Did you see this on Twitter today?
Apparently, eosDAC has decided to burn 238,080,989 tokens today, at a current price of $0.233, that's approx ~$56 MILLION USD. Here's the information on the Ethereum block explorer.
They send the coins to the invalid address 0x0000000000000000000000000000000000e05dac which will not have a private key thus the tokens have been rendered useless and frozen forever..
So, rather than the previous available supply of 1.2 billion tokens (1,200,000,000), the new circulating supply of eosDAC tokens is 961 919 101.545.
You can read more about the entire eosDAC airdrop and burn here:
https://steemit.com/eos/@eosdac/eosdac-airdrop-and-burn
The eosDAC team could have easily kept these tokens for themselves, and I think it shows more about their character that they took the time to identify the addresses which were either unsupportive (exchanges) or where there was a conflict of interest (BlockOne).
The eosDAC community, and launch team, identified 48 wallets belonging to either B1 or exchanges who did not support the airdrop were withheld. However, many exchanges supported the airdrop and eosDAC is grateful to all the operations that have passed the tokens onto their clients.
So what does this mean to you? Well, this effectively reduces the supply of eosDAC tokens which creates upward price pressure. Think about it. There X demand for the tokens and 1.2 billion supply. We still have X demand but now have have 238,080,989 less tokens potentially available. It will be interesting to see if there's a bit of a price rally in eosDAC tokens over the next ~2 weeks.
I dont know about you, but I'm rly freaking excited about the launch!
In Liberty,
Ashe
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