Published Nov 7, 2022
By Qredo Team
114 Million Qredo Tokens Burned
With our most recent Qredo Token burn we’ve passed the milestone of having burned over 100 million QRDO this year!
Overall, we’ve now torched some 114.6M QRDO, well on the way to meeting our goal of reducing QRDO total supply by 140M (14% of Total Initial Supply) in 2022.
This burn program was announced back in March, along with a number of other QRDO supply reducing measures, including fees paid in QRDO, an extension in the vesting period, and an exciting new validator program.
Every month, we’ve been burning QRDO as part of a schedule whereby we burn an equal or greater number of tokens each month than the number of tokens which vested the previous month.
See below the QRDO burns so far…
What is a token burn?
Despite the name, burning doesn't involve dousing tokens in gasoline and setting them ablaze. Burning is simply destroying tokens, which is usually achieved by sending them to an inaccessible address from which they can never be recovered. In this instance, we are invoking the burn function on the QRDO smart contract.
QRDO burn stats 🔥🔥🔥
With our 2022 burns, we’ve so far reduced supply from an initial billion tokens to 885.4M -- that’s 11.46% of supply gone up in flames!
November 7, 2022: 16.8M QRDO burned
October 3, 2022: 24M QRDO burned
September 5, 2022: 16.8M QRDO burned
August 1, 2022: 16.8M QRDO burned
March 28-29, 2022: 40M QRDO burned
Next for QRDO: Network fees and new token utility
We’re delivering on another of our tokenomics initiatives and increasing the utility of the Qredo Token by enabling users to pay Qredo Network fees with QRDO.
Paying fees in QRDO will unlock an automatic 15% fee discount and will boost demand for the token. In addition, most of the QRDO used to pay fees will be burned!
Qredo Network fees are being gradually rolled out – starting first with a beta program involving selected clients.
Supporting this will be the launch of PowerSwap. This new functionality allows Qredo Wallet holders to swap their Tether (USDT) and USD Coin (USDC) for QRDO in a faster and cheaper way – all without leaving the security of Qredo’s dMPC.
That’s because the swaps are carried out on Qredo’s Layer 2 blockchain – with none of the delays, counterparty or slippage risk that would be experienced if the trade happened on an external exchange or trading venue.
Watch this space for more news on PowerSwap!