The Bitcoin-based CeDeFi platform, Avalon Finance, has announced the burning of over 80 million tokens, representing nearly 44% of its circulating supply. Following the move, the price of the AVL token jumped by 16% as it caught widespread attention from the crypto community.
Avalon Labs noted that a total of $20 million of airdropped AVL tokens were claimed by more than 100K users over the past year, and the burning, which took place on June 9, particularly included unclaimed tokens, worth approximately $16 million at the time.
The token burning is a standard approach used by crypto projects to control the inflation of the token’s market. After burning, those tokens are removed from the market supply, and they can no longer be accessed by anyone.
The AVL token is currently trading near $0.2033—up 15.81% in the past 24 hours. It surged as high as $0.2169, while down overall 85% from the all-time high price of $1.44, marked on 14 February.
“As $AVL enters a deflationary cycle, more value will be unlocked, aligning long-term incentives and strengthening the foundation of our ecosystem,” said Avalon Labs.
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