EXMO Have Conducted Their First Native Token Burn

EXMO Have Conducted Their First Native Token Burn

Yesterday EXMO announced details of the first burn of their native EXMO Coin, as well as news that they will be supporting the ETC Network Upgrade known as “Agharta”.

The burn comes following the launch of EXM last year, where a gradual roll-out of their native token took place. This began with an initial IEO in August followed by two others, and before the eventual listing of the token on their platform. As per the whitepaper of the token that was released, the token would see quarterly burns. This action of conducting the burn, therefore, is the platform staying true to their word on the whitepaper’s promises.

The EXM tokens that were burnt were said to have come as a result of users paying a “cashback premium rate”.  In total, there were 354, 291 EXM tokens burnt this time around and EXMO has released the link to the transaction in a bid to provide transparency. This you can find on their website.

As mentioned, this is just the first of the scheduled burns. The next one will likely happen around April when the second quarter of the year begins. This process will be on-going until 50% of the total turnover of issued tokens (1 billion EXM) remains.  As those familiar with burns likely already know, burns are done to help push up the price of tokens and are a regular occurrence- particularly with native tokens launched by exchange platforms.

An increase in price has actually occurred since the burn. Thus, so far proving this true. The 505th ranked token on Coinmarketcap has seen a 2.25% over the past 24 hours. This pushed the price up to $0.004834 USD, at the time of writing.

ETC Network Upgrade ” Agharta “

In other EXMO news, the platform yesterday conducted the ETC Network Upgrade known as Agharta. This began at around 17:00 yesterday (10th January 2020).  While there may have been some trading interruptions, such as the suspension of ETC deposits and withdrawals, it is likely this would have been amended by now.

Full trading will likely have resumed by now, pending the team checking the correctness of the updated network operation. The platform detailed that they would make an announcement when ETC deposits and withdrawals would resume. However, there has been no word on this on their social media platforms as of yet.You should bear this in mind if you are ETC holder.

A final bit of news from the platform is that they have today announced the winners of their NYE Competition, where a total prize pool of $1500 was up for grabs. There were 55 winners of this competition and so if you entered, there is a good chance a cash sum is waiting for you. Make sure you check out your account to see if it has arrived.

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