Key Takeaways
- Sol Incinerator is a token-burning dApp on the Solana blockchain, designed to help you remove unwanted tokens, NFTs and Solana domains from your wallet.
- It rewards you with SOL for burning tokens, NFTs and domains.
- Your rewards depend on the type of assets you burn and how many.
- The tool also benefits the whole network, by removing the data burden of unwanted assets, enabling the blockchain to function more efficiently.
If you’re a Solana fan, you’ve likely got a wallet full of Solana tokens and NFTs – you can never have too many, right?! Well, that’s true most of the time; but with airdrops a common marketing strategy for new Web3 projects, users often find themselves accumulating tokens they don’t want or need.
Instead of leaving these unwanted assets to clutter up your crypto wallet, Sol Incinerator offers a solution: burn them and get some SOL in return.
In this article, we’ll explore Sol Incinerator and how you can clean up your wallet while earning SOL.
What is Sol Incinerator?
Sol Incinerator was launched in in 2021 by the team behind Sol Slugs, a deflationary collection with a built-in a token burning mechanism. Sol Incinerator is a Solana-based decentralized application that allows users to burn unwanted tokens, NFTs, and even SOL domains. It allows you to clean up you crypto wallet and the blockchain.
Why use Sol Incinerator?
This token-burning dApp benefits both you, the user, and the overall health of the Solana blockchain. Let’s take a closer look at both:
For the network, permanently removing tokens from the blockchain reduces the amount of data being stored there. This benefits the entire Solana ecosystem, by enabling the blockchain to function more efficiently and cheaply.
There is also a benefit to you, the user. When you remove your tokens from the network, you’ll receive a small amount of SOL in return, which is the amount you would have paid for the data from those tokens to be stored on the network.
For example, if you received a batch of airdropped memecoins that have little to no value, you can burn them up using Sol Incinerator to earn SOL, and receive SOL equivalent to the storage costs of those memecoins.
How Sol Incinerator Works
Sol Incinerator is easy to use, even by complete newcomers. Here’s a step-by-step breakdown of how Sol Incinerator works:
- Step 1: Users connect their Solana wallet to the Sol Incinerator dApp.
- Step 2: The dApp scans for eligible assets.
- Step 3: Users select the assets they wish to burn.
- Step 4: Sol Incinerator calculates the amount of SOL users can reclaim.
- Step 5: Users confirm the burn transaction.
- Step 6: The user receives the corresponding amount of SOL.
1 – Connect Your Wallet
Sol Incinerator is compatible with Solana wallets such as Phantom and Solflare. After connecting your wallet, the dApp scans it for any burnable assets.
2 – Scan for Burnable Assets
The platform identifies the digital assets within the wallet but that’s not limited to tokens. It also includes NFTs, unused SOL domains, and even inactive wallets that are eligible for burning.
3 – Burn Calculation
Sol Incinerator calculates how much SOL you’ll receive for each asset while taking in mind factors like asset type, and the number of assets to be burned.
4 – Confirm and Burn
Once you’ve reviewed the SOL reclaim value, you can confirm the burn, and the selected assets will be permanently removed from the blockchain. Be careful with this step as there’s no turning back. In conclusion, make sure you don’t select an asset you need.
5 – Receive SOL Rewards
Consequently, after the assets are burned, the corresponding SOL is added to your wallet.
How Much SOL Is Each Burn Worth?
Different digital assets have different reclaim values in SOL. In other words, the amount of SOL users can earn from burning depends on several factors, including the type of asset, its rarity, and the number of assets burned. Furthermore, according to the FAQ on the website:
| Asset Type | SOL Upon Burning |
|---|---|
| Non-fungible tokens | 0.01 SOL |
| Fungible tokens | 0.002 SOL |
| NFTs minted with Magic Eden’s OCP | 0.004 SOL |
| Compressed NFTs | Non-reclaimable |
The exact amount of SOL for burning assets varies. For example, common memecoins might only give you a fraction of SOL per burn, while burning an NFT or an entire wallet could offer a higher return.
Are There Fees on Sol-Incinerator?
The dApp itself does not charge a fee for using the service, aside from the blockchain’s inherent transaction fees. Therefore, Sol Incinerator only charges a small transaction fee associated with processing the burn transaction on the Solana blockchain. However, these fees are minimal due to Solana’s low-cost transaction infrastructure and are usually a fraction of a SOL.
Wrapping Up
Sol Incinerator is a highly practical tool for users looking to get rid of clutter from their wallets and earn some SOL in the process. By burning unwanted tokens, NFTs, SOL domains, and inactive wallets, users can contribute to optimizing the Solana blockchain while benefiting from the rewards of earning SOL.
FAQ
How to reclaim SOL from SOL Incinerator?
To reclaim SOL from Sol Incinerator, simply connect your Solana wallet to the dApp, scan for burnable assets, and select the tokens, NFTs, or domains you wish to burn. As a result of the burn, you’ll receive SOL in your wallet based on the value of the burned assets.
What’s Sol Incinerator cleanup feature?
Sol Incinerator also includes a cleanup feature, which allows users to burn inactive SOL domains, tokens, and wallets to help reduce blockchain clutter. This cleanup function frees up space on the blockchain and contributes to the overall health of the Solana network by reducing unnecessary data.
Does Sol Incinerator charge any fees?
Sol Incinerator doesn’t charge additional fees beyond the standard gas costs required to process transactions on the Solana blockchain. Transaction fees are minimal, thanks to Solana’s efficient network so burning assets is both cost-effective and user-friendly.
