WELL3 will Burn 1.05 Billion WELL, Compensation for Technical Issue During TGE

Bittime - WELL3 announced the burning of 1.05 billion WELL tokens as compensation for technical issues that occurred during the Token Generation Event (TGE). This decision was taken to ensure transparency and maintain the community trust that has been built over the years.

WELL Token Burning 

Co-founder of WELL3, via his Twitter account, stated that the WELL3 team is very sorry for the delay in claims caused by technical problems during TGE $WELL. 

To address this error and demonstrate commitment to the community, the WELL3 team decided to burn 2.5% of the team's token allocation, which is equivalent to 1.05 billion WELL tokens. This step was taken to demonstrate how important community support is to the long-term success of WELL3.

Clarification Regarding Trading Volume

In his statement, the WELL3 Co-founder also emphasized that the WELL3 team does not trade $WELL tokens before the community. Trading volume on centralized exchanges (CEX) before claims commence comes from third-party marketing and liquidity. 

The WELL3 team has been working hard for years, raising millions of dollars through multiple funding rounds and NFT sales. These funds remain intact in the company's coffers and are ready to be used for the next development phase after TGE.

Farming WELL Award3

In addition to the token burn announcement, WELL3 also detailed farming reward plans that will be announced soon. This award will start with a bonus airdrop for users Bybit. Users are advised to stay tuned for the latest updates regarding details of these farming awards.

The WELL3 team recognizes the importance of community feedback and is committed to continuously improving the product and maximizing the token's utility. Despite facing various challenges, the team remains steadfast in their commitment to delivering an exceptional product.

WELL3 Prioritizes Community Trust

The WELL3 core team has held numerous meetings with the community at various web3 events around the world, demonstrating transparency and commitment to the project. All team members involved are known to the community, strengthening the trust and relationships that have already existed.

The decision to burn tokens is also based on the belief that maintaining momentum and trust is the key to long-term success. The WELL3 team wanted to avoid any negative impressions and show that they really appreciate the support of the community.

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