Kin Foundation Concludes Vote to Burn Vast Majority of KIN Supply
The Kin Foundation, the organization behind the Kin protocol, has recently completed a vote to burn a significant portion of the total KIN supply. The voting period lasted for three weeks and concluded on July 27 at 10 a.m. ET. The proposal to fully decentralize the Kin protocol, put forth by Ted Livingston, the founder of Kik, received approval.
Key points:
- Kin Foundation and Kik hold a substantial amount of KIN tokens, with a total supply of 10 trillion.
- Following the vote, 4.96 trillion KIN reserves held by the Kin Foundation will be burned, and an additional 2.1 trillion will be burned by Kik.
- The total amount of tokens to be burned is 7.06 trillion, which accounts for nearly 71% of the total supply.
- The burn is expected to result in Kin becoming the only meaningful decentralized cryptocurrency on Solana, with no inflation, foundation, or website.
- The KIN token saw a notable increase in price prior to the burn vote deadline, reaching a peak price of $0.000029 on July 23.
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Closing thoughts:
The decision to burn a significant portion of the KIN supply reflects the Kin Foundation’s commitment to decentralization and the future of the protocol. This move aims to make Kin one of the fastest cryptocurrencies for developers to work with while also ensuring regulatory compliance. With the majority of KIN tokens being burned, Kin has the potential to enter a new and exciting era.
