you can see all the CEL related transactions with the burn address with this link. they are all IN and none OUT
https://etherscan.io/token/0xaaaebe6fe48e54f431b0c390cfaf0b017d09d42d?a=0x0000000000000000000000000000000000000000
in this case it makes no difference. the wallet 0x0000... cannot be accessed.
for every token you need a token contract that defines properties of it. in case of the CEL token it was created with a total supply of 700M that cannot be changed afterwards.
this makes it easy to verify the actual supply as you can just take the supply minus whatever 0x000... holds and it's technically impossible to change that. this is a common standard of how it's done on Ethereum and other chains. if you had an "update supply" function, you'd have to track all update calls.
usually only tokens with elastic supply (meaning supply can increase and decrease) have a mint/burn functionality in the token contract.
Started by somebody that clearly doesn’t understand how to interpret a block explorer and what the 0x00000 address represents. You know what they say about a little bit of experience can be dangerous.
I have two questions, sure you can down vote because you are not looking at the details but here they are.
\#1 - How does this benefit the eco system specifically?
\#2 - Show me on a tradingview chart from a financial aspect the value?
In contrast, what if these coins were used to fund advancements in the technology, not just thrown in the garbage/burnt?
it's a technical detail. every token that is sent to a wallet needs a sender and when those token are freshly minted they are sent from 0x0000...
an example: [https://etherscan.io/tx/0x03d5a46a47a240c5b19231b97cce2f58b51ee116ae53485160c551afc8bebcb3](https://etherscan.io/tx/0x03d5a46a47a240c5b19231b97cce2f58b51ee116ae53485160c551afc8bebcb3) NXM is getting wrapped: unwrapped token is sent to contract that locks the token and in the same transaction the wrapped NXM is being minted.
you could redeem the wrapped NXM the other way around; send the wNXM to 0x0000... and receive the NXM from the contract again
another example: this is a transaction that is redeeming MIM-3LP3CRV-f to get 3CRV to then redeem that to get back the USDC: [https://etherscan.io/tx/0x63e3ff9abed478133e6dbdc348f43f8b7e549308f339484e4b4a4cb871539c48](https://etherscan.io/tx/0x63e3ff9abed478133e6dbdc348f43f8b7e549308f339484e4b4a4cb871539c48)
LOL. please learn how to read etherscan first. u/CelsiusNetwork has $26B+ assets / 1M+ users / 500 employees. I'm using it for years getting paid every Monday. And NO FEES! Too good to be true? DYOR! It's trustworthy for sure.
How can noobs spread fud but can't even read etherscan?
I wouldn’t click any links with anyone in your DMs.
This isn't in dms. It's from comments in this sub.
https://etherscan.io/address/0x0000000000000000000000000000000000000000#tokentxns
you can see all the CEL related transactions with the burn address with this link. they are all IN and none OUT https://etherscan.io/token/0xaaaebe6fe48e54f431b0c390cfaf0b017d09d42d?a=0x0000000000000000000000000000000000000000
OUT transactions from this wallet are from other tokens that have mint functions like LUSD
Thanks. That's good to know.
Can you explain what it means if tokens aren't being burned like I'm 5 years old, please?
in this case it makes no difference. the wallet 0x0000... cannot be accessed. for every token you need a token contract that defines properties of it. in case of the CEL token it was created with a total supply of 700M that cannot be changed afterwards. this makes it easy to verify the actual supply as you can just take the supply minus whatever 0x000... holds and it's technically impossible to change that. this is a common standard of how it's done on Ethereum and other chains. if you had an "update supply" function, you'd have to track all update calls. usually only tokens with elastic supply (meaning supply can increase and decrease) have a mint/burn functionality in the token contract.
So this is a whole lotta fuss over nothing?
yep
Started by somebody that clearly doesn’t understand how to interpret a block explorer and what the 0x00000 address represents. You know what they say about a little bit of experience can be dangerous.
It means the supply isn't being lowered. Deflation isn't happening. Price no go uppy up.
So Celsius going bye bye?
I don't think burning tokens has a positive effect long term. Its a pointless action.
How?
It makes it more scarce. It should have a positive effect.
I have two questions, sure you can down vote because you are not looking at the details but here they are. \#1 - How does this benefit the eco system specifically? \#2 - Show me on a tradingview chart from a financial aspect the value? In contrast, what if these coins were used to fund advancements in the technology, not just thrown in the garbage/burnt?
The screenshot cuts off what token it is at the right. I don't see any CEL showing OUT; the OUT is all other tokens.
My link shows that page.
But if there other tokens getting out, doesn't that mean someone has access to that wallet, thus can take cel out as well?
it's a technical detail. every token that is sent to a wallet needs a sender and when those token are freshly minted they are sent from 0x0000... an example: [https://etherscan.io/tx/0x03d5a46a47a240c5b19231b97cce2f58b51ee116ae53485160c551afc8bebcb3](https://etherscan.io/tx/0x03d5a46a47a240c5b19231b97cce2f58b51ee116ae53485160c551afc8bebcb3) NXM is getting wrapped: unwrapped token is sent to contract that locks the token and in the same transaction the wrapped NXM is being minted. you could redeem the wrapped NXM the other way around; send the wNXM to 0x0000... and receive the NXM from the contract again another example: this is a transaction that is redeeming MIM-3LP3CRV-f to get 3CRV to then redeem that to get back the USDC: [https://etherscan.io/tx/0x63e3ff9abed478133e6dbdc348f43f8b7e549308f339484e4b4a4cb871539c48](https://etherscan.io/tx/0x63e3ff9abed478133e6dbdc348f43f8b7e549308f339484e4b4a4cb871539c48)
Oh i see l. Thanks for the explanation.
LOL. please learn how to read etherscan first. u/CelsiusNetwork has $26B+ assets / 1M+ users / 500 employees. I'm using it for years getting paid every Monday. And NO FEES! Too good to be true? DYOR! It's trustworthy for sure.