Bitcoin.com has completed the first buyback and burn of VERSE tokens, removing 250 million VERSE forever.
Bitcoin.com has completed the first buyback and burn of VERSE tokens, removing 250 million VERSE forever. This equates to more than 4% of the circulating supply and 0.119% of the total supply of Bitcoin.com’s ecosystem token. Details are as follows:
🔥 VERSE burned: 250 million
💹 Total supply before burn: 210,000,000,000
💹 Total supply after burn: 209,750,000,000
💰 USD value: $262,750
📊 Percentage of circulating supply burned: 4%
📊 Percentage of total supply burned: 0.119047619%
⏰ Time of burn: Mar-29–2023 03:15:47 AM UTC
Transaction ID: View on chain
What is token burning?
A token burn means permanently removing or destroying tokens, thereby reducing the total supply. Burned tokens can’t be traded or used. This process is a form of deflation, which may have the result of increasing the token’s value to benefit its holders.
What is the VERSE buyback and burn mechanism?
The VERSE buyback and burn mechanism is designed to encourage community participation in our suite of self-custodial tools & services by creating a virtuous cycle.
Here’s how it works: A portion of the revenue generated by Verse and Bitcoin.com is used to buy back VERSE tokens. These tokens will then be taken out of circulation and destroyed (burned), reducing the overall supply of VERSE.
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