Verasity (VRA) Token Burn: Metaverse Coin Reduces Supply by 50%

MetaversePlanet October 3, 2023Last Updated: August 14, 2024

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Verasity (VRA), a platform designed for content creators and advertisers, has conducted one of the most significant token burns in cryptocurrency history.

The metaverse altcoin, Verasity, recently carried out one of the largest token burns in the crypto industry. Following a community vote from August 4 to September 29, the team eliminated 10 billion tokens on October 2.

Valued at approximately $55 million, this burn accounted for 50% of its total supply. Notably, the destroyed tokens were from assets held in strategic reserve wallets.

Verasity (VRA) Token Burn: Metaverse Coin Reduces Supply by 50%

In response to this major token burn, VRA’s price saw a surge, increasing over 20%. Remarkably, in just the first half of 2023, the project had already burned more than 155 million VRA.

While Verasity’s total token supply is 110 billion, a significant 90 billion of this is kept out of circulation. From the available 20 billion supply, the team opted to halve it by burning 10 billion. The team also discussed the potential of moving the 90 billion reserved tokens to a new blockchain, stating:

“We are earnestly exploring solutions to transfer 90 billion PoV tokens to a new blockchain.”

Verasity’s CEO, RJ Mark, emphasized the value placed on community input in his remarks on the developments:

“Our commercial offerings enhance VRA’s value through its primary use as a payment option for VeraViews campaigns. Burning our strategic reserve tokens, which represent about 50% of our maximum supply, aligns with our community’s decision.

This demonstrates our commitment to listening to our community and evolving our crypto ecosystem. It’s part of our growth strategy for 2024, anticipating high demand for our advertising solutions, as we lay the groundwork for future expansion.”

According to CoinGecko data, VRA, which rose by 21.3% following the burn announcement, climbed to $0.005969 from $0.004918. At the time of writing, VRA is trading at $0.00573.