Decentralized Exchange CREAM Finance Is Burning 67.5% of its Token Total Supply
CREAM Finance, the decentralized cryptocurrency exchange and lending protocol, is conducting a huge token burn today on September 20. CREAM Finance has said in an announcement that it will burn 67.5% of the total supply of its token. This means that a large number of CREAM tokens will get disappeared after this burn.
Over 6 Million CREAM tokens will be burned
The team at the decentralized exchange protocol said that they have been considering the best possible solution for the reduction of the supply of the CREAM token. And they have come to the decision that the burning of a major portion of CREAM tokens is the best option. In the burn of 67.5% of the total supply of CREAM, over 6 million (6,075,000) tokens will be destroyed as per the blog post.
Furthermore, the post stated:
“This burn will include 100% of the “governance” tokens, and 75% of the Seed tokens. We believe that this action will provide greater certainty to the current token holders while creating a stronger foundation for long-term success of the project.”
CREAM said that everyone was agreed on the fact that the CREAM token burn was good for the community. However, there were certain issues regarding the quantity of burn i.e. how much to burn and also from which token allocation to burn. Therefore, to resolve these issues, the team at CREAM had a proper discussion with the community key members. Through this discussion, they finally came to the following conclusion:
Moreover, CREAM thanked seed investors and their support for the project and said that beginning from September 24 onward they will vest seed tokens on a monthly basis. CREAM said:
“Thanks to our seed investors and their continued support and sacrifices for the project, they have agreed to a 75% burn in exchange for accelerated vesting of 1-year, monthly vesting. Specifically, seed tokens will now vest monthly starting September 24th.”
Adding more to it, the lending protocol said that this option of burn and accelerated vesting was also given to its team but the team members did not accept it.
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