LAUSANNE, Switzerland, July 14, 2022 /PRNewswire/ -- SwissBorg, the Swiss-based crypto wealth management company, announced the burning of 3.45 million of its CHSB tokens.
This is the largest burn in the history of the token - larger than any of CHSB's previous 25 burns, and over 30% of the total number of CHSB that have been burnt to date!
Since the beginning of 2022, SwissBorg has been putting aside 20% of the fees generated from exchanges in the SwissBorg app, converting them to a stablecoin balance and earning a yield. When the price of CHSB was falling against the price of Bitcoin, these funds were used to buy back CHSB on the market. By the end of June 2022, we had bought back 5.8 million CHSB at an average price of $0.413 per CHSB.
SwissBorg then asked CHSB token holders what could be done with the tokens through a Protect and Choose vote.
Nearly 10,000 SwissBorg token holders opted for burning almost 60% of the pool, a total of 3,451,580 CHSB tokens.
Alex Fazel, SwissBorg's CPO, expressed optimism about both the vote and the token burn, "the beauty of the Protect & Choose is that we managed to burn nearly 3X more than our largest burn in history satisfying the majority of nearly 10K voters. What makes me even happier, is how the community is now involved in some decisions regarding the CHSB."
The burn took place on 12th July 2022 and now can be seen on the CHSB metrics page of the SwissBorg website.
Following the vote of token holders, SwissBorg will also be allocating the remaining 2,348,420 million CHSB as a reward for loyal CHSB yielders or yodlers as the large SwissBorg community calls those who both hold and access yield on CHSB.
As mentioned earlier, this is the biggest burn in SwissBorg's history! It is expected that this burn will have the strongest deflationary effect on CHSB, which can be impactful at a time when many economies are facing their highest inflation levels in years.
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