IHC, the Inflation Hedging Coin, today announced that it burned 270 billion IHC tokens on the 31st of January 2022, which is valued at approximately $300 million worth of IHC.
Token burning refers to the process of permanently removing crypto tokens from circulation, which is often aimed at reducing a token’s supply and potentially increasing its price. In IHC’s case, it is one of the ways that it fights inflation.
As the US inflation rate rose to 7% in 2021, the amount of IHC tokens to be burned to hedge against inflation has reached 70 billion IHC. But the project leaders felt that to add further value to the cryptocurrency, they should burn an additional 200 billion IHC allocated for Initial Farm Offering and Defi Liquidity Pool in their Tokenomics. This option was then given to IHC holders and the IHC community to decide as a public poll, which took place between the 13th -26th of January, 2022. A total of 6,195 participants voted in the poll and the vast majority, with 97.89 percent, voted to burn.
A total of 270 billion IHC (approximately valued at $300,000,000) was burned on live video on the 31st of January, 2022. This resulted in the reduction of the total IHC token amount by 27 percent, from 1 trillion to 730 billion.
Furthermore, the IHC team will be buying IHC tokens from the market equivalent to the net profit of X-Meta, a brand-new crypto exchange powered by Binance Cloud. As per the original agreement between IHC and X-Meta, the exchange’s net profit was to be shared among all IHC holders on X-Meta.com as IHC tokens. But following a strong expression to burn the net profit shares from the community, another public poll was held on the 22nd of February, 2022 to decide whether to distribute the net profit or burn the equivalent amount monthly. The poll resulted in the majority of the participants voting to burn and thus creating a new ecosystem in which tokens are burned monthly to increase value.
This shows that the IHC management takes the opinions of the community very seriously, even going so far as to change the fundamentals of the ecosystem based on community feedback. For more information, please visit https://ihcoin.io/.
Source: Ih Bit LLC
Email to: enkhmaa@ihcoin.io
