All you need to know about the swap of the KICK v8 token and its burning process

In this article, we have collected the most popular questions about the process of token burning and the KICK token swap and will provide you with detailed answers.

What is KICK token burning? When will it happen?
First of all, you need to understand the difference between token burning and token swap. Token burning is the irrevocable destruction of a certain number of tokens. This KICK token burning procedure won’t affect the tokens stored in our user’s wallets. Only coins held in the company’s accounts will be subject to this destruction. The critical purpose of burning is to reduce the available amount of tokens in circulation.
Token burning will take place on June 15, 2021. We are going to burn 85% of all issued KICK tokens without the possibility of their recovery. Such an approach will significantly reduce the number of tokens in circulation, increasing their value among holders and the percentage of tokens in possession of users relative to the total number of available tokens.

During token burning, the following will be destroyed:

Test KICK tokens, which were created earlier for various experiments;
Company tokens that were received in the form of trading fees from our users.

What is a token swap, and why is it important?
First of all, the token swap replaces an existing token smart contract with a new one. This will entail changes in the total amount of tokens, their nature, the method of issue, circulation, and much more. This procedure will affect both company’s and user’s tokens and will occur according to the rules listed below.
The swap between the KICK and KICK v8 tokens will take place on July 1, 2021. On this date, we will completely replace the current version of the smart contract with a new one.
Read the full artcile in the link below
https://kickecosystem.medium.com/swap-and-burn-74c9f7197a3a

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