BullPerks Conducted The BLP Token Burn and Buyback Events
Good news for all BLP token holders! To support token price stability and value, BullPerks conducted BLP token burn and buyback events.
BullPerks is thrilled to announce they have conducted a BLP token burn of 250K BLP tokens and buyback of around 110,000 BLP. These programs were conducted to support long-term price stability and token value growth. All BLP holders may benefit from these events since the circulating supply was lowered and hence the value of the community’s tokens will potentially increase.
What is a token-burning event?
For those unfamiliar with this concept, a token burn is an act of sending cryptocurrency tokens to a wallet that has no access key. Without the private key, these tokens cannot be accessed by anyone and are lost forever. It essentially eliminates them from the available supply, therefore raising their scarcity and value.
Tokens are burned when they are permanently removed from the circulating supply on purpose — as opposed to assets that are lost on accident, like by being unintentionally sent to an address with no owner or via the loss of access to the wallet where they are stored. The tokens exposed to burning were gathered from penalties for the people who unlocked or unstaked their BLPs when they left BullPerks after the recent update of our tier system.
What is a buyback?
Fulfilling our commitment in the whitepaper, we use a portion of profits to buy back BLPs. It will limit the circulating token supply, potentially increasing its overall value. This event is also conducted to reduce the price volatility and increase liquidity. The lower supply tends to stabilize the prices in the long term. Token-burning and buyback approaches serve the same purpose, but their mechanisms are different.
We bought back around 110,000 BLP.
BullPerks is a decentralized VC and multichain launchpad dedicated to introducing the best-quality projects to its users. The company truly believes that its community should always receive trustworthy information about all deals. The BullPerks team of experts performs rigorous due diligence of all crypto startups to ensure the highest ROI and minimize investment risks for its users.
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