Yesterday, the STEP project executed its final planned token burn for 2024, incinerating 49.6 million STEP tokens—equivalent to 12% of the total supply.
This burn involved tokens accumulated over the past four months, with approximately 51 million STEP purchased from the open market through strategic buybacks. Following this burn, the remaining tokens in the fee wallet are set to be distributed to xSTEP stakers, enhancing rewards for the community.
FEE WALLET JUST BURNED 49.6M STEP (12% of supply)
This is of the ~51M STEP accumulated in the fee wallet, purchased from the market through buybacks over the past 4 months. The rest will be distributed to xSTEP stakers.
Burn tx: https://t.co/qZJ21zSdHt
That was the final… pic.twitter.com/3GPsRkXq7S
— Step Finance | Solana's Portfolio Dashboard (@StepFinance_) October 28, 2024
This latest burn marks a significant milestone, bringing the total STEP supply reduction in 2024 to 249.6 million tokens, or 41% of the total supply. This year’s burn included 99.6 million tokens acquired through buybacks, along with an additional 150 million reserved STEP tokens that had never entered circulation until now.
90% Of STEP Total Supply Is Now In Circulation
As 2024 approaches its end, 90% of the total STEP supply is now in circulation, with a fully diluted valuation (FDV) ratio of 0.89, reflecting that 89% of STEP tokens are actively trading. The STEP team emphasizes that value accrual for the token remains a core objective across all of their projects and products, continuously striving to increase the token’s utility and attractiveness to holders.
$STEP now at close a 0.89 FDV ratio, which means 89% of tokens are in circ supply
Most projects launch today with only 10% of tokens in circ and no solid path to get to 100% or it takes a decadehttps://t.co/FvqGXTJ39h
— George ☀️ Step Finance (@George_harrap) October 28, 2024
This aggressive supply reduction not only highlights STEP’s commitment to enhancing long-term value but also reinforces its dedication to aligning with community expectations. As the project heads into the final quarter of the year, it remains focused on bolstering STEP’s market standing and rewarding its supporters with a more valuable, scarcity-driven asset.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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