Verasity (VRA), a platform tailored for content creators and advertisers, has executed one of the most significant token burns in the history of cryptocurrency.
The metaverse altcoin, Verasity, recently undertook one of the cryptocurrency sector’s largest token burns. Following a community vote that spanned from August 4 to September 29, the team burned a staggering 10 billion tokens on October 2. Valued at roughly $55 million, this burn represented 50% of its total supply. It’s worth noting that the tokens destroyed came from assets stored in strategic reserve wallets.
Coinciding with the news of this substantial burn, the price of VRA experienced a surge, climbing more than 20%. Impressively, during the first half of 2023 alone, the project had already burned over 155 million VRA.
Although Verasity’s total token supply stands at 110 billion, a whopping 90 billion of this is held out of circulation. From the remaining 20 billion supply, the team decided to cut the supply in half by burning 10 billion. In a statement from the team, there was mention of the possibility of relocating the 90 billion tokens reserved for circulation to a new blockchain.
We are seriously considering solutions that will enable us to allocate 90 billion PoV tokens to a new blockchain.
Verasity’s CEO, RJ Mark, highlighted the importance they attach to the community in his statement about the developments:
Our commercial offering provides further benefits to VRA through primary use as a payment option for VeraViews campaigns. Burning our strategic reserve tokens, which constitute approximately 50% of our maximum supply, in line with the decision of our community, proves that we are listening to our community and developing our crypto ecosystem. This is part of our growth strategy for 2024, where we expect great demand for our advertising solutions, and we are now laying the foundation for this growth.
According to CoinGecko data , VRA, which increased by 21.3% with the news of the burning , reached $ 0.005969 from $ 0.004918 . At the time of writing, VRA is sold at $0.00573 .