Verify exchange volume with destruction events
Destruction events, as we call them, also known as token burning, are events in which the total supply of tokens is decreased. In simple terms, this means that destroyed tokens become permanently untouchable and unavailable for further transfers.
Two types of token destruction
A popular method of cryptocurrency destruction is by transferring cryptocurrency to a “blackhole” address, which is one that no one could statistically own its private key, for example 0x0000000000000000000000000000000000000000.
A second, more popular method with ERC20 tokens, is burning via smart contract’s burn function. In that case anyone can easily verify that the burn really happened, when it happened and how many tokens were burned. Tokens.net uses the smart contract method to burn DTR. The easiest way to check for burn events is through a cryptocurrency transaction explorer. You can find all DTR smart contract events on Ethereum transaction explorers.
We know it can be a bit complicated to research all those methods and events on transaction explorers, so we have made it easy for you to see all the destruction events on our website. On destruction events you can see everything there is to know – when the burn was executed, the amount of DTR that was burned, and of course you can double check the raw transaction on the previously mentioned explorer. For maximum transparency, we provide a counter of how much DTR is waiting to be burned and how much DTR has been burned to date.
DTR is typically destroyed as a result of three types of burn events.
Our first destruction event was from DTR Voice. We collect DTRV from our voting system and then use collected DTRV to purchase DTR on the market and burn that. Secondly, we charge trading fees and burn DTR procured from collected fees. The third burn type is for reserved for special destruction events.
Calculate DTR burned and exchange volume
To be completely transparent you can check that our trading volume is real and that there is no wash trading. You can perform a volume calculation for a 24-hour period, based on daily DTR burned collected from trading fees. Trading fees not paid in DTR are collected in the base currency of the trading pair and traded for DTR using at-market buy orders.
24h volume = DTR price * DTR burned / fee
- 24h volume represents trailing 24h volume in USDT
- DTR price represents volume weighted 24h DTR price in USDT
- DTR burned is the amount of DTR burned from collected fees
- fee represents the trading fee that is paid by market takers on Tokens.net - currently 0.2%
If you want to calculate trading volume for a 24-hour period, you have to check the average price of DTR in USDT. Multiply that price with the amount of DTR burned on that day, then divide everything with 0.2% and you will get platform's 24-hour volume. Minor discrepancies in calculations can be a result of DTR market volatility.