- Flames Finance (FLAME) will initiate the staking of its governance token, Spark (SPRK), on the 22nd of this month
- SPARK is available on UniSwap
- The token is also deflationary with 1% of every transaction value burned
- Holders of SPRK can influence the supply of FLAMES tokens
The concept of a deflationary token in any crypto-ecosystem is revolutionary and the team at Flames Finance has implemented such a system for its governance token of Spark (SPRK). Every time SPRK is transacted, 1% of the total transaction value is burned forever.
At the time of writing, 355.54 SPRK have been destroyed out of the 28,000 SPARK ever created. This means there is now a total supply of 27,644.46 SPRK since the token was created this month. Furthermore, approximately 7,700 SPRK is in circulation thus providing a level of scarcity for the token.
Staking of SPARK to Commence on the 22nd of September
Additionally, and on the 22nd of this month, Spark owners will have the chance of staking SPRK tokens. Countdown to the event is also available on the Flames Finance (SPRK) website which also a link to the project’s whitepaper.
More on Flames Finance (FLAME) and its Governance Token of Spark (SPRK)
Both FLAME and SPRK are ERC20 tokens created this month. As earlier mentioned, Spark (SPRK) is the governance token of the Flames Finance protocol. The initial supply of each token was 280,000 FLAME and 28,000 SPRK.
The supply of Spark (SPRK) is capped and is deflationary. Every time there is a SPRK transaction, 1% of the total transaction value is burned completely. In the case of Flames Finance (FLAME) tokens, supply is elastic in the sense that it changes over time and through rebases every 48 hours.
The Flames Finance (FLAME) team consists of 3 core members: two developers and one community/marketing manager. However, the team has decided to stay anonymous and will relinquish full control to the community once the project takes off in its entirety.
Investors who are keen on learning more about Flame Finance can do so via the following resources
Reminder on the Risks in DeFi
As with all new DeFi projects, potential investors and traders are reminded about the risks involved in the Decentralized Finance industry. Therefore, additional individual research is recommended. Furthermore, a risk management strategy is advised whereby one does not invest more than they are willing to lose.