Qredo Burns 16.8M Tokens

Qredonians,

Today we removed 16.8 million QRDO tokens from the validator allocation, burning roughly the same amount of tokens as vested during July.

This follows the first burn of March 2022, in which we burnt 40M QRDO.

Here's what you need to know:

16.8M total QRDO burned (5M approximate value in $USD)
56.8M QRDO total burned to date
~1.8% decrease in total supply — from 960M to ~ 943.2M
Burn transaction (TX ID):
0x4f49d2fad49c8a09ec7af7f31e07862070c0cee2ad701cc7a67fabb4dacca6db

As this event is the first of a monthly burn schedule, Qredo will now be burning an equal or greater number of tokens each month than those vested during the previous month.

What is a token burn?

Despite the name, burning doesn't involve dousing tokens in gasoline and setting them ablaze. Burning is simply destroying tokens, which is usually achieved by sending them to an inaccessible address from which they can never be recovered. In this instance, we are invoking the burn function on the QRDO smart contract.

QRDO's deflationary shift

This burn is one of several supply-reducing mechanisms that are being implemented in response to community demand.

These include:

Doubled vesting periods
Network fees paid with $QRDO (and partially burned)
More validator NFT burn events

Follow Qredo on Twitter and LinkedIn for news on more burn events and other deflationary initiatives.

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