Aelf’s $128M Token Burn of $ELF Reinforces Tokenomics and Sustainable Growth

Aelf asserted that the ERC-20 $ELF token burn of nearly $128M is included in its current endeavor to fortify its tokenomics.

Blockchain network Aelf has burned 295,519,800 ELF tokens (around $128 million) on ERC-20 to strengthen its tokenomics and encourage migration to the mainnet ecosystem, the platform announced on social media.

We are pleased to announce that the burning has been successfully completed! The total number of $ELF ERC-20 tokens burned is 295,519,800.🔥Transaction IDs:🔹0xe2edff3da5982429916f886622744392264adfe4a0bd3eed87f279caffd6b60f… https://t.co/bMwtJZzLKs pic.twitter.com/iCakR2P52V

The platform's ERC-20 ELF token burn of nearly $128 million is part of its ongoing efforts to bolster its tokenomics and persuade migration to the mainnet ecosystem. The development marks a significant achievement for Aelf in fulfilling its roadmap to establish sustainable growth. The token burn occurred in five transactions, according to the platform.

This also serves as the second token burn by the platform, with an earlier burn having taken place in September 2023, where Aelf burned nearly 393,226,908 ELF. Both these token burns are said to be a part of the platform's broader strategy to discard the unused tokens, thereby increasing the value of the remaining tokens to a great extent.

Since the launch of Aelf's Mainnet in September 2021, it has provided seamless swaps to aid individual and institutional users. The supported exchanges, such as Gate.io, OKX, Upbit, Binance, and others, have backed the transition to the mainnet tokens and enabled streamlined withdrawals and deposits.

The respective token burn aligns with Aelf's broader vision to incentivize mainnet migration, bolster ecosystem expansion, and reinforce tokenomics. The platform assured users that the token burn does not affect the ELF holders, who can continue using token swaps via the cross-chain bridges (ETransfer, eBridge), and supported exchanges.

According to Aelf, the token burn underscores the platform's commitment to advancing the stability of the Aelf Mainnet and fostering innovation within its ecosystem. It highlighted that, as it enters the fourth year of Aelf's stable operations, it continues to solidify its infrastructure and ensure the network's further growth while prioritizing significant support for end-users, institutions, and developers.