Creo Engine conducted its third token destruction on May 16, accounting for 20% of the total tokens. A total of 200 million $CERO tokens were destroyed, with a market value of nearly $20 million.
Creo Engine is committed to connecting the world, providing players with a one-stop gaming center, and improving the Web3 gaming experience.
Creo Engine was released in 2022 and is a high-quality project that has survived the bear market and has persisted until now and has been doing things and updating.
Destruction details
Total number of tokens destroyed: 200,000,000 $CREO
Total value of tokens destroyed: nearly $20,000,000 (May 24)
New total supply: reduced from 988 million to 788 million $CREO
Circulating supply: approximately 290 million CREO in circulation
Basic information on tokens
In the initial design, the total amount of $CREO was 1 billion. After three destructions, the total amount was only 788 million.
The project team has allocated 10% of the total tokens, which will be locked until June 2025. Currently, $CORE has a circulation of about 290 million and a circulation market value of 26 million US dollars.
$CREO deflation will lay a good foundation for the long-term development of the project.
Long-term impact of deflation
$CREO has performed better than expected in multiple business areas such as trading volume, NFT trading and purchase, and subscriptions.
The profitability of the project is strong enough, and there is confidence in long-term operation. The official decision was to reduce the total amount of tokens, give back to $CORE holders, and promote long-term development.
1. The total amount is reduced, and it is more scarce. After the destruction, the total supply of $CORE is only 788 million, and the holders are more willing to hold it for a long time. It has a positive impact on the value of the token.
2. Scarcity drives the increase in market value. As the number of available tokens decreases, each remaining token may have more value, benefiting all token holders.
3. Maintain a healthy token economic system and lay the foundation for long-term operation. Demonstrate the project team's commitment to a healthy token economy and enhance the community and investors' confidence in CORE's long-term vision and stability.
Project Progress
Creo Engine also launched an AI engine roadmap in March to introduce AI to the platform. Developed ETH Bridge to expand the liquidity and influence of the ecosystem. Together with Xellar, launched a WhatsApp-based wallet that integrates high-quality games ARCADE FEST and VeraViews. Officials have done a lot for the development of the project and maintaining the healthy operation of the token economy.
