Founder and owner of both Swipe Wallet and Venus protocol have just hinted at a possible $XVS big burn in the history of the token burn via his Twitter handle. This could lead Venus token to another new ATH in the coming days.
Big Burn Incoming
On May 3, Joselito made a [EMBED] Tweet hinting at a big burn incoming for the Venus token $XVS. The tweet tagged the Venus protocol handle and has over 850 likes and 277 engagements since the Tweet time. Today, the protocol has confirmed the speculation in a new Tweet quote via its handle 3 hours ago at the time of this report on the event of the biggest XVS burn scheduled.
This follows on the heels of the scheduled airdrop of the new $VRT tokens exclusive to Binance Smart Chain (BSC) to protocol users and $XVS holders on May 15th and the release of the supplemental whitepaper.
The purpose of VRT is to substitute the current reward mechanism designed on Venus Protocol, where XVS is currently solely distributed and, replace the majority of the various reward system mechanisms on the Venus protocol.
Venus enables the world’s first decentralized stablecoin, VAI, built on the Binance Smart Chain backed by a basket of stablecoins and crypto assets without centralized control. The protocol exclusively Invented by @SwipeWallet enables a Decentralized Algorithmic Money Market and Synthetic Stablecoin.
When done strategically, burn mechanisms help improve the utility of the token as it creates scarcity. However, when done with quality programs line up like that of $XVS, the strategy can help send the coin to all new highs.
There is now an overall increase of VRT airdrop scams as the main airdrop event draws close, be careful and ensure you don’t connect your wallet to phishing links or send your $XVS to anyone.
The airdrop ratio will be 1 XVS = 1000 VRT sent to your BSC wallet after the snapshot.
Source : bsc.news
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