Bitcoin started October with a strong rise, breaking free from its horizontal movement in September. But it’s not just Bitcoin making waves in the crypto market this month. Altcoin projects have also experienced significant changes, and one in particular has attracted the attention of investors. Verasity, whose token is VRA, depleted 50 percent of its maximum supply today following one of the largest community votes in crypto history. It plans to move 90 billion tokens currently reserved for data circulation to a new Blockchain. Here are the details…
Altcoin burns 10 billion tokens
Verasity (VRA), a metaverse coin, recently made a groundbreaking announcement that sent shockwaves through the crypto community. In a move that demonstrates its commitment to its users and the development of its ecosystem, Verasity has conducted one of the largest token burns in the history of cryptocurrencies. The announcement comes on the heels of an extensive community consultation that highlighted Verasity’s commitment to engaging with its supporters and incorporating their feedback into its strategic decisions. As a result of this consultation, Verasity burned through a staggering 50% of its maximum supply.
Today’s burn limits the circulating supply of VRA to only ~10 billion. Verasity no longer needed 10 billion strategic reserve tokens following the commercial success of its anti-bot ad tech offering powered by patented Blockchain technology ‘Proof of View’. According to a statement from the Verasity team, the remaining 90 billion tokens initially allocated for data circulation will be moved to a new Blockchain network. This bold move aims to solidify Verasity’s position in the metaverse and the broader crypto landscape. Token burning was not limited to the maximum supply. The company also decided to burn another 10 billion minted VRA tokens for a strategic reserve wallet for future commercial use.
VRA price jumped
The company announced at the beginning of the year that its solution is already being used by customers and that business development will continue throughout 2023. Verasity can now expand and scale its operations using revenue from its technology. This strategic move effectively capped VRA’s circulating supply at 10 billion tokens, making it one of the most significant single token burns ever witnessed in the crypto world. RJ Mark, CEO and Founder of Verasity, expressed his excitement for the community’s participation in this transformative decision. Mark continued his words as follows:
Consulting with our community and then burning our strategic reserve tokens, which account for approximately 50% of our maximum supply, proves that we are listening to our community and evolving our crypto ecosystem. This is part of our growth strategy for 2024, where we expect huge demand for our advertising solutions, and we are now laying the foundation for this growth.
Mark’s comments reflect the company’s forward-looking approach and position Verasity for significant growth in the coming years. As a result of this groundbreaking announcement, VRA experienced an immediate surge and witnessed a 15 percent price increase in just an hour.
