With our recent Qredo token burn, we have surpassed the milestone of burning over 100 million QRDO this year!

Overall, approximately 114.6 million QRDOs have been burned to date, on track to meet our goal of reducing the total QRDO supply by 140 million QRDOs (14% of the initial total supply) in 2022.

usas early as Marchannounced this burn plan, along with several other QRDO supply reduction measures, including fees paid in QRDO, extended vesting periods, and an exciting new validator program.

Every month, we have been burning QRDO, and as part of the plan, we burn an amount of tokens each month that is equal to or greater than the amount of tokens vested in the previous month.

See below the number of QRDO burnt so far...

What is a token burn?

Despite the name's sound of burning, burning doesn't mean dipping a token in gasoline and setting it ablaze. Burning simply destroys tokens, usually by sending them to an inaccessible address from which they can never be recovered. In this example, we called the destroy function on the QRDO smart contract.

Relevant data about QRDO token burn 🔥🔥🔥

With our 2022 burn, we have reduced the supply from the original 1 billion tokens to 885.4 million tokens so far - meaning 11.46% of the supply has been burned!

November 7, 2022: 16.8 million QRDOs burned

Transaction ID:https://etherscan.io/tx/0x1ad244d679d93bc8498dcf4907fb8c4d327cf9a3dcf31d2de0ea2c65d4d885b8

October 3, 2022: 24 million QRDOs will be destroyed Transaction ID:https://etherscan.io/tx/0x089afb254c17d661182fd2362dd337f0206fc58f297f5ae3bb73ab00d2b897b1

September 5, 2022: 16.8 million QRDOs destroyed Transaction ID:
0xd7ed34f902b79fc46c7ade97fdf58d172913aad77b3d6a2cde2406bd2c23cdfe

August 1, 2022: 16.8 million QRDOs burned
Transaction ID:
0x4f49d2fad49c8a09ec7af7f31e07862070c0cee2ad701cc7a67fabb4dacca6db

March 28-29, 2022: 40 million QRDO will be destroyed
Transaction IDs:
0x711c37b288d5fa813303302b8d6d4aee39fa17986b7f290d517126d76d141c930x29d07d041149741150251311abfe081b47be619ec17b3a6fedb321473c29cf46

Next Steps for QRDO: Network Fees and New Token Utility

We are implementing another of our tokenomics initiatives and increasing the utility of the Qredo token by enabling users to use QRDO to pay for Qredo network fees.

Paying fees in QRDO will unlock a 15% automatic fee discount and will increase demand for the token. Also, most of the QRDO used to pay fees will be destroyed!

Qredo Network fees are being rolled out gradually - first as a beta program involving selected customers.

Supporting this will be the introduction of PowerSwap. This new feature allows Qredo wallet holders to exchange their Tether (USDT) and USD Coin (USDC) for QRDO in a faster and cheaper way - all without leaving the security of Qredo's dMPC.

This is because the exchange is inOn Qredo's layer 2 blockchainProceedings - If the trade takes place on an external exchange or trading venue, there is no delay, counterparty or slippage risk.

Qredo Chinese page:

Original link:https://www.qredo.com/blog/november-qredo-token-burn 

Qredo Chinese page:qredo.com/zh-cn