JCOIN

3 mins read

January 11, 2023

Quarterly Burn Report (Q4 2022)

What you need to know about JCOIN Burn

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On October 1, 2022, we launched JCOIN, an ERC-20 token for all verified Juno account holders. JCOIN is a unique tokenized loyalty program and it is one of the first tokens to be launched in the history of crypto only for the community, with zero allocation for founders, investors, or employees. Our aim in launching JCOIN was to reward users for using the Juno platform and offer them the most community-centric token for being crypto natives.

Being community-first also means accountability and transparency. And to that effect we are launching JCOIN Explorer, which enables our community to track every coin earned and redeemed in real-time. In addition, our first JCOIN quarterly burn report (for Q4 2022) covers key statistics on JCOIN and more.

At the end of each quarter, a quarterly token burn will take place. During this event, JCOIN redeemed by members will be taken out of circulation by sending these tokens to the burn address.

Here are some key metrics that will help you gain a better understanding of this process:

Total Minted

Total Minted denotes the genesis supply. 1 Billion JCOIN are currently minted and are in open circulation and will be distributed based on activities on Juno’s platform. After 1 Billion tokens are exhausted, new 1 Billion tokens will be minted.

Total Earned

Total Earned metric compromises total JCOIN that the users have earned on the Juno product for performing certain core actions.

Total Redeemed

Total Redeemed metric consists of total JCOIN that users have spent on Juno for buying products or services.

Here’s how Juno users have been spending JCOIN

Trading

With JCOIN, Juno users were able to get a 50% discount on trading fees of BTC, ETH and other non-stables and a 100% discount on trading fees of stablecoins.

In-App Boosts

Juno users also used JCOIN to supercharge their Juno accounts and

  • Boost interest bonus on checking account
  • Boost cashback limits for spending with the Juno Debit Card

Ledger Giveaway

JCOIN is used to complement a plethora of in-app activities via the Juno Store, one of them being the Ledger giveaways in which our community got their hands on limited edition Ledgers using JCOIN.

The Greatest NFT Auction

Juno Drops, our first-ever NFT auction, had 1 MAYC and 3 Otherdeed NFTs up for grabs and Juno users almost broke the bid button for these highly sought-after NFTs by bidding with JCOIN.

A snapshot of how much JCOIN was redeemed in Q4 2022 by Juno users

In-App Boosts - 3,140,780
Ledger Giveaway - 1,300,000
The Greatest NFT Auction - 2,480,000
Trading - 3,155,600
Total - 10,076,380

In Q4 2022, a total of 10,076,380 JCOINs were redeemed. After the end of the quarter, these JCOINs were permanently removed from circulation by being burned.

To ensure transparency and accountability, we have used junoburn.eth as the on-chain holder for the redeemed JCOINs. The burning process will take place 15 days after the end of each quarter, during which we will transfer the quarterly total of JCOINs to be burned from junoburn.eth.

Here is the Q4 2022 burn transaction hash. (Total JCOIN burned=10,076,379, excluding 1 JCOIN)

As JCOIN is an ERC-20 token and issued on the Ethereum blockchain, all the JCOIN activities happening outside the Juno product are easily trackable using the following Juno contract address.

But now with JCOIN Explorer live, JCOIN activities on the product itself are also as transparent as on-chain data, thus making all statistics easily accessible and transparent to all JCOIN holders and the Juno community.

Please note: All numbers denoted in JCOIN Explorer are cumulative and calculated from 1st October 2022.

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Juno (CapitalJ Inc.) is a financial technology company, not a bank. Banking services provided by Evolve Bank and Trust, Members FDIC. The Juno card is issued by Evolve Bank and Trust, Member FDIC, pursuant to license by Mastercard International.

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