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Does EGLD has some burn mechanism that reduces the supply?

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No

It's more like a "stop-issuance" mechanism. With every transaction that generates a fee, the max supply becomes smaller.

The Max after 10 years is 31.4 million, but this number will never be hit, there is an issuance model in place. You can read about it in the tokenomics paper, the more transactions on the network then less the issuance will be https://elrond.com/blog/the-wealth-of-crypto-networks-elrond-economics-paper/

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