Advancing our project and steering Velo in the right direction is a core pillar of our mission. We are dedicated to making decisions that benefit our investors, community, and long-term objectives.
Key Details of the Token Burn
Starting March 16, 2022 (at ~15:00 UTC), the Velo Labs team will initiate a burn of 6 billion VELO tokens—equivalent to 20% of the total supply. The burn will occur at a rate of 1 billion tokens per month.
Statement from CEO Mike Kennedy
"This large-scale burn demonstrates our commitment to the Velo community and investors while aligning with our broader goals, including strengthening tokenomics. We aim to provide the best opportunities for supporters of the Velo mission."
Burn Specifications
| Parameter | Details |
|---|---|
| Total Burn Amount | 6 billion VELO |
| Sources | Velo Development Reserve (⅓), Future Reserve (⅓), Reserve (⅓) |
| Start Date | March 16, 2022 |
| Burn Rate | 1 billion/month |
| Duration | 6 months |
Burn Schedule
1st Burn (March 2022)
- Amount: 1,000,000,000 VELO
- Stellar TxHash:
172109651768016896 - BSC TxHash:
0x73c72f1630335c53b6d2c4735a2660800bffdc811b8420d68b09c7712090f3ae
2nd Burn (April 2022)
- Amount: 1,000,000,000 VELO
- Stellar TxHash:
174067396646674433 - BSC TxHash:
0xee4cb07383c49d2e3459871c8fc28dac7576fa2ba8a160fcc4e3e415ad281749
3rd Burn (May 2022)
- Amount: 1,000,000,000 VELO
- Stellar TxHash:
b2575eb15d79d6edb4addb95a9acf0063ba9771772a21bd4a37c8099ffd8a469 - BSC TxHash:
0x72438c68a5c1adc242f0b9332d4fe76a71e0360203a6d1ffe44d726ba4dfe310
4th & 5th Burns (July 2022)
- Amount: 2,000,000,000 VELO
- Stellar TxHash:
179713603602665472 - BSC TxHash:
0x0ec0d4844d800f612940d013bd9f10f2b77c4ba771cf99c167d43f3c17540460
6th Burn (August 2022)
- Amount: 1,000,000,000 VELO
- Stellar TxHash:
7ff2f7ac3a7f3e68c6da81b678b953ced1c9dfce4d97ca5d678f3fefbc6cdef5 - BSC TxHash:
0xb731c05baf78eca6840a8279e7f872e8b543c79691db0068bbe6fd5cb4b8336e
FAQs
Why is Velo conducting a token burn?
The burn strengthens tokenomics, reduces supply inflation, and demonstrates commitment to long-term value for holders.
Which reserves are funding the burn?
Equal portions from the Development Reserve, Future Reserve, and General Reserve.
How does this impact VELO’s market dynamics?
By reducing circulating supply, the burn may increase scarcity and support price stability.
👉 Learn more about tokenomics strategies
Kind regards,
The Velo Team
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