Ever opened your Solana wallet only to be greeted by a jumble of unwelcomed NFT drops?
Let's explore some tools that bring a sense of order to our digital lives.
Sol-Incinerator, one such service, helps users burn NFTs and tokens they hold, basically removing them permanently from their network. The incentive – recovering small amounts of SOL deposited to host these assets on the network.
What is Sol Incinerator?
Sol-Incinerator, from the makers of Solana Slugs free mint NFT project, provides crypto holders with a dApp that automates the process of burning assets on the Solana blockchain.
This feature is handy for users who have acquired useless NFTs, irrelevant airdrops, or SPL tokens they no longer wish to keep.
In return for burning assets, users receive SOL. Additionally, integration with Jupiter DEX enables direct swapping for alternative tokens, including USDC, USDT, BONK, JUP, or any other asset available on Jupiter.
Reclaiming SOL: How It Works
Using Sol Incinerator, crypto holders can delete NFTs and tokens that clutter the wallet one by one or en masse with a single click after connecting a SOL wallet.
Image from Sol-Incinerator
To do that, the service makes effective use of the features inherent to the network.
All data on Solana, including token and NFT data, is stored within accounts. Each NFT, for example, comprises multiple accounts for different purposes. Creating those incurs costs in SOL, paid as rent.
When users burn assets via Sol Incinerator, selected token accounts are closed, releasing previously paid SOL deposits back to users.
As a result, there is no need to use a Solana RPC node burn address or manually manage burning transactions.
How Much SOL is Reclaimed From Burning
Most NFTs yield 0.01 SOL upon burning. However, in cases where a token metadata account cannot be deleted, the returned amount is typically lower.
Additionally, as compressed NFT data is stored off-chain, there are no accounts to close on the blockchain when destroying cNFTs and no SOL to recover.
Image from Sol-Incinerator
Below is the table summarizing the estimated amount to reclaim based on the asset type.
| Account Type | SOL to Reclaim Upon Burning |
|---|---|
| Non-fungible tokens | 0.002 – 0.01 |
| Fungible tokens | 0.002 |
| NFTs minted with Magic Eden's OCP | 0.004 |
| Compressed NFTs | Non-reclaimable |
Please note that once Solana burns the asset, the operation cannot be undone.
Sol-Incinerator Fees
Users do not cover any fees for using the service. Instead, a small fraction is deducted from the reclaimed amount. Hence, this rule does not apply to burning compressed NFTs as no SOL is received in the process. The collected funds are then allocated to support the platform's development efforts.
Additional Functionality
Besides tokens, Sol Incinerator can burn .sol Domains. The Pro version of the website grants access to LP token burns and introduces an 'Unknown' tab, which showcases assets unidentified within the system.
Shifting these features to the Pro UI helps mitigate risks associated with irreversible burns and ensures that users are adequately informed before utilizing these functionalities.
Cleanup Feature
Associated accounts may remain empty and useless once all tokens or NFTs are removed. The Cleanup feature on Sol-Incinerator website helps identify these accounts and safely close them, enabling users to reclaim a small amount of SOL previously used for data storage rent. Similarly, Serum accounts can also be terminated via the platform.
Wrapping Up
Sol-Incinerator is the tool that maximizes the capabilities offered by the Solana blockchain. Allowing holders and traders to burn NFTs and useless assets, it helps declutter their digital wallets and potentially reduce storage fees on the Solana blockchain.
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