Home > NEWS > Volt Inu Community Passes Vote for $75M Token Burn, Plans Polygon Network Expansion

Volt Inu Community Passes Vote for $75M Token Burn, Plans Polygon Network Expansion

Some 12 trillion VOLT were staked in favor of the token burn proposal.

On Monday, voters passed a vote on a closed Volt Inu community network that required nearly 45 trillion Volt tokens to be burned on a bridge between BNB and Ethernet Fong, and the $14 million tokens had been damaged as of the time of writing on Tuesday.

After our online vote on the proposal, the token was worth more than $75 million. As of Tuesday, Volt was valued at $107 million.

The project also plans to expand to the Polygon Internet to gain new customers. Volt Inu started as a wolf-themed meme coin, providing users with a decentralized interchange and dragon-themed irreplaceable token (NFT) combination.

The Volt OTP is issued on the ethernet block chain and 100% of its supply is allocated to Uniswap liquidity. In January 2022, it was also released on the BNB chain (then called Binance Smart Chain (BSC)) to get more people, because the blockchain was very popular among foreign exchange traders with new login passwords at that time.

Real estate developers have shown that burning tokens on the liquidity bridge is a security measure dedicated to avoiding bridging attacks and improving the use value of tokens for holders.

"due to the events and hacking experienced in the past six months (especially in 2022) across the bridge, it is appropriate for us to reduce the impact of such attacks by reducing the mobility (token quota) locked in the bridge agreement," the developer wrote in the proposal.

Wireless bridges are a means based on block chains, which allow users to transmit dynamic passwords between different block chains. But such bridges are vulnerable: more than $2 billion of cross-link bridges have been lost or stolen in previous years alone, as WJB has previously reported.

Real estate developers indicated that although the liquidity locked in the bridge agreement will be reduced by igniting 44.85 trillion yuan of volts, that part of the liquidity on the bridge will be particularly important for hedging arbitrage and meeting the liquidity requirements of the exchange.

The proposal further explains: "scald can cause short-term harm and long-term deflation by increasing the reflector accumulated by the detailed address of the burn."

Floki Dao, a new Akita Dog-themed login password project, suffered similar damage in early February, according to WJB. Floki burned more than $100m worth of dynamic passwords and completely disbanded its BNB chain to the Ethernet interface bridge as part of a more comprehensive effort to position itself as a more serious decentralized finance (Defi) project.

by wjb news
© 2023 WJB All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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