After several rounds of deliberation and compromise, the REAPit Wallet team voted in the affirmative for a significant burn of the REAP tokens.
The token burn has occurred this morning and TXN hash can be seen below this post.
Let’s find out the details concerning the REAP token burn.
1. There are various reasons why a project would burn tokens, and every one of them have an incentive for token holders. The most widely recognized reason is to boost the estimation of every token by decreasing existing supply.
2. Token burning helps maintain a healthy ecosystem, keeping the token supply low while balancing the value of each token. Token burning is also completed in fairness to early contributors and the community in general.
3. Out of the 100 Million total supply, 75 million will be burned overall, 50 Million was burned today. Then the others will be burned as we move.
I.e 2% every two weeks until we hit the 75 million proposed target.
Txn hash can be found here:
The REAPit Wallet team is always appreciated the amazing support of the community and we has been working very hard to bring more and more good news to you.