As a seasoned researcher with years of experience navigating the dynamic landscape of cryptocurrencies, I’ve witnessed my fair share of token burns and ecosystem growth. The recent 50% token burn of $INVITE tokens is an intriguing development, especially considering the community’s active participation in the decision-making process.
After the recent community vote that strongly endorsed the plan to destroy 50% of my $INVITE tokens, I’m excited to share that the Invite team has confirmed today that this process is now finalized. It’s worth mentioning that an impressive 81% of the voting community members agreed with the decision to eliminate half of the total token supply.
500 million $INVITE tokens were distributed from various origins, with 400 million originating from mining activities. The community and project development sectors collectively contributed 25 million tokens each during the recent burn event. The remaining 50 million $INVITE tokens that were destroyed came from the ecosystem fund.
As stated by the Invite team, the initial 50% reduction of tokens will be followed by a continuous decrease of 5% every month until the total supply is reduced by 75%. From now on, the mining sector of Invite will account for 80%, project development, and community will each contribute 15%, while the ecosystem fund will contribute roughly 10% in monthly token burns.
“The INVITE stands as the most significant social expansion Decentralized Application (Dapp) on Telegram, and it boasts the largest Web3 user-to-earn community, fueled by UXLINK’s social framework.”
Market Impact of the INVITE Token Burn
A significant reduction of tokens has boosted optimism towards a project primed for additional expansion. As per the most recent market statistics, the INVITE token’s value has surged by more than 38% within the last fortnight, even amidst the recent cryptocurrency downturn.
After today’s token burn announcement, the price of $INVITE surged by more than 16% in the last 24 hours, reaching approximately $0.01165 during the London trading session on Monday.
The small-cal altcoin has a fully diluted valuation of around $11.1 million and a daily average traded volume of about $1.7 million.
Toncoin Ecosystem On the Rise
In the last twelve months, the Toncoin (TON) network has ascended to become one of the leading web3 and smart contract platforms. As per the most recent market statistics, the Toncoin ecosystem boasts a total value locked (TVL) exceeding $576 million and a stablecoins market capitalization surpassing $619 million.
Through strategic collaborations with Decentralized Finance (DeFi) initiatives such as Toncoin, millions of users have been introduced to the Web3 environment. For example, Toncoin’s recent alliance with stablecoin issuer Tether has noticeably boosted the ecosystem’s liquidity. Notable DeFi platforms on the Toncoin network include Ston.fi DEX, DeDust DEX, Tonstakers, and Bemo liquid staking, to name a few.
Beyond its initial appearance on the Binance exchange last week, Toncoin’s price has surged by more than 10% in recent times, currently hovering around $6.80 as of Monday. This well-established altcoin, boasting a total market cap of approximately $34 billion and daily trading volumes exceeding $611 million, has been experiencing an upward trajectory throughout the year.
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2024-08-19 15:30