Verasity Destroys 50% of Tokens in Historic Community Decision

Despite trading significantly below its all-time high, such token burnings are expected to have a positive long-term impact on VRA's price.

Verasity Destroys 50% of Tokens in Historic Community Decision
Verasity Destroys 50% of Tokens in Historic Community Decision

Today, one of the most popular altcoins, Verasity (VRA), incinerated 50% of its maximum supply following one of the most extensive community discussions in crypto history. This action took ten billion VRA tokens out of circulation.

Verasity announced that it no longer required its strategic reserve of 10 billion tokens due to the commercial success of its anti-bot ad technology proposal supported by the patented blockchain technology “Proof of View.”

VeraViews, following Verasity, announced that its solution introduced at the start of the year is already being utilized by customers and that business expansion will continue throughout the year.

VeraViews proposed burning 10 billion VRA tokens, believing that it could expand and leverage its operations using the revenue generated from Verasity’s technology.

Verasity, a company with a strong emphasis on commercial adoption and open communication, reached an agreement for token destruction with the participation of over 500,000 community members.

Indeed, the token destruction decision made with community input was implemented today.

Following community discussions, the initial strategic reserve wallet containing 10 billion VRA tokens was destroyed by fire.

Today, 10 billion VRA tokens worth $57.38 million were withdrawn from circulation due to the decision.

With today’s token burning, the supply of VRA in circulation has been reduced to approximately 10 billion tokens.

Following Verasity’s announcement that it would destroy its tokens, the price of VRA began to rise. According to data from CoinMarketCap, the cost of VRA has reached $0.005736, an increase of over 10% in the last 24 hours.

Since reaching its all-time high (ATH) of $0.08683 on November 1, 2021, VRA has endured a difficult period.

The altcoin is trading 93.43% below its all-time high. According to market observers, token burnings should be closely monitored because they are anticipated to have a long-term positive influence on VRA’s price.