Litentry, an altcoin project with a low market value of $51 million, which is also on the list of crypto money exchange Binance, announced that its token burning proposal was accepted.
Litentry’s token burning offer accepted!
Litentry is a decentralized, cross-chain identity aggregator that allows users to connect their identities in a privacy-preserving context. It aims to give users full control over their personal data and enable them to derive social and economic value from this data. According to the project team’s statement, the protocol is gaining acceptance in on-chain reputation, governance, DeFi, and customized data services. In addition, its mission is “Litentry unlocks verifiable personal data in a confidential and secure manner to pave the way for identity-based social and economic innovations”.
The team of the altcoin project in question invited members of the community to vote in the token burning referendum, in a post on their Twitter account on February 22. In this regard, the Litentry team shared the following:
Attention all community members! We invite you to vote in the token burn referendum and help make a positive impact on the future of our token. Your vote is crucial to support our token burn event referendum on Litentry governance. The proposed plan to burn 568,750 LITs has now been tabled as referendum number 0 and is ready to be voted on by the community.
1/📢 Attention all community members! We are inviting you to vote token burn referendum🗳️ and assist in making a positive impact on our token's future. Your vote is crucial in supporting our token burn event 🔥 referendum on the Litentry governance.
— Litentry (@litentry) February 22, 2023
Meanwhile, the altcoin team has given 3 days to vote and 1 day for the proposal to become law. The approximate value of the 568,750 LIT tokens mentioned in the team’s proposal corresponds to $710,000. Today, when this period has expired, the Litentry team announced the result of the voting. The altcoin project team explained that the proposal was accepted by 23 votes to 0:
Referendum 0 on token burning passed with 23 yes and 0 no and is now enacted!
https://twitter.com/litentry/status/162985947048452097
Altcoin price performance
cryptocoin.com As you can see from , token burning events often lead to a price increase. Because tokens sent to dead wallets are withdrawn from the market, reducing the token supply. This naturally reflects positively on the price of the token, whose supply is decreasing. However, this is not a general rule. It may vary depending on the market situation and the relevant project. The LIT price was also not positively affected as the market was in the red zone at the time of the announcement. However, at press time, the market moved into the green zone and the LIT price also started to rise. At the time of writing, LIT was trading at $1.29, up 1.43% on a daily basis.
With a market cap of approximately $51 million, Litentry is ranked 434th in the CoinMarketCap ranking. The token stands 91.2% below the all-time high of $14.73 it saw nearly 2 years ago.
