> 1Million Relay Forever Burned from the Maximum supply!

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RelayChain bridge and tokenomics — RELAY burn out of the total circulation supply
RELAY burn event

A number of ZERO tokens in circulation were not swapped and burned following the Over the Counter swap campaign of ZERO to RELAY with the 100:1 pegged ratio that took place between August 4th and September 12th, 2021. Most of these tokens came from a ZERO airdrop that was never claimed by these wallets.

Final breakdown of the ZERO numbers:

  • Total of 357,645,826 ZERO swapped to RELAY and burned on all chains
  • 112,400,000 ZERO were left unswapped by the OTC swap and not burnt

Equivalent RELAY burnt out of the total circulation supply: 1,124,000 RELAY

Transaction Hash can be seen here: https://etherscan.io/tx/0x038ddcd223c37c225513dcbbd40c9054f43727c9d24fbc8c5f23e2f9e32b6f66

As a reminder, this is in addition to the 17K RELAY which were bought back thanks to the bridge fees and burned during the course of September. With both of these burns combined, Relay has now forever removed 11.4% of the maximum supply. With the steadily increasing bridge volume, future burns will continue to decrease both the circulating and maximum supply.

About RelayChain

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Our readable whitepaper: Bridging as a Service for DeFi by RelayChain Downloadable whitepaper: Bridging as a Service for DeFi in PDF

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Original post here: > 1Million Relay Forever Burned from the Maximum supply!

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