I’ve been dabbling in Solana for a while now and I’ve come across the concept of token burning. I understand that in the broader crypto space, burning often refers to the process by which tokens are removed from circulation, which in turn can limit supply and potentially create inflationary pressure. Is this the same case for Solana?
I specifically want to understand the process and significance of burning in Solana. Is it performed by individuals? Or is it a network-wide activity? Also, I’m curious how often it’s done and what kind of impact it has on the overall market value of Solana? Do Solana’s unique architecture and consensus algorithm play any role in this concept? Would love to hear your insights on this.