Tallinn, Estonia--(Newsfile Corp. - August 14, 2022) - DeFi Insurer, Uno Re, has announced that they have burned 1M $UNO - 1.4% of their total supply - as part of their deflationary token model. Modelling the token to be a deflationary asset, the protocol has once again utilized some of their profits to reduce their circulating supply.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8509/133299_7e6cc8063422f955_001full.jpg
Following the burn, the protocol shared the announcement and also the proof of burn via their social media. The token burn essentially means Uno Re sent the tokens to a wallet no one has access to, officially removing them from circulation. The protocol burns its own utility token in an effort to decrease total supply.
$UNO was first tradable on March 18, 2021. The $UNO token has a total market cap of $2,448,617 with a 24hr trading volume of over $220,500 at the time of writing. It has a circulating supply of 73,232,181 UNO, and a total supply of more than 384 Million.
$UNO, the deflationary token, has been burned 3 times by the protocol. The first-ever $UNO burn was done on November 10th, 2021 where 89,001 $UNO was burned off to the market. Following the first burn, a much bigger and better second token burn didn't take long. On November 30, 2021, exactly 152,052 $UNO was burned by the protocol.
On March 28, 2022, Uno Re bought back and burned 166,028 $UNO off the open market, making it the third in...
Your content is great. However, if any of the content contained herein violates any rights of yours, including those of copyright, please contact us immediately by e-mail at media[@]kissrpr.com.
INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...