# Burn Event ### :calendar: Launch date: 2024 Q3 In our continuous efforts to maintain a healthy and robust ecosystem for **TSPT**, we are excited to announce a significant **TSPT** burn event. We are also aiming to burn 50% of the taxed **TSPT** currently held in our [tax wallet](https://basescan.org/address/0x3C0cd2C2A96a967c6dB6AFBfCeb009F1E7Dc558b), further reducing the supply and potentially increasing the value of the remaining tokens. This strategic move is designed to engage the community and sustain the token's value without triggering a price dump. Token burning is a common strategy used by blockchain projects to manage the circulating supply of their tokens, thereby helping to stabilize or increase the token's price. By reducing the total supply of **TSPT**, each remaining token becomes relatively more scarce and potentially more valuable. This planned burn event is not just about boosting **TSPT**'s price. It's also about showing our commitment to the long-term success of the Tyche Sports Bet platform and the **TSPT** token. We believe this burn event will help sustain our platform's growth and continue to build trust within our community. So, stay tuned for more updates on this upcoming event and continue supporting **TSPT** as we move forward in making [**Tyche Sports Bet**](https://bet.tychesports.xyz/) a leading platform in the blockchain-powered sports betting industry. --- # Agent Instructions: Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter: ``` GET https://docs.tychesports.xyz/upcoming-events/burn-event.md?ask= ``` The question should be specific, self-contained, and written in natural language. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.