According to the latest update by development team Klever (KLV), a one-stop platform for storing and moving cryptocurrency tokens, its massive KFI mining event removed $ 77 million worth of KLV tokens from circulating supply.
A total of 629 million KLV tokens were burned and removed from the KLV circulating supply.
At the moment, the price of KLV is over $ 0.12, so the total value of the tokens destroyed is equivalent to $ 77,000,000. This event is clearly one of the biggest token burning campaigns in the crypto market.
The KFI Mining technique was interesting in crypto industry norms since it utilized a current utility token, KLV, to mine a blockchain administration token, KFI.
The way that 77 million USD worth of significant worth in KLV streamed into KFI, while lessening the coursing supply of the biological system’s principle utility token KLV is something that no other noticeable crypto has endeavored or executed previously.
KLV shows how a genuine utility token ought to be built and kept up as a scant resource. The way that the KLV token gets obliterated after use in the mine-consume just affirms that. A cycle and strategy that will keep on making KLV progressively scant and significant over the coming years.