The February 2 burn effectively removed 9% from KLV’s circulating supply and the 379 million KLV burned are equivalent to $2,199,610 million in today’s KLV value. The burn will become an annual event.
Klever has officially burned 379 million KLV on February 2, representing around 9% of KLV’s circulating supply, which has now been removed from KLV’s supply.
The burned 379 million KLV were generated from Klever gross revenues in 2020, and amounts to above $2.19 million at today’s KLV price.
You can find the 379M KLV burn transaction hash by clicking the button below:
This burn will become an annual event, in which each beginning of the year in January the Klever team will calculate the revenue made from last year, and remove KLV from the token’s circulating supply at the equivalent USD value that previous year’s revenue amounted to.
As the usage of the Klever Swap and Klever Ecosystem products increase over the coming years along with Klever’s revenue, so will the annual KLV burn amount.
58% Of All KLV Now Staked
Following the burn, KLV’s circulating supply now stands at 3,948,109,138 KLV, with more than 58% staked inside the Klever app, amounting to a total of 2,304,442,525 KLV frozen and staked by thousands of Klever users globally.
The KLV Staking feature rewards believers in KLV with hourly rewards and increases the current circulating supply at a set rate by using an inflationary smart contract. This mechanism has been implemented to reward Klever users who are staking KLV to support the project.
Previous KLV Burns
Prior to today’s multi million dollar KLV burn, Klever has been conducting four daily burns each and every day, further removing KLV from the supply. Over the course of 2020, the Klever Team burned a total of 35,941,960 KLV, excluding today’s burn of 379 million KLV.
The total max supply of KLV will never exceed 10 billion KLV. Each year in January, we will be burning a significant amount of KLV based on the annual revenue from Klever Swap of the previous year. In total, we will burn and remove from circulating supply a total of around 5B KLV tokens will be destroyed using this mechanism.
Some of these roughly 5 billion KLV that will be burned over the coming years are part of the newly minted KLV created through Klever Staking. The inflation rate for the new KLV are as follows: the end of 2020 it was 12 %, 2021 ~ 10 %, 2022 ~ 8 %, 2023 ~ 6 %, 2024 ~ 4 %, 2025 and onwards ~ 2 %.
With this methodology in mind, Klever aims to achieve a deflationary model for KLV, in which the annual burn of KLV generated from Klever’s gross revenue will exceed the newly minted supply of KLV created through Klever Staking.