Flare Network Burns 66 Million FLR Tokens, Worth $1.4 Million!

Bittime - Flare Network announced that it would reduce the supply of circulating tokens by burning 66 million FLR tokens worth approximately $1.4 million. Read the following article to find out the complete news!

Flare Network Burn FLR Token 

Token destruction or what is often called token burn is a strategy commonly used in the crypto world to reduce the number of tokens circulating on the market. 

By reducing supply, the value of remaining tokens is expected to increase. Flare Network understands the importance of this step to maintain the stability and long-term value of the FLR token.

The destruction of 66 million tokens also included transaction fees and unclaimed rewards. Thus, every activity on the Flare network contributes to a reduction in the circulating supply of tokens.  

Token Burn Target: 2.1 Billion FLR by 2026

Flare Network has set a target to destroy a total of 2.1 billion FLR tokens by 2026. This is a significant step considering the large number of tokens that will be removed from circulation. 

This gradual destruction of tokens also provides certainty for investors and FLR token holders that the token supply will continue to decrease over time.  

Source: Twitter.com/FlareNetworks 

Influence of Token Burn on FLR prices

The destruction of 66 million FLR tokens worth $1.4 million is expected to have a positive impact on the value of the FLR token. As supply decreases, inflationary pressure on tokens will decrease, allowing the value of remaining tokens to increase. 

Burn tokens This is an effective strategy to maintain token value in a market that often experiences volatility. This move also shows that Flare Network is not only focused on developing their technology and ecosystem, but also paying attention to the economic aspects and value of their tokens.  

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