We’re thrilled to share the latest update on our $REEF token burn program! On January 10th, 2025, 129,914 REEF tokens were permanently removed from circulation, contributing to the ongoing effort to enhance the value and sustainability of the Reef Chain ecosystem.
Transaction Details for Verification:
Burn Amount: 129,914 REEF
Transaction Hash: View on BscScan
The Monthly $REEF Burn Program
This program reflects our commitment to reducing the total supply of $REEF, thereby strengthening its value proposition and fostering a vibrant decentralized ecosystem. Each month, a portion of $REEF is burned, permanently removing it from circulation.
Burn Summary Table
Month | Burn Amount (REEF) | USD Equivalent |
|---|---|---|
November 2024 | 162,356.686 | $271.78 |
January 2025 | 129,914 | $217.85 |
Total | 292,270.686 | $489.63 |
*The table above reflects the cost of $REEF into USD at the time of the burn.
Why $REEF Matters
$REEF is the native token powering the Reef Chain’s innovative DeFi ecosystem. It plays a crucial role in:
Transaction Fees: Enabling smooth operations across the network.
Governance: Empowering the community to shape Reef Chain’s future.
Incentives: Encouraging active participation and innovation.
By implementing a regular burn mechanism, we aim to align with our long-term vision of sustainability and create lasting value for $REEF holders.
Key Features of the Burn Program
Burn Amounts:
Every month, a specific amount of $REEF is burned. For example:
November 2024: 162,356.686 $REEF burned, valued at $271.78 USD (as of Dec. 2, 2024).
January 2025: 129,914 $REEF burned.
Transparent Process:
The $REEF burn process is fully auditable. Burn details, including amounts and equivalent USD values, are shared publicly for complete transparency.
Irreversible Supply Reduction:
Burned $REEF is sent to a "blackhole" address:
0x000000000000000000000000000000000000dEaD, ensuring a verifiable and permanent supply reduction.
Building a Stronger Reef Chain
This initiative underscores our unwavering commitment to growing a sustainable and decentralized Reef Chain ecosystem. Regular burns not only reduce the circulating supply but also enhance the intrinsic value of $REEF, benefiting the entire community.
Stay tuned for future updates and detailed monthly burn reports. Together, we’re shaping a brighter future for the Reef Chain ecosystem. 🌊
