This process tool plugin allows you to burn native tokens and NFTs that was previously minted on the Cardano blockchain.
Note
- Do ensure that the minter account has sufficient balance of native tokens or NFT in possession for the specified amount to burn.
- Do ensure that the minter account has sufficient balance for the required transaction fee to burn assets.
Token Burning Properties
| Name | Description |
|---|
| Form | Select a form to retrieve token burning data from. All fields from the selected form will be made available for field mapping in the sections below. |
| Minting Account |
|---|
| Account Address | The account's address that wish to burn minted assets that this account possesses. |
| Account Mnemonic Phrase | This is the minter's account secret key required in order to perform actions with the account. Only accepts Hash Variable that points to the account's encrypted stored mnemonic phrase. Caution Account Mnemonic Phrase MUST be strictly secured at all times, and only viewable to the intended user. Do NOTkey in the plain-text mnemonic phrase here. Anyone who possesses this phrase has full unrestricted control and can do irreparable damage! |
| Token Burning Configuration |
|---|
| Burn Type | Select the type of asset to burn: |
| Asset ID | The asset ID is basically a combination of the policy ID and hex encoded asset name.
The asset name is automatically derived from this value. |
| Minting Policy ID | The policy ID that was previously used to mint such asset. The value retrieved here will be used to verify against the Asset ID value retrieved before continuing plugin execution. |
| Minting Policy Secret Key (encrypted) | The secret key that signed the minting policy. Only accepts Hash Variable that points to the encrypted stored policy secret key. |
| Amount To Burn | This property will only appear whenBurn TypeisNative Token.
If Burn Type isNFT, this property is automatically hidden and is always set to 1. Amount of native tokens to remove from total supply.
Do note that the account must possess at least the exact amount of such asset in order to burn. |
| Fee Limit (ADA) | The maximum limit for transaction fees in units of ADA. Note Value can only contain max 6 decimal places. If this is empty, no limit is applied. |
| Name | Description |
|---|
| Is Transaction Successful | To indicate if this transaction has executed successfully. Returns true if successful, otherwise it returns false. You can use this value in your process to route your business logic and fully customize the user experience flow. |
| Is Transaction Validated | To indicate if this transaction has been successfully validated. This value will typically start with afalsevalue. Only after the transaction has been confirmed/validated on the blockchain, only then this value will automatically be changed totrue. |
| Transaction ID | To store the transaction ID of the transaction performed. |
| Transaction Explorer URL | To store an auto-generated URL to see transaction details on the official Cardano blockchain explorer. Do note that explorers typically has a short delay to sync to the latest blockchain state in order to reflect your transactions. |
FAQs
There is no burning fuction on Cardano. However you can send your NFT/unwanted tokens to a CEX and they will credit your the minutxo ADA and then they have to deal with the NFT/unwanted token. That's an address where the public key hash is all zeroes.
How do I create a Cardano token? ›
To create native tokens using Cardano CLI, one would need to:
- Set up and start the Cardano node.
- Configure a relay node to connect to the native tokens testing environment.
- Start interaction with the network (prompt Cardano CLI)
- Construct a monetary policy script.
- Create tokens using the monetary policy script.
Overview
- Set everything up.
- Build a new address and keys.
- Generate a minting policy.
- Draft a minting transaction.
- Calculate fees.
- Send the transaction and mint tokens (to ourselves)
- Send the tokens to a Daedalus wallet.
- Burn some token.
Crypto burning is typically done by transferring the tokens in question to a burn address, i.e. a wallet from which they cannot ever be retrieved. This is often described as destroying tokens.
What will happen if token is burned? ›
Also known as burning tokens, this is irreversible and typically achieved by sending the coins to a public wallet address where they cannot be retrieved or spent. Once coins are sent to this 'burn address', they are effectively rendered unusable, thus reducing the total supply of the cryptocurrency.
Can burned tokens be recovered? ›
Coins are sent to a burning address, and since no one has access to it, they can't be retrieved or used. The blockchain records every transaction, providing proof that the coins were sent to the burning address and effectively removed from circulation.
Does coin burning increase price? ›
Coin burning reduces the supply, making tokens of that cryptocurrency scarcer. That scarcity can lead to an increase in price and benefit investors. There are a couple of caveats to mention about coin burning.
How do I find burned tokens? ›
If you want to find out the amount of burned tokens, you'll need to crawl through all transactions involving the mint address and look for burn instructions in the top-level or inner instructions.
What is the best way to earn Cardano? ›
For many traders and investors, staking is a way of earning rewards by simply holding Cardano. Certain cryptocurrencies, including Cardano, allows staking. This means that you can “stake” some of your Cardano holdings and earn a reward over time in exchange for allowing the blockchain to put your Cardano to work.
How do you mine Cardano tokens? ›
Mining Cardano isn't possible, but you can stake Cardano - the cryptocurrency uses a “Proof of Stake” system, which is considered to be beneficial to that of “Proof of Work”. You simply keep your Cardano wallet online and watch your profits grow - it's as simple as that!
Native tokens is a feature that enables the transacting of multi-assets on Cardano. Users can transact with ada, and an unlimited number of user-defined (custom) tokens natively.
How do I cash out Cardano? ›
How to sell Cardano
- Create account. Securely create your personal or business account and verify your identity.
- Deposit. Instantly deposit Cardano and other crypto assets 24/7.
- Sell Cardano (ADA) Place a market or limit sell order. Alternatively, use our OTC desk for high-value trades. Sell Cardano now.
How to sell Cardano
- Create your free Kraken account. Verify your details to get started.
- Send ADA to your Kraken account. Deposit ADA in your secure Kraken account.
- Sell Cardano instantly. Enjoy ultra-fast ADA transactions & withdraws.
How much does it cost to mint NFT on Cardano? It costs between . 17 to 1.5 ADA ($0.13 - $1.15).
Is the ADA coin burning? ›
Here's why no ADA can be burned
Hoskinson explained that other projects sometimes have a stash of premined coins controlled by founders. During periods of lower liquidity they manipulate their token's price by burning large amounts of it. However, he stressed that Cardano does not control any amounts of ADA.
How do you burn crypto coins? ›
“[Burning crypto] is done by sending the tokens to a [crypto wallet] address where those tokens will be forever unretrievable, and can be considered as having disappeared from circulation,” said Alex Cerba, core contributor at Marinade Finance, a liquid staking protocol built on the Solana blockchain.
How do I cash out ADA? ›
Sell Cardano for Fiat. Cash Out ADA in a Few Clicks
- Enter the amount of ADA that you wish to sell.
- Input the bank or card details where you'd like to receive your funds.
- Confirm the information to create your sell order.
- Send the exact amount of Cardano to the provided wallet address.
How to sell Cardano
- Create your free Kraken account. Verify your details to get started.
- Send ADA to your Kraken account. Deposit ADA in your secure Kraken account.
- Sell Cardano instantly. Enjoy ultra-fast ADA transactions & withdraws.
