The ALPACA token is now very close to becoming a deflationary asset as the protocol executes its largest weekly token burn to date.
Over 5 Million ALPACA tokens burned to date
Alpaca Finance completed the 33rd weekly buyback and burn of their native token, ALPACA, on Nov. 7. This takes the token one step to closer toward the deflationary path, as announced via Twitter post by the protocol.
Alpaca’s Sunday bonfire burnt a total of 501,888 tokens worth over $444,000 at the time. This is the largest weekly burn for the token to date. The weekly emission for ALPACA now stands nearly at 554,000 tokens, putting the token extremely close to becoming deflationary. The previous largest weekly burn occurred in week 20 of this year with the burn of 492,888 tokens, and to date, over 5.66 million ALPACA tokens are burned.
“That’s because you have to factor in liquidity. We have 30 million just on PancakeSwap, not to mention on CEXs. 500k isn’t going to make a huge move. Burn is something that adds up over time,” replied the protocol’s official Twitter account in the announcement’s thread to a Twitter user @Spaceman045, who mentioned that despite the token burn every week, the price remains fairly stable.
Additionally, the protocol announced on Twitter on the same day that the whitelist for Alpies on the Ethereum network is now ready. Previous Alpie minters will be able to mint free Alphie NFTs from the unminted amount, i.e., gas only. The protocol has ensured that the list is slightly oversubscribed so that all Alphies are minted. The minting opens up for previous Alpie minters on Nov. 8 at 10:00 UTC. The whitelist includes:
Whitelist Minters (ETH)
Public Sale Minted (ETH)
BSC users who minted each Alpie for <= 4 BNB tokens
Wraparounds: First 301 ETH Whitelist minters will receive 1 more Alpie NFT for each minted Alpie
About Alpaca Finance
Alpaca Finance is one of the most prominent lending protocols on Binance Smart Chain (BSC) that allows leveraged yield farming. Users can earn stable yields in a reliable, safe manner through the protocol. It offers borrowers undercollateralized loans on leverage yield farming positions held, thus enabling multifold growth of farming principal amounts and the associated profits.
Find more about Alpaca Finance here:
Source : bsc.news
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