Cryptolocally To Burn 100 Million GIV Token in 2021

Token Burn Summary:

  • Cryptolocally will burn 100 million GIV Token in the circulating supply.
  • The burn will commence from November 2021 to December 31st 2021.
  • This will reduce the total supply by 10%, The current supply is 999,000,000.
  • The GIV Token is currently circulating a supply of 568,948,670. The price as of November 5th sits at $0.005.

Tokens in the DeFi space and community governance are only as strong as the community and the members who are willing to support the project by holding the token long term.

With this in mind, we are improving our token model to maximise long term yield for our community. We are launching strong long term growth incentives for GIV and the ecosystem via sustainable community and user rewards to reduce downward pressure on GIV.

By improving the way our users interact with GIV on the platform, the GIV token’s reward and burning model will be self-reinforcing, which would further engage the community in the long run. In addition, the new change in GIV would be positive for both users and token holders, whilst attracting new users to the platform. A summary of the business update can be found below.

Read our 2021 business update

Summary of 2021 business update:

  • New Whitepaper 2.0
  • Update Earn Wallet 2.0 — Higher yields along with lock-in options of up to 125% APY
  • New Burn Mechanism — 20% of all GIV spent on the platform will be burnt monthly
  • User Lottery System — 80% of all GIV spent on the platform will be rewarded

With all this in mind, we are committed to burning 100,000,000 tokens by the end of 2021. The token burns will happen randomly and will not be pre-announced, however, we will announce once a burn has taken place. This burn will take our total supply to 900 million. We are confident in the trajectory of the platform and the tokens being burnt will be from a buyback scheme that we initiated in September 2021. This means that the tokens being burnt are from the token in circulation, not the uncirculated tokens.

Token burning is a strategy used by cryptocurrency projects to increase the price of a token, or coin, in the market. It means that if you bought a token that had a significant pool of its supply burned, its price would go up if all else was equal.

The goal of token burning is to remove a certain quantity of a token from the circulating supply. One of the most popular ways is to buy a certain amount of tokens from the market to take it out of circulation forever. The tokens are then transferred to a private address called a Burn address, where tokens are frozen. This burn address is a one-way irreversible address without access to withdrawal as there is no private key. Basically, the asset no longer exists and has been “burned”.

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If you have any questions you can contact us in the Telegram group.