Celebrating its first monthly burn event, Bitgert takes a leap into a new era! On February 3rd, 2023, the blockchain-based platform aimed at revolutionizing decentralized finance marked a significant milestone in its journey. Bitgert strives to bring scalability, sustainability, and long-term growth to decentralized finance.
This monthly burn event is just the beginning of that journey. In this article, let's delve into the exciting world of Bitgert and discover what this monthly burn event means for the platform, its ecosystem, and what the future holds. Buckle up; it's going to be a thrilling ride!
How Does the Monthly Burn Work?
The monthly burn is accomplished through Bitgert's buyback and burn mechanism. Every first of the month, Bitgert follows a predetermined process. This process involves purchasing a significant chunk of its tokens and sending them to a specific address.
Furthermore, it is important to note that this address is irretrievable, meaning that once the tokens are transferred, they are lost forever. By taking this action, Bitgert efficiently burns these tokens, thus decreasing the overall supply. Additionally, this results in a reduction in the token's circulation, ultimately enhancing its scarcity and value.
This reduction in the total supply has a direct impact on the value of the remaining tokens, as the scarcity of the tokens increases. In essence, Bitgert's monthly token burning is a crucial aspect of its business strategy, aimed at maximizing the value of its tokens for its holders.
The burn will continue until 99% of the total supply has been burned and the remaining supply has been reduced to 10 trillion tokens. The first monthly burn event, held on February 3, 2023, saw a total of 5074885411478 BRISE tokens burned, with a value of $2,839,300.
The proof of the burn can be easily verified through the following two transfers:
Transfer 1: https://brisescan.com/tx/0xa17babfcc3cc9ea7a8d1ea84554be161b31626977ce3825e749eb85f1805aaa9
Transfer 2: https://bscscan.com/tx/0x5b16a7cc8b3bde1a04ed87f01317f391284b97b56c2c093a616735d4c4308463
Progress so far
Bitgert's commitment to its burning mechanism has been impressive so far. As of the writing of this article, the platform has already burned 57.24% of its token supply, leaving a circulating supply of 395,688,215,721,653 BRISE. The goal of the burning mechanism is to eventually reduce the token supply to just 10 trillion, a 99% reduction from its current supply.What You Should Know and Expect
Starting February 3, 2023, Bitgert will conduct monthly burns as a part of its ongoing buyback and burn mechanism. This means that the token supply will gradually decrease over time, leading to a steady increase in the value and adoption of the token.
Bitgert's strategy is a scalable, sustainable, and long-term approach to token sustainability. The monthly burns will occur regardless of the daily burns and will continue until the target of 10 trillion tokens is reached.
Benefits to the Ecosystem
The reduction of the token supply to just 10 trillion brings a host of benefits to the token ecosystem. The lower token supply makes the platform more attractive to industry players, leading to potential partnerships and increased scalability.
Despite the reduction in token supply, the gas fee for transactions will remain next to zero, as requested by the community. This, in turn, makes the platform more accessible and manageable for users.
What the Future Holds
Bitgert is a platform that is constantly evolving and developing. With partnerships already forged with Zelwin and Band and several exciting products in the pipeline, Bitgert is well on its way to securing its place as one of the top players in the token industry.
In the future, Bitgert plans to launch an iOS exchange app and enter the EV segments in their final stages of development, with much excitement and anticipation among the community. Bitgert is constantly striving to bring new and innovative products to the market and make a lasting impact in the industry.
With the launch of their iOS exchange app and the forthcoming release of their electric vehicle segment, Bitgert is positioning itself as a leader in the crypto space. The future looks bright for Bitgert and its community as the team continues to work tirelessly to deliver on its promises and achieve its goals.
Burning Mechanism
Bitgert commits to creating a scalable, sustainable, and long-term strategy, showing this through their monthly burning events. Every transaction made on Bitgert's BEP20 platform triggers an autoburn, and with the first monthly burn event taking place on February 3rd, 2023, the Bitgert team has already burned 57.24% of its supply. This steady decrease in supply is expected to increase the value and adoption of the token in the coming months.
Revenue-based burning
What makes Bitgert's burning mechanism even more exciting is that a part of the revenue earned each month will go towards burning. This means that the burning will depend on revenue and not on specific targets, making it a dynamic and adaptive process. The goal is to burn 99% of the total supply and bring it down to 10 trillion. Furthermore, with the commitment made by Bitgert, this is sure to be a journey worth following.
The Benefits of Burning
The benefits of Bitgert's burning mechanism are numerous. Bitgert is making itself more attractive to the industry, expecting to lead to more partnerships from leading players by reducing the supply to more manageable levels. Furthermore, the burning mechanism does not affect gas fees, which are already next to zero, making Bitgert a more accessible and affordable platform for its users.
The future is bright for Bitgert
With many partnerships already forged and products in the pipeline, Bitgert is working hard to secure its place as one of the top 10 players in the industry. The development of Bitgert is an ongoing process, and there is no stopping the team from delivering on their promises and achieving their goals. The launch of their iOS exchange app and the forthcoming release of their electric vehicle segment are just a few of the exciting projects in store for Bitgert's future.
Conclusion
In conclusion, Bitgert's monthly burning events, revenue-based burning mechanism, and commitment to creating a scalable, sustainable, and long-term strategy are just a few of the reasons why the future looks bright for Bitgert. With its innovative products and partnerships, Bitgert is positioning itself as a leader in the crypto space, and its community is eager to see what the future holds. Whether you are a seasoned crypto trader or just getting started, Bitgert is a platform worth keeping an eye on.
More on Bitgert Article:
Bitgert CVSO Plan - Monthly Strategic Buyback & Manual Burn Plan
Bitgert Electric Vehicle, First Crypto Project Disrupting the Market
Explore The Fast-Growing DeFi Platform and Range of Products in BitGert Ecosystem
Why BRISE is the Best Coin to Buy According to Leading Crypto Analysts
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