Verasity (VRA), a unique open-ledger ecosystem, has welcomed a major protocol revamp, setting the stage for its imminent growth.
According to an official announcement from Verasity, it has just implemented a major burn event. With 10 billion VRA tokens taken out of circulation, community members are now optimistic a new growth path has been unlocked for the coin.
#Verasity $VRA burns the entire Warchest (10bn tokens), and explores new chains for 90bn PoV marker token separation, following a landmark community-led consultation.?
?Read our Press Release here:https://t.co/S5O9raMhnz
?TX Hash here:https://t.co/FOnSnB4Ldl
Full… pic.twitter.com/Sj44SIlI2z
— Verasity (@verasitytech) October 2, 2023
The New Verasity (VRA) Tokenomics
As detailed by Verasity, the entire 10 billion warchest burnt represents 50% of its maximum supply. The protocol said the burning was a result of one of the biggest community consultations in crypto history featuring over 500,000 community members.
According to the protocol, besides the supply cut, it has also been decided that the reserved 90 billion tokens earmarked for data circulation will also be moved to a different blockchain.
These drastic steps were made as the Verasity protocol is attaining self-sufficiency in adoption through its proprietary technology. With the Proof-of-View solution, which powers an anti-bot ads technology currently in use, Verasity noted it can now scale using the revenue from its technology.
As a community-focused project, the move from Verasity has underscored its true commitment to decentralization. This decentralization factor has been tagged as vital for growth and is embodied by competing chains like Cardano (ADA) and XRP, amongst others.
Becoming Millionaire With Verasity
The news of the token burn immediately impacted the price of VRA. Data gleaned from CoinMarketCap at the time of writing shows the altcoin is changing hands at a price of $0.00572, up by 15% in the past 24 hours.
With the growth notably complemented by a corresponding surge in trading volume by over 25%, it might be assumed that the community is happy with the current outlook. The top crypto account on X @egragcrypto is highly bullish about this new tokenomics.
In a dual post shared earlier today on the social media platform, Egrag said VRA’s tokenomics has jumped from a 7/10 score to 10/10.
#VRA just burned a colossal 10 billion WARCHEST TOKENS ?, a historic moment in crypto!@VerasityTech listened to the community and delivered, reducing the supply to 10.3B with 100% circulation.
The remaining 90B POV Marker tokens will migrate soon, preventing market dilution.… pic.twitter.com/PpqCTITM8o
— EGRAG CRYPTO (@egragcrypto) October 2, 2023
He noted that the implication of this is that there is a good chance the coin will jump from its current price to $1 in the next bull run.
Eager stated that VRA only needs 10X to reach $1 from its all-time high of $0.085. He further said that to become a millionaire, consider purchasing a million VRA tokens at the current price, which would amount to approximately $4,000 to $5,000. Then, exercise patience and hold onto these tokens until the opportune time arrives to sell, potentially yielding a substantial return.
Egrag is convinced that investors who bag the token now have a higher chance of hitting massive returns in a couple of years. Atop all the utility outlook and fundamentals, Egrag is convinced future burns will ultimately lead to a growth in price overall.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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