Levolution will begin the first period of token burning on the 29th of October. This is a common process among top ICO & ITO projects. The process involves Levolution taking available currency or unsold tokens out of circulation, reducing the total circulating supply. As part of our commitment to reach 190 million LEVL tokens burned, Levolution will be periodically burning approximately 50 million tokens every two weeks.
On the one hand, this ensures that no dilution takes place and at the same time it helps to protect participants. By reducing the number of circulating tokens, Levolution expects a strengthening of the Ecosystem.
Currently, Levolution is intensively integrating service providers to the platform who will accept the LEVL token as a means of payment, and is focused on closing more partnerships with other independent service providers to build up the platforms service provider marketplace by year-end. In order to accomplish this, the token burning events are leveraged to guarantee a valuable token to all accepting parties and limit the number of tokens in circulation
The “Burning” process works by transferring the tokens to a so-called “eater-address”, being an irrevocable transaction. This wallet address can be viewed publicly to ensure transparency. Tokens sent there are permanently frozen. In addition, the Smart Contract has been programmed in a way that no more LEVL tokens can be generated. Thus, the number of tokens is fixed after the burning.
The Token burn schedule is as follows:
Event 1 – 50M LEVL Burned, Tuesday October 29th, 2019
Event 2 – 50M LEVL Burned, Tuesday November 12th, 2019
Event 3 – 50M LEVL Burned, Tuesday November 26th, 2019
Event 4 – 40M LEVL Burned, Tuesday December 10th, 2019
This process will have no influence on the market cap or the ranking of the token among platforms such as CoinMarketCap. Also, the token burning process will not affect tokens of current LEVL token holders.
Through further progress of the project, adoption of the token as a means of payment, the on-boarding of more partners, as well as the launch of the MVP and later on the final platform, these events serve to increase the value in the long term. During the planning phase it was already clear that all unsold tokens would be burned to limit the quantity of available LEVL tokens.
If you aren’t a LEVL token holder, take advantage of this opportunity before the next burn!