Hello STEEMIT community in general, as you all know, we are working on growing our project WOX-EXCHANGE . From the beginning we have maintained the idea of being able to keep the price of the WOX token stable, not to go below the price of a TRX. And if this should happen, a token burning would be performed with the intention to bring the price back up.

We have recently performed the second WOX token burning, removing 10,000 tokens from circulation, as can be seen in detail in the logs shown in the following image:

A total of 10K wox have been burned

In this way, the price of the WOX token was balanced at par with the TRX. Soon, we will be reporting much more of our progress, which is always for the benefit of all.

We would like to bring up here part of the text in which we explain how it works:

"WOX is backed, not pegged.
Each WOX is backed by 1 TRX, not pegged to it. Because the treasury backs every WOX with at least 1 TRX, the protocol would buy back and burn WOX when it trades below 1 TRX. This has the effect of pushing WOX price back up to 1 TRX. WOX could always trade above 1 TRX because there is no upper limit imposed by the protocol. Think pegged == 1, while backed >= 1.
You might say that the WOX floor price or intrinsic value is 1 TRX. We believe that the actual price will always be 1 TRX + premium, but in the end that is up to the market to decide."

As always, if you have any questions, please feel free to contact us. We invite you to join our discord channel:

Official WOX FI discord channel