Venice airdrop ends, $100 million unreceived VVV tokens is destroyed

PANews reported on March 13 that according to The Block, the privacy protection AI platform Venice has completed community airdrops, and about $100 million unclaimed VVV tokens were permanently destroyed on Wednesday. Since the launch of VVV tokens on the Ethereum Layer 2 Base network on January 27, more than 40,000 people have received a total of 17.4 million VVV tokens, accounting for 35% of the total community allocation.

The 32.6 million VVV tokens destroyed this time account for 65% of the total community allocation, equivalent to one-third of the total Genesis supply, significantly reducing the market circulation supply. Nevertheless, 14 million new VVV tokens will be added each year, with an initial inflation rate of 14%, and will be gradually reduced according to the "usage rate" of the Venice API.

Venice said it did not conduct VC financing, pre-sales or over-the-counter transactions and has repurchased and destroyed the 1% Genesis Supply Tokens previously sold in response to community questions. In the future, Venice plans to launch image engines, social dynamics, mobile applications and token economy updates.