Verasity, a crypto project consisting of an open ledger ecosystem for advertising, recently carried out a massive token burn. 10 billion of Verasity’s native token, VRA, were burned earlier today, which reduced the supply to 10.3 billion VRA with 100% circulation. Referred to as the War Chest Burn, the burned tokens were part of the project’s corporate warchest.
Verasity took to X (formerly Twitter) earlier today to share the latest developments with its community:
The Warchest Token burn was the result of an eight-week-long community consultation process that took place in August and September 2023. The consultation was touted as one of the biggest of its kind in blockchain, given that it witnessed participation from more than half a million VRA holders and community members.
According to Verasity, the billions of VRA in the corporate warchest were a cause of concern for its community, who suspected that the tokens may enter into circulation at some point. The transaction address for the token burn showed that the project burned nearly $70 million worth of VRA to put the community’s concerns to rest.
The token burn was possible because the need for the warchest tokens went away with Verasity’s development. Its VeraViews project had reportedly reached a revenue stage, which paved the way for Verasity’s commercial adoption. Additionally, the Verasity product team’s efforts to deploy VeraViews across different players eliminated the need for the Warchest tokens to acquire a publisher.
Speaking on its future roadmap, Verasity stated:
“We are now focusing our energy on moving PoV tokens in a manner that causes the least disruption to both our commercial operations (given that VeraViews is live with clients) and to our token holders.”
Data from CoinMarketCap showed that VRA gained more than 23% following the Warchest burn. The latest rally took VRA’s price to a five-month high of $0.00625, with a market capitalization of over $64 million.
