Skip to main content
A unique feature of PollyPrize is its integrated token burning mechanism. When you participate in many raffles using cryptocurrency (ETH or specific ERC20 tokens), a portion of your payment is used to automatically buy back and “burn” specific tokens!

​
What is Burning?

Burning tokens means sending them to an unrecoverable blockchain address, often called the “dead address” (like 0x00...dEaD). This effectively removes those tokens from the circulating supply forever.

​
How it Works in PollyPrize

  1. Payment Received: You pay for tickets using ETH or an Accepted Token.
  2. Amount to Burn: Part of the payment is designated for burning.
  3. Target Burn Token: Each raffle is configured with a specific Burn Token (e.g., $POLLY, or sometimes another token like $PENGU).
  4. Swap (if needed): If you paid in ETH or a token different from the Burn Token, the contract uses a Decentralized Exchange (like Uniswap V2) to automatically swap the funds to burn into the designated Burn Token.
  5. Burn Execution: The acquired Burn Tokens are immediately transferred to the DEAD_ADDRESS.
At times, the buyback and burn might be executed manually after the raffle.

​
Why Burn Tokens?

By reducing the total circulating supply, token burning can potentially:
  • Increase the scarcity of the remaining tokens.
  • Support the token’s value proposition (deflationary aspect).
  • Benefit all holders of the burned token ($POLLY or partner tokens).
When you participate in PollyPrize raffles, you’re not just getting a chance to win, you’re also contributing to the health of the associated token ecosystems! Check the raffle details to see which token(s) are being burned for that specific raffle.