BSC News

Alpaca Finance Burns 13.6 Million Tokens After 44th Consecutive Week

Relentless burns have had a cumulative effect on Alpaca Finance’s overall circulation.

Alpaca Keeps the Fire Burning

Consistent weekly burns initiated by Alpaca Finance have ensured that 7.24% of the total supply has now been burned.

In what is now the 44th consecutive week, Alpaca Finance has burned a considerable sum of 583,888 $ALPACA. This takes the total burned to 13.6 Million, as the Alpaca Team confirmed via their official Twitter on January 23:

“Our 44th weekly buyback & burn is completed. A total of 583,888 $ALPACA tokens (~USD 183k) have been sent to the fire. We are back to deflationary again this week Total cumulative burn is now 13.6Mn+ tokens (7.24% of total supply).”

Alpaca users will be grateful to see there is no wavering sentiment regarding regular token burning even in the midst of a market downturn. With Bitcoin enduring its sharpest fall since the Coronavirus pandemic first arose, there have been marked drawbacks across the board.

The team will be massively aware of how crucial it is to retain the confidence of their users at such a crucial juncture, and a pullback in their burning mechanism would indeed hinder this. Whether they will maintain the current burning rate is another matter, but Alpaca users will certainly hope so. With circulation decreasing, it is only a matter of time before price increases, right? That will certainly be the hope anyway. 

Alpaca Finance has also endured a heavy downturn in the recent pullback with its native token seeing a price reversal from $0.77 to the current price at the time of writing of $0.28, according to CoinMarketCap.

BSC News will be keeping you up to date with developments at Alpaca Finance as they follow.

What is Alpaca Finance?

Alpaca Finance is the largest lending protocol allowing leveraged yield farming on Binance Smart Chain. It helps lenders earn safe and stable yields, and offers borrowers undercollateralized loans for leveraged yield farming positions, vastly multiplying their farming principles and resulting profits.

Where to Find Alpaca Finance:

Website | Twitter | Telegram | Discord | Medium | GitHub|

How would you rate this article?

Related News