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FAQ
Any accounts on Solana require a small storage fee to open them. By burning a token, we can close this account and reclaim the storage fee.
Most NFTs will give you 0.01 SOL when you burn. Most tokens will give you 0.002 SOL. Certain NFTs, such as scam tokens, will also only return 0.002 SOL. If the NFT was minted with magic
eden's open creator protocol, you can reclaim 0.004 SOL. Finally, compressed NFTs unfortunately cannot reclaim any SOL.
For us to be able to reclaim 0.01 SOL from an NFT, we have to burn the NFTs metadata account. Some NFTs, such as scam tokens, share this metadata for several different tokens.
Therefore, this account cannot be burnt, and only 0.002 SOL can be reclaimed.
To make compressed NFTs cheaper to mint, the metadata and token accounts are not stored on chain like normal.
Instead, they are indexed off chain. While this makes them cheaper to mint, it also means there are no accounts to close on chain, and reclaim the SOL from.
This occurs when burning an NFT that is protected by MagicEden's OCP (Open Creator Protocol).
The reason it gives 0.004 instead of 0.01, is that due to its structure, the burn can only close the token account and the mintState account.
Burning a regular NFT will close more accounts than that, returning more rent that equates to the entire 0.01.
We take 0.00004 SOL on each token burn, 0.00051 on each NFT burn, 0.00032 on each OCP NFT burn, 0.0019 on each pNFT burn, and 0.00335 on each serum account close. There are no fees for
burning compressed NFTs. This goes towards funding a dedicated RPC node to ensure your NFTs load quickly. It also goes towards further development of the Incinerator. One future item we
intend to release is an API, so that other projects may use Incinerator data for their own purposes.
Note: this fee is taken from the reclaimed SOL - you will never lose SOL by burning, you can only gain it.
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At most you are getting 0.01 SOL per NFT and 0.002 SOL for closing a token account. To reclaim 1 SOL you'd have to burn at least 100 NFTs. The transaction summary when you complete your
burn should provide an accurate breakdown of the SOL you reclaimed.
There are 2 transactions. The first is the burn that reclaims the rent in SOL. The second is a Jupiter swap of that SOL for your token of choice. Occasionally, the Jupiter swap can fail,
but you would have received the SOL in your wallet. Go to the transaction on Solscan and look at the Account Inputs tab. This will show a positive change in SOL from the burn.
The SOL you reclaim from burning is achieved by closing the account that stores that token. This amount is the same regardless of whether the account holds 1 or 100,000 tokens.
Also, if you try to send 1 token at a time to a new account, this would be futile, as you'd need to pay to instantiate new token accounts, negating any profit you'd make.
A frozen token cannot be transferred or burned. We indicate a frozen token so there is no confusion when you are unable to select it for burning.
Our dev has posted about this issue on Solana's Github in hopes that they make a change, but as of now we are stuck with these frozen tokens.
Cleanup closes vacant token accounts and unused serum accounts.
Any NFT or unique token requires an account to store it. Whenever you list, transfer or dispose of the token or NFT, the account is left empty and can be closed to reclaim a small amount
of SOL.
Some token swaps or exchanges also require a serum account to store some swap related data. This account can be safely closed once the swap has completed to again reclaim a small amount of
SOL.
This operation is completely safe to perform. It does not have any effect on the NFTs & tokens in your wallet or limit orders on exchanges.
In rare instances some dApps may not create token accounts as needed. This is a bug and should be reported to that dApps' developer.
The incinerator was made by the Sol Slugs team, a deflationary collection centered around burning.
You can find more info on Sol Slugs by visiting our Discord or Twitter in the links above!