674,582 XLD Burn: Xcellab Ecosystem concludes its very first burn event
XcelDefi (XLD) conducted its first token Burn Event on May 15th, Sunday. At the time of burn, XcelDefi burnt 674,582 XLD which was worth 6.74K USD at the time of the burn. The burn event was hosted on XcelDefi Twitter Space.
Moving forward, according to XcelDefi, the XLD burn event will take place on a monthly basis. The burn event will take place on the 15th day of every month, until 50 million XLD is permanently destroyed. This represents about 46% of the total intial supply of XLD, reducing the overall initial supply to just 61 million.
XLD burn event comes as the market tries to keep up with volatility. By launching this token buy-back plan through token burn event XLD is now actively participating to create positive market sentiment for XLD token holders. The purchase plan will not just create supply side shortage, but will also push market prices up for XLD tokens.
Furthermore, as XLD token is the native token of Xcellab Ecosystem, it provides users with big utility and real-time use cases. According to whitepaper published and shared by XcelDefi, XLD holder can make most out of Xcellab Ecosystem by utilizing XcelDefi (XLD) Token.
The gradual decline in total supply and increased desirability of XLD tokens due to its use cases is most certainly going to have positive impact on the market prices of XLD token.
The amount of XLD tokens to be burned from the loyalty supply wallet and from the market will depend on:
-XLD buy back using the gross profits collected from XcelPay and XcelTrip revenue(giftcards, token swap, staking, buy with cards, hotels and flight booking charges and so on)
XLD buy back from trading fees collected from XcelSwap developer address
Different milestones achieved under vertices of Xcellab Ecosystem including XcelTrip, XcelPay and XcelSwap
Revenue collected from selling NFTs after the launch of XcelNFT(14 peaks)XLD collected on dev address from daily minting via XcelSwap Farms, burned till initial supply of 111 million is complete.
The live token burn event will take place on the 15th of every month. Make sure to put these two wallet addresses on your watchlists to get updated with every burn detail.
Loyalty supply wallet : 0x6bdd82940be2f8a2477ecf4ab1392d5b60c22cd7
Revenue Wallet : 0x00B7f6949AFC937B8E429f4a21985BcCa7e283eE
Track XLD burn details here: https://www.xceldefi.com/burnevents
The host of yesterday’s burn event also shared some interesting updates taking place on Xcellab Ecosystem. According to the host, Ms. Reema Dahal, some near future developments will include:
Ability of the users to books hotels and flights on XcelTrip, seamlessly, without having to leave XcelPay Wallet platform. Users will be able to make payments using the balance they already have in their non-custodial wallet app. The straight forward process will enable users to make transactions without having to scan or validate addresses, switching wallets, entering wrong transaction amounts.
Apart from this the XcelPay is working to improve its overall user experience by improving wallet security, streamlining asset management facilities, integrating maximum crypto send feature with in-built crypto transaction fee calculator, and giving users ability to purchase gift cards with all major crypto including XLD.
Considering momentum and shift towards web 3.0, the Xcellab Ecosystem is also on the way to launching Xcel NFTs in the market. Users will have the ability to access XcelNFT by holding XcelDefi XLD.
Get updated with Xcellab Ecosystem. Folllow them on: Telegram https://t.me/xcellaboffical , Twitter https://www.instagram.com/xcellab/ , Discord https://discord.com/invite/acUKN6nCYa, Medium https://medium.com/xcellab-magazine , Linkedin https://www.linkedin.com/company/xceldefi/, Instagram https://www.instagram.com/xceldefi/ , and Facebook https://www.facebook.com/XcelDefiOfficial.
Stay Tuned on XcelDefi Twitter handle for upcoming Partnership announcements and the latest tech updates.
Find XcelDefi on:
Website — https://xceldefi.com/
📑 Whitepaper — https://xceldefi.com/whitepaper
📧Telegram — https://t.me/XcelToken
🔈 Telegram — https://t.me/xcellaboffical
🕊 Twitter — https://twitter.com/xceldefi
👤 Facebook — https://www.facebook.com/Xceldefi
📺 YouTube — shorturl.at/auJRT
📫 Roadmap — https://xceldefi.com/roadmap
📝 Medium — https://medium.com/@xceldefi