• Kin Foundation has announced that the proposal to burn 7 trillion KIN tokens has passed.
• The price of KIN jumped more than 20% as traders reacted to news.
• Ted Livingston, founder and CEO of Code, says the burn will make Kin a fully decentralised cryptocurrency.
Burn Proposal Passes
Kin Foundation has announced that a proposal seeking to burn trillions of KIN tokens has passed. According to an update from the organisation, the community’s vote on the proposal to burn Kin Reserves will see over 7 trillion KIN tokens destroyed. This represents 71% of the total KIN supply being burned.
Path To Decentralisation
Founder and CEO of Code, Ted Livingston, says that this burning process will make Kin a fully decentralised cryptocurrency with no inflation, foundation or website. He added that further details would be released once the burn is complete and 4.96T Kin held by the foundation plus 2.1T planned for burning by Kik are both destroyed by end of day Friday July 28th 2023.
The price of KIN soared after the vote closed, reaching an intraday high of $0.000022 – up 22% in 24 hours and 68% in one week following its jump near $0.000030 after the proposal was made public knowledge.
The current circulating supply for KIN is 2,207,205,857,149 while its maximum supply is 10 trillion tokens according to data from CoinGecko..
With this historic vote passing through successfully it looks like we can expect big things from Kin token in terms of value and market presence going forward as it moves closer towards becoming a fully decentralised cryptocurrency with no inflation or foundation governing its use cases or backing it up financially