Token burning is a process in which a certain number of cryptocurrency tokens or coins are permanently removed from circulation. This is usually done by sending the tokens to an unusable wallet address or smart contract, ensuring that they can never be accessed again. Token burning is often used by blockchain projects to reduce the overall supply of their tokens, which can potentially increase the value of the remaining tokens by creating scarcity. It can also be a way to reward existing token holders by increasing the value of their holdings.
