TALLINN, ESTONIA – (Newsfile Corp. – August 14, 2022) – DeFi insurer Uno Re has burned $1 million in UNO, representing 1.4% of total supply, as part of its deflationary token model announced. Modeling the token as a deflationary asset, the protocol once again used a portion of the profits to reduce the circulating supply.
Uno Re will burn 1.4% of the total token supply.
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After the burn, the protocol shared the announcement and evidence of the burn via social media. I mean The protocol burns its own utility tokens to reduce total supply.
$UNO will be available for trading for the first time on March 18, 2021. The $UNO token has a market cap of $2,448,617 and a 24-hour trading volume of over $220,500 at the time of writing. It has a circulation of 73,232,181 UNO and a total supply of over 384 million.
$UNO, a deflationary token, has been burned three times by the protocol. The first-ever $UNO burn took place on November 10, 2021, with 89,001 $UNO burned off to the market. It didn’t take long for his second token write, much bigger and better, to follow the first write. On November 30, 2021, exactly 152,052 $UNO were burned by the protocol.
On March 28, 2022, Uno Re bought back and burned 166,028 $UNO from the open market, making it the third chronologically and one of the largest by number of individual tokens burned.
Finally, the 4th burn, which took place on August 4th, is the largest buyback and burn ever conducted by the protocol. This gradual increase in tokens repurchased and burned on the open market demonstrates positive growth in protocol revenue and also reflects a net positive growth metric in terms of the $UNO token itself.
The $UNO token provides additional benefits, enhances user engagement, guarantees the quality of services provided and builds loyalty in the ecosystem. This token will protect any on-chain asset from vulnerabilities and essentially unlock a whole new underutilized market segment.
The world’s first DeFi insurance protocol, Uno Re’s mission is to enable and advance the world’s safest asset class, a decentralized world where users can protect their cryptocurrencies while investing in risk. The platform will enable the community to propose innovative insurance products to the industry, propelling a new generation of insurtech companies steered by the Uno Re ecosystem.
About Uno Re
Uno Re is the world’s first decentralized insurance and reinsurance platform, powered by Polkadot, allowing communities to invest and trade in ‘risk’, delivering substantial returns from investing in one of the safest asset classes in the world. allows you to receive They have over $3.7 million in active coverage across various crypto protocols and underwrite risk for over 100 protocols on their B2C Insurance Sales App – The Cover Portal. The Cover Portal allows DeFi users to purchase cover for any asset in their wallet using the protocol’s proprietary AI-based algorithms (dynamic, customized, instant).
The protocol is dedicated to serving the need for adequate insurance services in the DeFi space of the blockchain and cryptocurrency industry by providing “insurance for insurance companies” and democratizing the trading of risk. .
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media contact
Company Name – Uno Re
Contact Person: Jaskanwar Singh
e-mail- [email protected]
Country – Estonia
City – Tallinn
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/133299.
