Bancor Community Plans to Burn 1M BNT Tokens

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Community Members DEX– Bancor platforms put to the vote a proposal to burn 1 million BNT. In their opinion, this should have a positive impact on the price of the project’s utility token.

Voting will end on September 28 at 17:00 (UTC).

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“DAO participants cited the fact that ‘burnings’ have a psychological impact on market participants,” the project’s website says. “This offer involves a one-time burn of 1 million BNT when this amount accumulates in the Bancor v3 vault.”

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If the mechanism proves its effectiveness, the community will insist on continuing the procedure.

99.27% ​​of voters insist on burning a million project tokens.

At the time of writing, the Bancor Vortex vault holds 860,000 BNT BNT tokens. The proposal states that the 1 million target will be reached within the next 30 days.

Over the past day, BNT has grown by 7.4% to $0.46. In January 2018, the Bancor utility token reached its all-time high of $10.72. After that, the price of the coin sank by more than 90%.

The current and at the same time the maximum volume of the BNT market supply is 193.47 million. The asset ranks 270th in the capitalization rating from CoinGecko.

In June, the developers of the Bancor protocol suspended the non-permanent loss protection feature.

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Source: Cryptocurrency

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