PoV Ethereum Burn



Image

For those who have been following our development updates, Verasity is in the process of implementing a dual token system into our ecosystem. This entails a two token model that will introduce a wide range of new utilities to ERC-777 VRA, the launch of a purpose-built PoV token on the Tron blockchain, and an airdrop for VeraWallet users. For a comprehensive summary of this ongoing evolution, see our ‘Contract Migration Journey’ update here.


In our recent follow-up article, we elaborated on our plan to methodically burn PoV tokens from the existing VRA contract. This process involves gradually removing legacy PoV tokens, culminating the ‘Burn’ phase of our migration roadmap.


The shift to a dual token model and the migration of PoV tokens to a new blockchain contract involves complex and intertwined phases. Some phases overlap due to the necessity of synchronized planning and execution.

Thanks to the rapid pace of our development efforts, and in keeping with the Verasity 2.0 momentum, we are pleased to share that the first PoV token burn from the VRA Ethereum contract has been completed, marking the official start of the 'Burn' phase — ahead of schedule. This significant milestone initiates a deflationary state for legacy PoV tokens, which will remain in effect until the ‘Burn’ phase is completed.

Image

We are now in both the ‘Testnet’ and ‘Burn’ phases simultaneously.

A total of 1 billion PoV tokens have been burned, reducing the total supply of tokens to less than 100 billion for the first time since the legacy mint. The circulating supply remains unaffected. The transaction ID can be viewed HERE. This ongoing, gradual burning of PoV tokens will continue in arbitrary batches at our discretion, and updates will be provided to the community with each burn event when those occur. This phase will now run in tandem with the other phases, with completion expected sometime in 2025 as already communicated.


We want to highlight that this burn isn’t related or relevant to our quarterly revenue burns. When revenue burns occur, we will inform our community accordingly. We also want to take this moment to emphasize the hard work our team has been putting into this major ecosystem overhaul. We are confident in the positive and beneficial outcomes of a dual token ecosystem and will keep the community updated with regular progress reports. With many moving elements in play, we are excited about the future and value the community's support during this important development phase for Verasity.

Follow Us:

Token Disclaimer: