Verasity, ticker symbol $VRA, has burned 50% of its maximum supply today following one of the largest community consultations in crypto history - with further plans to move 90 billion tokens, currently reserved for data circulation, to a new blockchain.
Verasity (VRA) Burns 50% of its Maximum Supply Following Landmark Community Consultation Open to over 500,000 community members and token holders, Verasity's community consultation marks an inflection point for the project, which has transformed its position in the market through a strong focus on commercial adoption and transparent communications.
Following the consultation, the decision was taken to burn 10 billion $VRA tokens, originally minted as part of a strategic reserve wallet held for future business use. Today's burn effectively caps $VRA's circulating supply at just ~10 billion. Verasity no longer required the 10 billion strategic reserve tokens following the commercial success of its anti-bot advertising technology offering, powered by its patented blockchain technology, 'Proof of View'.
The company announced at the beginning of the year that its solution was already in use by clients, with business development continuing throughout 2023. Verasity can now expand operations and scale using revenue generated from its technology.
Circulating $VRA, which now numbers just ~10 billion, will retain its utility within the VeraViews advertising ecosystem as a payment option for clients, for use within the VeraWallet staking ecosystem, and as a deflationary token subject to quarterly burns. Over 155 million VRA was burned in H1 2023 alone. Today's 10 billion burn represents one of the largest single burns of any crypto project to date, proving Verasity's new focus on a community-led strategy that delivers value to token holders, while also remaining agile for commercial roll-out.
The Verasity team has also stated that it is actively looking for alternative blockchains to move 90 billion 'Proof of View' marker tokens, which facilitate data transfer for its advertising stack and do not contribute to circulating supply. RJ Mark, CEO and Founder of Verasity, says:
"Our commercial rollout is bringing greater utility to $VRA through its primary use as a payments option for VeraViews campaigns. Now, our community consultation and subsequent burn of our strategic reserve tokens, some 50% of our maximum supply, proves that we're also listening to our community and improving our crypto ecosystem.
This is part of our growth strategy for 2024, where we expect huge demand for our advertising solutions, and we're now laying the foundation for that growth." Verasity consistently overperforms across social impact, engagement, and social volume - achieving top spot on LunarCrush's AltRank several times during 2023 out of some 4,400 tokens.
Its roadmap, and plans for future growth, can be found here: https:/ verasity.io/roadmap. About Verasity - Verasity is an open-ledger ecosystem designed to fight advertising fraud, provide open access to infrastructure for publishers and advertisers, and reward users for watching video content. With product verticals in the advertising and video player industries, Verasity ties together its ecosystem with its patented 'Proof of View' blockchain-based technology.
The $VRA token, which is used for funding advertising campaigns, staking through VeraWallet, and distributing Watch & Earn rewards, is central to the Verasity ecosystem as a single utility token with a whole host of applications.
Verasity's roadmap for 2023 includes the launch of the VeraCard to complement its VeraWallet offering and provide new utility for the $VRA token.
