Flare Network To Burn 2% Of Total Supply To Avoid Dilution, Strengthen Ecosystem
Portfolio Pulse from Khyathi Dalal
Flare Network, a data-focused blockchain platform, has decided to burn 2.1 billion FLR tokens, approximately 2% of the total supply and 40% of the original token allocation for investors. This move is intended to strengthen the ecosystem and boost community equity and involvement. The burning process will be completed by January 2026. The decision is expected to prevent dilution of community token holdings and attract new users to the network.
October 13, 2023 | 6:38 pm
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Flare Network's decision to burn 2.1 billion FLR tokens, which is 2% of the total supply, is expected to strengthen the ecosystem and boost community equity and involvement. This could potentially attract new users to the network and increase demand for the token.
The burning of tokens is a common strategy used by crypto projects to reduce the supply of tokens and increase their scarcity. This can lead to an increase in demand and potentially a rise in price. Flare Network's decision to burn 2% of the total FLR supply could therefore have a positive impact on the token's price in the short term.
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