Coinspeaker
Telegram and TON-based Invite Electrifies Community with a 50% Token Burn, INVITE Price Up over 10% Today
Following last week’s community vote, which overwhelmingly supported the proposal to burn 50% of $INVITE tokens, the Invite team announced earlier today that the process is now complete. Notably, about 81% of the community members who voted agreed with the decision to burn half of the token supply.
The 500 million $INVITE tokens came from different sources with 400 million units drawn from the mining category. The community and project development sectors contributed 25 million tokens each in the just concluded burn. The remaining 50 million INVITE tokens that were obliterated were drawn from the ecosystem fund.
According to the Invite team, the 50 percent first-time token burn will be followed by 5 percent monthly burns until the circulating supply is reduced by a total of 75 percent. Henceforth, the Invite’s mining sector will contribute 80 percent, project development, and community will each contribute 5 percent, while the ecosystem fund will contribute about 10 percent in the monthly token burn.
The INVITE is the biggest social growth Dapp on Telegram and the largest WEB3 holders community link-to-earn powered by UXLINK social infrastructure.
Market Impact of the INVITE Token Burn
The notable token burn has increased the bullish sentiment on a project that was already well-positioned for further growth. According to the latest market data, INVITE price has risen over 38 percent in the past two weeks, despite the recent crypto crash.
Following the announcement of the token burn today, the $INVITE price spiked over 16 percent in the past 24 hours to trade about $0.01165 on Monday during the mid-London session.
The small-cal altcoin has a fully diluted valuation of around $11.1 million and a daily average traded volume of about $1.7 million.
Toncoin Ecosystem On the Rise
The Toncoin (TON) ecosystem has grown in the past year to a top-tier web3 and smart contract ecosystem. According to the latest market data, the Toncoin ecosystem has a total value locked (TVL) of more than $576 million and a stablecoins market cap of over $619 million.
The notable strategic partnerships made by Toncoin and its DeFi projects have helped onboard millions of users to the Web3 ecosystem. For instance, the Toncoin network recently partnered with stablecoin issuer Tether and now the liquidity in the ecosystem has significantly improved. Some of the top-ranking DeFi protocols on the Toncoin network include Ston.fi DEX, DeDust DEX, Tonstakers, and Bemo liquid staking, among others.
In addition to last week’s listing on the Binance exchange, Toncoin price has rebounded over 10 percent in the recent past to trade around $6.80 on Monday. The large-cap altcoin, with a fully diluted valuation of about $34 billion and a daily average traded volume of over $611 million, has been on a rising trend this year.
