A blockchain project to build applications that use data from other chains and the internet. Flare Network In his post from his account X It was stated that 2.1 billion FLR tokens will be burned.
At this point, more than 2% of FLR’s total supply will be permanently removed from circulation, preventing dilution of community token holdings and increasing incentives for new users to join the network.
in sharing “2.1 billion FLR will be burned for ecosystem health. Tokens were previously allocated to the early supporters of the project. Burning will prevent unfair dilution of community token stocks. “199 million FLR will be burned immediately, and the remaining 66 million will be burned monthly every month until January 2026.” expressions will be used.
2.1 billion FLR to be burned for ecosystem health.
The tokens were previously allocated to early backers of the project -> the burn will prevent unfair dilution of community token holdings.
• 199M FLR burned immediately, 66M monthly until Jan 2026.https://t.co/eW9U8uZNqZ pic.twitter.com/XE7odZGUcq
— Flare ☀️ (@FlareNetworks) October 13, 2023
Flare CEO and Co-Founder Hugo Philion He made the following statements about FLR burning:
“We are delighted to have reached an agreement with our shareholders and thank them for their support.
The 2.1 billion tokens we will burn constitute almost 40% of the original token allocation for investors.
This will reduce competition for FlareDrops and reduce asset dilution of all ecosystem participants. “This is great news for the community.”
FLR It increased by 5% after the news of the burning. FLR, which increased from $ 0.00903 to $ 0.0095, is traded at $ 0.0093 at the time of writing.
*This is not investment advice.
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