It was stated that 2.1 billion FLR tokens will be burned in his post from his Flare Network
At this point, more than 2% of FLR's total supply will be permanently removed from circulation, preventing dilution of community token holdings and increasing incentives for new users to join the network.
The post said: “2.1 billion FLR will be burned for ecosystem health. Tokens were previously allocated to the early supporters of the project. Burning will prevent unfair dilution of community token stocks. 199 million FLR will be burned immediately, and the remaining 66 million will be burned monthly until January 2026.” will be burned.” expressions will be used.
2.1 billion FLR to be burned for ecosystem health.
The tokens were previously allocated to early backers of the project -> the burn will prevent unfair dilution of community token holdings.
• 199M FLR burned immediately, 66M monthly till Jan 2026.https://t.co/eW9U8uZNqZ pic.twitter.com/XE7odZGUcq
— Flare ☀️ (@FlareNetworks) October 13, 2023
Flare CEO and Co-Founder Hugo Philion made the following statements about FLR burning:
“We are delighted to have reached an agreement with our shareholders and thank them for their support.
The 2.1 billion tokens we will burn constitute almost 40% of the original token allocation for investors.
This will reduce competition for FlareDrops and reduce asset dilution of all ecosystem participants. “This is great news for the community.”
FLR rose by 5% after the burning news. FLR, which increased from $ 0.00903 to $ 0.0095, is traded at $ 0.0093 at the time of writing.
*This is not investment advice.
