Polkabridge will be having her 6th buyback and burn is right at the door.
On the 19th of Aug 2021, Polkabridge announced it’s first buyback and burning to support the long-term development of PolkaBridge and incentive to increase the price of PBR, they decided to burn 1M PBR monthly (partially bought back and partially deducted from the fund)
The last burn was on the 10th of December 2021.
WHAT IS COIN BURNING?
Coin burning happens when a cryptocurrency token is intentionally sent to an unusable wallet address to remove it from circulation. The address, which is called a burn address or eater address, can’t be accessed or assigned to anyone. Once a token is sent to a burn address, it’s gone forever.
The thought behind coin burning traces all the way back to a long time before cryptocurrency. It’s basically the same as, and possibly motivated by, stock buybacks.
Coin burning started becoming popular with cryptocurrencies in 2017 and 2018 when multiple coins, including Binance Coin (CRYPTO:BNB), Bitcoin Cash (CRYPTO:BCH), and Stellar (CRYPTO:XLM) burned tokens to cut supplies and boost prices. More recently, it has been a common strategy with newer cryptocurrencies that start out with massive token supplies
Vincent Lau, Managing Director of International Operations at Huobi Global, further tells that reducing the token supply helps support the price of the token in the market and can increase its value over time.
Another aim of these burns is to keep inflation low.
About Polkabridge
PolkaBridge is a decentralized all-in-one financial applications platform. The PolkaBridge ecosystem is expected to include cross-chain AMM, Farming, Lending, Fundraising platform (Launchpad), Prediction, NFT, and more. All products will be developed with Polkadot in center.
❇️ Website: https://polkabridge.org
❇️ Farming https://farm.polkabridge.org
❇️ Staking https://stake.polkabridge.org
❇️ LaunchPad https://launchpad.polkabridge.org
❇️ Twitter: https://twitter.com/realpolkabridge
❇️ Medium: https://medium.com/@polkabridge
❇️ Github: https://github.com/cyclese96
❇️ Telegram Channel https://t.me/polkabridge
❇️ Telegram Group https://t.me/polkabridgegroup
❇️ Discord https://discord.gg/G3NDrcq6GW
❇️ Reddit https://www.reddit.com/r/polkabridge_official
❇️ CoinMarketcap https://coinmarketcap.com/currencies/polkabridge
❇️ Coingecko https://www.coingecko.com/en/coins/polkabridge
