Aelf Burns $128 Million worth of $ELF on ERC-20

Aelf, a popular AI-enhanced L1 blockchain network, has recently accomplished a significant $ELF token burn. As per aelf, the platform has effectively conducted the burn of up to 295,519,800 $ELF tokens (equaling $128M) on ERC-20 to solidify tokenomics and promote mainnet ecosystem migration. The platform took to social media to disclose this development.

Aelf’s $128M Token Burn of $ELF Reinforces Tokenomics and Sustainable Growth

Aelf asserted that the ERC-20 $ELF token burn of nearly $128M is included in its current endeavor to fortify its tokenomics. In addition to this, this move also persuades migration to the mainnet ecosystem. Thus, the development denotes a noteworthy achievement for aelf in the fulfillment of its roadmap to establish a sustainable growth. The platform added that the token burn took place in 5 transactions.

The platform also mentioned that this represents the 2^nd token burn before which it has already conducted an earlier in 2023’s September. In that event, aelf reportedly burned almost 393,226,908 $ELF. The platform has labeled both these token burns as a part of its wider strategy to discard the unused tokens. This in turn increases the value of the remaining tokens to a great extent.

Since aelf’s Mainnet launch back in 2021’s September, it has delivered unparalleled swaps to facilitate individual and institutional users. The supported exchanges like Gate.io, OKX, Upbit, Binance, and more have effectively backed the transition to the mainnet tokens. Additionally, this has also enabled streamlined withdrawals and deposits.

$ELF Holders Can Continue Using Token Swaps without Any Impact

The respective token burn goes in line with the wider vision of aelf. The platform intends to incentivize the mainnet migration, strengthen ecosystem expansion, and reinforce tokenomics. Apart from that, it also assured the users that the token burn does not affect the $ELF holders. Hence, they can keep using token swaps via the cross-chain bridges, ETransfer, eBridge, and supported exchanges.

According to aelf, the token burn underscores the platform’s commitment to advancing the aelf mainnet’s stability. It also fosters innovation within its ecosystem. It brought to the front that, while entering the 4^th year of aelf’s stable operations, it keeps solidifying its infrastructure. Moreover, it also ensures the further growth while prioritizing significant support for end-users, institutions, and developers.