batch™ is in reality an automated Hybrid IGNIS.Batch™ (the vEGLD conversion is done automatically). Transmutable Tokens are not sold for vEGLD.

  3. Golden IGNIS.Batch: all vEGLD is collected.

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