Bonk DAO Burns 1.69 Trillion Tokens to Decrease Supply

user avatar

by Giorgi Kostiuk

2 years ago

Bonk, one of Solana's leading meme tokens, decreased its supply by 1.69 trillion tokens following a community vote. This initiative aims to support BONK's value growth.

Bonk DAO Token Burn

Bonk DAO decreased the supply to 91 trillion from the initial 100 trillion tokens. This burn was recorded as part of the Burnmas initiative in a Solana transaction.

Based on community participation in Burnmas, the amended vote has passed and 1.69 Trillion BONK has been burnt from the @bonk_dao multisig.BONK!!!

Community Role and Future Plans

BONK aims to be community-owned, ensuring the asset remains deflationary. BONK DAO still holds 9% of the total supply, making it the largest single entity on the chain.

BONK Prices and Prospects

Despite the burn, BONK did not rally immediately but remains undervalued, expecting potential future growth. BONK has lost some leading positions to other meme tokens but maintains strong standings due to its wide audience and listings on major platforms.

The token burn highlights Bonk DAO's effort to maintain ecosystem dynamics. With this initiative, the community solidifies its stance, though future steps and market impact will remain in focus.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

Tokenized Asset Compliance Faces Practical Challenges

The announcement from Further Asset Management highlights significant challenges in the practical implementation and legal interpretation of compliance rules for tokenized assets.

user avatarLucas Weissmann

Chainlink Introduces CustodySync to Enhance Institutional Lending

Chainlink has launched CustodySync in collaboration with Anchorage Digital to synchronize information between custodians and decentralized lending protocols, facilitating institutional borrowing while ensuring compliance with custody regulations.

user avatarFilippo Romano

Uniswap Developer Analytics: A New Tool for Enhanced User Engagement

Uniswap Labs has launched Developer Analytics, a new feature for developers to analyze requests, error counts, and transaction volumes, aimed at improving user retention and overall developer experience.

user avatarEmily Carter

Uniswap Labs Introduces Developer Analytics to Enhance Dashboard Experience

Uniswap Labs has launched Developer Analytics on October 28, 2023, adding new reporting features to its developer dashboard to enhance the developer experience.

user avatarTomas Novak

Bitcoin ETF Outflows Show Contrasting Trends as October Ends

US spot Bitcoin funds faced significant withdrawals at the end of October, with BlackRock's fund attracting nearly $1 billion in net inflows, highlighting contrasting trends in investor demand.

user avatarKaterina Papadopoulou

Theft of iPhone Leads to Significant Financial Loss for Cryptocurrency Executive

Theft of iPhone leads to significant financial loss for cryptocurrency executive Magnus Ahmad, who lost approximately $14,000 after his unlocked device was stolen, resulting in unauthorized access to his financial accounts.

user avatarMaya Lundqvist

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.