VOLT announces token burn of 44.85 trillion ahead of Polygon launch, triggering a price surge
VOLT, the popular cryptocurrency known for its success on Ethereum and BSC, has taken a significant step to increase the value of its tokens and ramp up the security.
The platform recently announced the burn of a whopping 44.85 trillion VOLT tokens, amounting to $74.5M.
The burn is set to occur over five days, with the first burn of $14.9M already completed. In the third burn, 8.97 trillion VOLT tokens, worth $14.9M, have been removed from circulation.
In the 4th burn that concluded today (Feb 17th), another 8.97T #VOLT tokens (worth $14.9M) have been burned.
Additionally, VOLT has seen a surge in demand due to the addition of the VoltiChange widget to 89 projects in its first month, making each project deflationary and increasing the VOLT burn rate.
Despite the recent security breaches experienced by cross-chain bridges in the crypto space, VOLT has decided to maintain the bridge between Ethereum and BSC, which is crucial for the platform’s continued growth. However, to reduce the potential impact of any attacks, VOLT has proposed to its DAO to burn a staggering 44.85 trillion VOLT tokens, which were previously locked in the bridge contract.
This move is expected to have a significant short-term impact on VOLT’s liquidity. Still, it also has long-term deflationary implications, as the burn will increase the reflections accumulated by the burn addresses. This deflationary effect could ultimately increase the value of the VOLT token, making it an even more attractive investment option for those looking to capitalize on the growth potential of the crypto market. The effect is visible since the token’s price jumped 11% after the announcement.
Listing on the Polygon blockchain
Volt has decided to withdraw 25% of Uniswap liquidity and allocate it to Polygon. Following huge user demand that the VOLT token also is available on Polygon, the team decided to launch the token on the popular layer 2 solutions. By introducing the VOLT token into a decentralized environment with low transaction fees, VOLT can target a new audience while maintaining liquidity across all the chains. With this unique new option, VOLT hopes to create more efficient price development and foster user growth.
Volt Inu ($VOLT) is a stakeholder-focused ecosystem that unifies the DeFi space while giving back to the community. This includes their decentralized exchange, allowing projects to list without permission and become deflationary. With this, Volt Inu provides an NFT collection that can only be accessed through $VOLT, which gives exclusive access to future collections, real-world events & meetups and special rights & revenue within the Volt Inu ecosystem, such as a P2E game.
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