In preparation for a new era of OMI utility, ECOMI has permanently removed the remaining ~221 billion OMI tokens from the Vault and Reserve wallets.
This process was undertaken to provide an accurate reflection of the supply of the token and to mark the beginning of OMI utilities which will permanently remove tokens directly from the circulating supply.
What Is Token Removal
The term permanent removal in crypto, also referred to as token burn, is the action of sending cryptocurrencies to a wallet address which is not controlled or accessible by any person or entity.
These wallets are fully renounced and have no private key or recovery method to access the cryptocurrency within the wallet. This ensures that any cryptocurrency sent to the wallet can never be recovered and is permanently removed from circulation.
Circulating Vs. Non-Circulating Tokens
A circulating token is OMI which is available to the public and can be held in either a user’s personal or exchange wallet.
The fully diluted circulating supply of the OMI token at the time of writing is ~310b tokens.
A non-circulating token is OMI which will never enter the circulating supply but was created to support the original token model.
The total supply of the OMI token including the non-circulating tokens which will never enter circulation is 750b tokens.
Removing Non-Circulating Tokens
The original token model contained a “Vault”, “Reserve” and “Burn” wallet with tokens which were pre-seeded from the total supply to support the operation of the system.
These tokens were never intended to enter the circulating supply, but their existence has led to confusion for users and issues with tracking the accurate circulating supply of the token on platforms such as CoinMarketCap and CoinGecko.
Removing the non-circulating tokens from the Vault and Reserve wallets provides clarity for users about the circulating supply for OMI and allows for more accurate tracking and reporting of the token.
The New Era of OMI Utility
Having utilities which only remove tokens directly from the circulating supply ensures that users have a consistent understanding of the token model and the ability to accurately track the available supply.
With the introduction of OMI to NFT, a percentage of every transaction is permanently removed directly from the circulating supply via the user-initiated buyer’s fee. More information on OMI to NFT will be released as the feature goes live.
Users will be able to track the token supply in real time by using the ECOMI Token Tracker which will be regularly updated to reflect the total tokens in circulation.
For more information and to stay up to date on all of the newest OMI features as they are released, join the ECOMI Discord and follow us on our socials.
Information on this channel is for educational purposes only. It should not be considered financial advice; all users are advised to do their own research. See Disclaimer.
About ECOMI
ECOMI is the issuer of the OMI token. The OMI token is intended for use in the VeVe digital collectibles ecosystem. With over 10 million digital collectible NFTs sold since the beginning of 2021 and a range of international brands, artists, and IP partners releasing content through the platform, VeVe is the world’s leading digital collectible platform.
The OMI token is intended to amplify the collecting experience and, when available, will provide VeVe collectors with a range of unique ways to build and expand their digital collections.
For more information on the utility features available and being worked on, please visit VeVe.me, follow our socials for the most recent updates, and subscribe to the blog to get updates delivered to your inbox. 📩
