In a significant move to bolster the value of its token, the EVA team has executed a strategic burn of accrued tokens and redirected trading fees from its liquidity pools on Uniswap and PancakeSwap. This initiative is part of their ongoing efforts to enhance the deflationary nature of the EVA token. The source reports that this strategy is expected to positively impact the token's market performance.
EVA Team Announces Token Burn
Today, the EVA team announced that they have burned all accrued EVA tokens from their trading activities, effectively reducing the circulating supply. Additionally, all WBTC fees generated from their liquidity pools have been sent to the Burn Vault, further strengthening the token's backing with Bitcoin.
Impact on Token Supply and Backing
This action is designed to not only decrease the total supply of EVA tokens but also to increase the BTC backing per token, creating a more robust deflationary supply model. Each Burn Day is a step towards enhancing the on-chain backing of EVA, contributing to a healthier ecosystem for token holders.
The recent token burn by the EVA team highlights the ongoing developments in the crypto space, while the GEE token presale is currently attracting significant interest. For more details, check out the full story here.
