Categories: News |
Published by: BTCGOSU |
Last updated: 16/11/2023
In a bold move to enhance user experience and solidify its commitment to the community, EarnBet.io, a licensed crypto casino, recently executed a substantial token burn, annihilating 232 million EBET tokens. This marks the second burn since the beta launch of the EarnBet NextGen update, reflecting the platform’s dedication to continuous improvement and innovation.
Token Burn Details
The token burn, equivalent to 2.6% of the total EBET supply, was unveiled through the casino’s official social media channels. This strategic move is part of EarnBet’s broader efforts to prepare the platform for a wider audience, following positive feedback received during the beta phase.
What does Token Burning mean?
The process of burning crypto involves the permanent removal of a specific quantity of tokens from circulation. Typically, this is executed by transferring the designated tokens to a burn address—a wallet that renders retrieval impossible. This act is commonly referred to as token destruction.
Projects undertake token burns with the primary aim of diminishing the overall token supply, thereby creating a “deflationary” occurrence. The underlying motivation is often to augment the value of the remaining tokens. Historical trends show that asset values generally increase when the circulating supply diminishes, fostering a sense of scarcity.
In a manner reminiscent of this, algorithmic stablecoins adopt an automated approach, frequently minting and burning new tokens to sustain their value pegged to the U.S. dollar. For instance, if demand for the stablecoin surges and the price deviates above its dollar peg, the smart contract within the protocol triggers the issuance of new tokens to readjust the price, and vice versa.
Similar to a Company Buying Back its own Shares
Drawing a parallel to corporate practices, burning tokens shares similarities with a company buying back its own shares. This action is akin to the company “returning the value” to its shareholders. In the realm of crypto projects, burning tokens is employed to attain a similar objective.
It’s important to note that the immediate impact on the token price may not occur overnight during the burn. External factors or news about the token could overshadow the burn’s impact. Alternatively, investors might anticipate a token burn and factor it into the price earlier. Nevertheless, in the long run, burning tokens generally lends support to the asset’s price and is widely regarded as a positive strategic move.
EarnBet BuyBack Program Unveiled
In a show of transparency and community commitment, EarnBet shared insights into its ongoing EarnBet BuyBack Program. Fueled by 20% of the casino’s revenue, this program conducts periodic buybacks of EBET tokens from the open market. While specific details regarding timing and frequency are yet to be disclosed, the casino’s previous beta phase showcased promising results.
Successful BuyBack Transactions
During the beta phase, the BuyBack Program recorded notable transactions, including the acquisition of 10,511,322 EBET with 1.2 ETH, 6,123,542 EBET with 1300 USDT, and 8,022,007 EBET with 1.025 ETH on the specified burn date of October 31. EarnBet expressed gratitude for the community’s support and hinted at an upcoming blog post, teasing exciting new features for the platform.
Tokenomics Overhaul and Enhanced Transparency
At the start of October 2023, EarnBet revamped its tokenomics by introducing a buyback program on Uniswap, shifting away from traditional dividends. This strategic move aimed to simplify the user experience, eliminate monthly claims, and increase buying pressure. The realignment of revenue sharing, with 80% allocated to operational costs and 20% to the BuyBack Program, was introduced to enhance transparency.
Bought-Back Tokens and Strategic Utilization
The tokens repurchased through the BuyBack Program will be strategically employed to reduce overall supply, support marketing efforts, and fuel the platform’s growth. EarnBet streamlined its presence on the Ethereum blockchain, urging WAX chain users to migrate accounts seamlessly for an optimized experience.
Ongoing Innovations and Future Plans
EarnBet introduced the new token ticker “EBET,” offering perks for staking and optimizing token distribution for a more stable ecosystem. Beyond the recent website overhaul, EarnBet has ambitious expansion plans, including the addition of sports betting, a highly requested feature.
The platform also aims to introduce crypto trading games in collaboration with exchange partners, ensuring it remains at the forefront of industry trends.
EarnBet’s unwavering commitment to crypto origins will be evident through the consistent integration of cutting-edge games and features. As the platform continues its journey, users can anticipate a thrilling evolution in crypto gambling.
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