Fret not, there are no virtual fires here. A token burn event refers when an amount of tokens are removed from the circulating supply, this is done either by sending the tokens to a burn address "addresses with very improbable private key generation chance", or to a smart contract that is meant to delete the tokens.

Related Terms

When Lambo

An expression used by investors to ask when the value of their investment could buy them a Lamborghini

Gas Limit

A term refers to the maximum amount of units of gas user's willingness to spend on a transaction on Ethereum blockchain.

Second-Layer Solutions

Secondary network or framework built atop an existing blockchain to address transaction speed and scalability issues.

State Channel

Secondary payment channel occuring off-chain

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