August 2020 Burn Report
Following the strong booking performance reported in July, we have seen the burn mechanism reaching new records in August!

About the Mechanism

Every booking made on our marketplace triggers a LOC burn equal to 3% of the booking value. These are specifically bought from exchanges and sent to the parking wallet.

When the customer checks in to the hotel, we consider the booking as final and the parking wallet executes the final burn transaction. If the customer cancels the booking, the parking wallet returns the balance into circulation.

Burn Rate

The burn mechanism continuously removes LOC from the circulating supply, which is driven by booking volumes. This factor turns LOC into a deflationary economy as opposed to other coins such as Bitcoin and Ethereum, where new coins are added to the supply with every block.

In the chart below you can see the rate at which LOC are being destroyed.

In August we have seen a record burn rate of 35.19 LOC per day, which shatters the previous record of 21.72 achieved in February. This confirms how quickly the burn mechanism reacts to changes in booking rate and LOC price.

Will we see new records later this year?

Cumulative Amount

Another fundamental metric is the cumulative amount that has been removed from the circulating supply.

At the end of August we have almost broken the 5,000 LOC barrier. More importantly, for the first time ever we have seen more than 1,000 LOC being burnt in a single month.

Another 1,000 LOC are sitting in the parking wallet, waiting to be burnt upon check-in of the customers. Adding these to the cumulative amount, we are now scratching the 6,000 mark.

Verify the Numbers

All transactions are publicly verifyable on the blockchain through the two wallets linked below.

Burn Wallet

Parking Wallet

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LockTrip is a blockchain-based travel marketplace that allows users to save up to 60% on their bookings by cutting out middlemen. Every booking burns LOC proportionally to its booking value, continuously reducing its total supply.
['Locktrip.Com', 'Loc Token', 'Official Blog']
['Blockchain', 'Locktrip', 'Cryptocurrency', 'Ethereum', 'Token Economy']