While the cryptocurrency market remains relatively calm, some tokens emerge as exceptions. News is largely effective in this. Some tokens rise or fall as they enter and exit the stock exchange list. In addition, the change in partnerships and tokenomics also affects the prices of the relevant altcoins. In a recent development, AirDAO, a decentralized autonomous organization that manages the AMB-NET Blockchain and dApp network, announced that it will burn tokens with an investment and the income generated. The altcoin price reacted positively to this development.
AirDAO announced investment and burning, altcoin price skyrocketed!
AirDAO (AMB), which is also on the list of the giant cryptocurrency exchange Binance, made an important announcement. The altcoin project announced that they allocated the AirDAO Treasury to AAVE and Compound. He also stated that they will use the return obtained from this to buy back the ECB from the market. They will completely destroy the ECB, from which they bought, from the market by burning it. In this context, AirDAO shared the following announcement from its official X account:
We have allocated the AirDAO Treasury to AAVE & Compound and will use the proceeds to buy back EMB from the market and burn it. We will be holding a vote soon to decide on the burn schedule.
The altcoin price saw a vertical breakout following this announcement. AMB price increased from $0.0074 to $0.0083 during the day. At press time, the token price continued to hover at these high levels. At the time of writing, ECB was changing hands at $0.008296, an increase of 12.61% on a daily basis.
The project aims to reduce the ECB’s total supply
AirDAO is a decentralized autonomous organization that manages the AMB-NET Blockchain and dApp network. The first DAO to span the entire L1 Blockchain ecosystem, AirDAO creates an integrated suite of digital products and services that eliminates the unnecessary complexity of Web3 and delivers its benefits to the average consumer through a single, easy-to-use web interface.
Meanwhile, the AirDAO Council presented the Treasury investment proposal to the community on January 12, 2024. The proposal was to allocate the AirDAO Treasury to yield-generating protocols. The Council would use the proceeds to buy back and burn ECB tokens from the market to reduce the ECB’s total supply. The community voted on the proposal via Snapshot. So, AirDAO decided to allocate 100% of its Treasury to this. Since the vote concluded, the Council has been working to ensure this happens in a safe and secure manner. cryptokoin.comAs you follow from , altcoin projects are using the burn mechanism to improve tokenomics.
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