Verasity, one of the longest-standing and most prominent adtech solutions in the blockchain space, has made a significant decision. This move followed an extensive community consultation involving over 500,000 community members and token holders. The verdict? Burn 50% of its maximum token supply. That is the biggest community consultation and burn in crypto history! (Yahoo Finance). Let’s explain why this Verasity token burn is so monumental.
Farewell to Reserve Funds
Verasity employs a patented Proof of View system, which achieved considerable success in the market at the outset of 2023. And it continued to perform well throughout the year. The company has expressed its intent to expand and scale its business operations using the revenue generated from its innovative technology.
As a result, the decision is to burn the entire 10 billion $VRA tokens. Verasity’s strategic reserve wallet minted and held these tokens for future business purposes. The decision to do so stemmed from deeming this reserve unnecessary due to the success of Verasity’s anti-bot advertising technology offering. (Source: Bloomberg News)
The community has been active and vocal and has expressed (long ago) that the warchest tokens should be burned. Why? Because it was ‘ruining’ the tokenomics and confusing new investors. And Verasity listened!
With this action, VRA’s circulating supply is now capped at 10 billion, and the company is currently in the process of migrating 90 billion tokens to a new blockchain. The team is actively exploring alternative blockchain platforms to transfer these Proof of View marker tokens, which facilitate data transfer for its ad stack but do not contribute to the circulating supply. (Source: Verasity Medium)
Circulating VRA Supply
The circulating VRA supply will continue to play a pivotal role within the VeraViews ad ecosystem. It will function as a deflationary token subject to quarterly burns. Also, it will serve as a means of payment for clients, and be utilized for staking within the VeraViews ecosystem. In an unprecedented move, over 155 million VRA were burned in H1 2023 alone. (Verasity Medium).
The price of $VRA coin has increased over 70% in the last 7 days (from September 28 – October 4). The decision to burn token came out on October 2nd.
What’s next for Verasity after Token Burn?
Although it may not be explicitly mentioned in the roadmap, this decision is a crucial piece of a grand plan set to ignite tremendous growth from 2024 onwards. With the overwhelming success of the PoV system and Verasity’s other cutting-edge products in content creation and security, the project anticipates an exponential surge in demand for its groundbreaking advertising solutions. You can read more about Verasity and $VRA on our blog.
$VRA New Listing
Another positive news that has impacted the price of $VRA coin is the listing on ByBit exchange. Bybit decided to list VRA on October 3rd and the volume for $VRA/USDT has skyrocketed past 1B $VRA. Another massive success!
You can check out the graph on TradingView
Current price of $VRA: CoinMarketCap
Bybit is a cryptocurrency exchange that allows users to trade a variety of digital assets. It provides a platform for buying and selling cryptocurrencies like Bitcoin, Ethereum, Ripple, and other popular digital tokens. Bybit is primarily known for offering cryptocurrency derivatives trading, which means users can trade contracts that derive their value from the underlying cryptocurrencies without actually owning the assets themselves.
