• Kin Foundation has announced that a proposal to burn 7 trillion KIN tokens has passed.
• The price of native token KIN jumps more than 20% as traders react to news.
• Ted Livingston, founder and CEO of Code, says the burn will make Kin a fully decentralised cryptocurrency.
Kin Community Proposal Passes
The Kin community has voted in favor of a proposal to burn 7 trillion KIN tokens out of the total supply of 10 trillion KIN tokens. This news has led to an increase in the price of KIN by more than 20%, with traders reacting positively to the news.
Kin Reserves Burned
The 4.96 trillion KIN held by the foundation and 2.1 trillion KIN planned for burning by Kik will be destroyed by end of day Friday, July 28. This means that the total supply of Kin will be reduced by 71%. After this process is complete, CEO Ted Livingston believes that Kin will become one of the only fully decentralised cryptocurrencies without any inflation, foundation or website.
KIN Price Surges
Following the vote results, KIN token’s value reached an intraday high of $0.000022 and was up 22% in the past 24 hours and more than 68% in the past week after its price jumped to highs near $0.000030 following the proposal announcement.
No Inflation or Foundation
Livingston noted that once these burns are complete there would be no inflation, no foundation or website associated with Kin anymore which would make it one of very few fully decentralised cryptocurrencies out there.
Once these burns are complete ,the organisation plans on publishing a new post showing on-chain proof for these burns along with next steps for further progress within this project .