How to Burn Tokens

This guide walks you through the process of burning tokens using LockFi.

Prerequisites

• A Solana wallet (Phantom, Solflare, etc.)

• The tokens you wish to burn

• A small amount of SOL for transaction fees

Step-by-Step Guide

Step 1: Access the Burn Feature

1. Navigate to LockFi and connect your wallet

2. Click on "Burn Tokens" in the navigation menu

Step 2: Select Token

Choose the token you want to burn from the dropdown menu or search for it.

Step 3: Set Amount

Enter the amount of tokens you wish to burn and review the information carefully.

Step 4: Confirm Burn

1. Click "Burn Tokens"

2. Review the confirmation dialog

3. Approve the transaction in your wallet

Step 5: Verification

After the burn is complete:

1. You'll receive a confirmation message

2. The burn transaction will be recorded on the blockchain

3. The burned tokens will be permanently removed from circulation

Understanding the Burn Process

When you burn tokens through LockFi:

1. The tokens are sent to a special "burn address" that is unspendable

2. The total supply of the token is permanently reduced

3. The burn is recorded on the Solana blockchain for verification

Important Considerations

• Irreversible: Once tokens are burned, they cannot be recovered

• Verification: Always verify that the burn transaction was successful