Announcement on the Explanation of LBK Burning Address

Dear LBank users:

Since the launch of LBK, the LBK burning mechanism has been discussed by the community. To facilitate the community's understanding, LBank now explains the existing burning mechanism of LBK. 

Coins Burning means that the token that needs to be burned is transferred into the eater address. Token transferred into the eater address cannot continue to be traded in the market. The eater address for ERC20 Token mostly is: 0x0000000000000000000000000000000000000000 which is the so-called “full zero address”. However, in terms of the burning method of LBK, LBank adopted a contract burning address different from the full zero address. The difference between the contract burning address adopted by LBK and the full zero address is as follows:

1. From the perspective of security, the full zero address can be used as either a receiver and a sender. However, the contract burning address adopted by LBK can only be used as a receiver, and the LBK transferred into this address cannot be transferred out again, thus eliminating the theoretical possibility of transferring funds from it.

2. From the perspective of supervision, the full zero address also contains a large number of transactions of other tokens, while the LBK contract burning address only contains the LBK burning history, which is more convenient to calculate the total amount of LBK burns, and users can directly query the historical burning mount of LBK.

LBK burning address reference

* Click here to check the burning history of LBK.

Full zero address reference

If you have problems, please contact LBank official email: service@lbank.info, and we will provide sincere, friendly and immediate service for you. We also welcome you to join LBank.info official English community to discuss the latest issue, (Telegram): https://t.me/LBankinfo.