Due to the coin swap of June 2017, the new X11 coin was required to have a pre-mine to allow for up to 100% of old MUE quark to be swapped like for like.
You can see the pre-mine here in block 1 (125 million).
We intentionally over estimated the pre-mine to give us plenty of time to carry out the stage 1 swap.
As it turned out, that over estimate was 5 million MUE.
As stage 2 of the swap is well under way it seems like a good time to gradually roll out the pre-mine burn, with this initial 5 million that we already know will not be allocated to any swap claims.
We will provide details of the burn in due course, including the address to which the 5 million MUE will be sent (which will be a provably un-retrievable address).
The plan as we wind down the stage 2 swap over the next 6-8 weeks will be to continue a staged burn of any remaining pre-mine in a scheduled and announced manner so as to cause minimum impact of coin price and market cap.
More details to follow about the initial burn of the first 5 million MUE.