Published Sep 6, 2022
By Qredo Team
Qredo Burns 16.8M Tokens
Qredonians,
Yesterday, we removed 16.8 million QRDO tokens from the validator allocation, burning roughly the same amount of tokens as vested during August.
This follows the August burn of 16.8M tokens, and the first burn of March 2022 in which 40M QRDO were burned.
Here's what you need to know:
16.8M total QRDO burned (4M approximate value in $USD)
~1.7% decrease in total supply — from 943.2M to ~ 926.4M
73.6M QRDO total burned to date (7.36% of the total supply)
Burn transaction (TX ID):
0xd7ed34f902b79fc46c7ade97fdf58d172913aad77b3d6a2cde2406bd2c23cdfe
This is the second burn event in a monthly burn schedule, Qredo is now burning an equal or greater number of tokens each month than those that 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.