The Kin Foundation has closed a vote to burn 4.96 trillion of its reserves in an effort to fully decentralize the Kin protocol.
Stay updated on Pro Crypto Ecosystems news by locking ACS tokens with The Block.No wallet? No problem. You can set one up for free. We recommend Torus for first-time users., the organization behind the protocol Kin, has concluded a vote that will see a vast percentage of total KIN supply burned.
of 10 trillion. After the vote, Kin Foundation will burn 4.96 trillion of its KIN reserves, and Kik will burn another 2.1 trillion afterward.'No inflation, no foundation, and no website' The KIN token traded at $0.00001829 at 10 a.m. ET Thursday. In the three weeks leading up to the burn vote deadline, the coin saw a notable increase with the peak price of $0.000029 on July 23.
Kin has a fully diluted market capitalization of $175.5 million, according to the crypto price tracker CoinMarketCap.Ted Livingston saw the burn of trillions of KIN tokens as necessary for the future of the protocol, explaining his reasoning in the July 6 proposal.
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