How to Burn Assets in App 🔥

The Scopuly mobile app lets you manage your Stellar assets, including the ability to “burn” them, permanently removing them from circulation.

Understanding Asset Burning

Burning assets involves permanently destroying a certain amount of tokens, effectively reducing the total supply of that asset. This can have various effects, including:

• Increased Scarcity: Reducing the supply can increase the perceived value of the remaining tokens.

• Demand Management: Asset issuers might burn tokens to manage demand or to fulfill tokenomic strategies.

• Proof of Reduction: Burning provides verifiable proof that the tokens have been permanently removed from circulation.

Important Considerations:

• Irreversibility: Burning assets is a permanent action. Once burned, the tokens cannot be recovered.

• Issuer Control: The ability to burn assets is typically controlled by the asset issuer.

• Tokenomics: Understand the tokenomics of the asset before burning, as it can have an impact on the asset’s value.

Step-by-Step Guide to Burning Assets:

1.Navigate to the Wallet Section:

• Launch the Scopuly mobile application on your device.

• On the home page, tap the “Wallet” button at the bottom of the screen.

2.Select the Wallet:

• You will see a list of your wallets.

• Select the wallet containing the assets you want to burn.

• Tap on the wallet’s address to open the wallet details.

3.Select the Asset:

• The wallet details page will display a list of the assets held in the wallet.

• Select the asset you want to burn by tapping on it.

4.Access Asset Settings:

• The asset information window will open.

• Locate and tap the “Settings” button (represented by a gear icon).

5.Choose “Burn”:

• A menu will open.

• Tap on the “Burn” option.

6.Enter the Amount:

• The “Burn asset” window will open.

• You will see your total available balance of the selected asset in the wallet and the Issuer Address.

• Enter the number of tokens you want to burn in the provided field.

Important: If you leave the amount field blank, all tokens in your balance will be burned.

7.Initiate Burn:

• After entering the amount, tap the “Burn (Number)(Asset)” button. For example, if you are burning 100 XLM, it may say “Burn 100 XLM”.

8.Confirm the Transaction:

• A “Confirm” window will open, displaying a summary of the transaction.

• Review the information to ensure everything is correct.

• Tap the “Burn” button to proceed.

9.Final Confirmation:

• A final confirmation window will appear.

• Tap the “OK” button to confirm the burn.

10.Asset Burned:

• After a short processing time, you will receive a notification confirming that the assets have been successfully burned.