January 2024 VERSE Burn Summary. The first month of 2024 saw 1.169 | by Bitcoin.com | Jan, 2024
The first month of 2024 saw 1.169 billion VERSE tokens burned, equivalent to over $396,000. The total number of VERSE burned now exceeds 7 billion, which is 26.43% of the circulating supply and 3.25% of the total supply of Bitcoin.coms ecosystem token.
You can track VERSE token burns at the Verse Burn Engine here, as well as on Dune Analytics here.
A token burn means permanently removing or destroying tokens, thereby reducing the total supply. Burned tokens cant be traded or used.
There are currently 3 main types of burns:
Buyback and Burn
Bitcoin.com buys VERSE from the open market on Bitcoin.coms decentralized exchange Verse DEX, third-party DEXs, centralized exchanges, or in Over-The-Counter (OTC) trades. This VERSE is then burn sent to the Verse Burn Engine, where it accumulates until a burn is triggered. Burning the VERSE reduces overall token supply and creates a deflationary pressure on VERSE.
Sustainable Supply Reduction
This source allocates VERSE from the Ecosystem Fund to the Verse Burn Engine in a manner that is proportional to a given activity in the Verse/Bitcoin.com ecosystem, as well as in a manner that ensures that the reduction of supply is sustainable over the lifetime of the token. This reduction in supply is also deflationary and creates a scarcity effect for VERSE.
Individual Contributions
Anyone can contribute VERSE tokens to the Verse Burn Engine. These tokens will be burned when someone triggers the Engine.
Verse Burn Engine is a decentralized application (DApp) that allows anyone to trigger burns of VERSE tokens. It works like this: Verse Burn Engine gradually fills with VERSE tokens over time based on a variety of factors (see below). Meanwhile, anyone can initiate a burn of the tokens in the Engine by sending 10,000 VERSE. Learn more about the Verse Burn Engine and how to use it here.
Launched in December 2022, VERSE is Bitcoin.coms rewards and utility token. You will be able to use VERSE to unlock rewards, pay for things on Bitcoin.com and other places, access exclusive platform services, and more. VERSE is also helping more people benefit from decentralized finance, which gives you economic freedom. Learn more about what makes VERSE special here.
Users outside the US and UK can purchase VERSE in the Bitcoin.com Wallet app here.
Anyone in the world can purchase VERSE with credit card, Apple Pay, Google Pay and Cash App here.
Use the Bitcoin.com Wallet app to securely manage your VERSE and other cryptocurrencies.
Users outside the US and UK can use the Bitcoin.com Wallet app here to swap cryptocurrencies for VERSE. Set up your swap in a few taps, receive your VERSE seconds later, and hold it in your own wallet, the way crypto was meant to be.
Anyone in the world can swap into VERSE permissionlessly on Bitcoin.coms decentralized exchange Verse DEX.
