According to the latest updates by the Klever (KLV) team, a one-stop platform for the storage and transfer of crypto tokens, its massive KFI mining event erased $77 million in KLV tokens from the circulating supply. Why is this crucial?
KFI mining event finished, $77 million in KLV burnt
The Klever (KLV) team just confirmed the completion of its KFI mining event. In order to obtain the new-gen governance asset KFI, holders of KLV, the core native asset and main utility token of Klever, were asked to send them to be burned.
KLV enthusiasts met this proposal with great interest: 629 million KLV tokens have been burned and removed from the KLV circulating supply. Here is the transaction hash.
At press time, the KLV price is over $0.12, so the aggregated value of tokens destroyed is closer to $77,000,000. Thus, this event is obviously one of the largest burning campaigns in the history of the crypto segment.
Also, the very concept is novel: an existing utility token was used to mine a governance token.
In pursuit of scarcity
Celebrating the success of the KFI mining event, the Klever team has now introduced three instruments for periodic KLV supply adjustments.
First, 100 percent of the transaction fees from Klever Swap, Klever’s multi-asset wallet, is burnt daily.
Then, an annual burning event will be introduced: an amount of KLV equal to the annual revenue will be removed from the network every February.
Finally, new mine-burn events will be organized periodically.