Crypto News

Evmos Foundation Recovers Tokens From Co-founder And Approves Significant $Evmos Burn

In a notable development for the Evmos Foundation, co-founder Akash Khosla, who departed in May 2023 and owns a wallet containing 34 million tokens, had previously attempted to sell 500,000 EVMOS on Osmosis.

However, in a positive turn of events, Khosla has agreed to return the EVMOS tokens to the Evmos Foundation.

The official announcement reads, “We are pleased to announce that all vested and unvested EVMOS tokens from former Evmos co-founder Akash Khosla have been returned to the Evmos Foundation. This agreement marks a new phase of our project, and we’re looking forward to this new journey full of growth, success, and great opportunities ahead,” as stated by EvmosOrg.

This development comes on the heels of Evmos’ efforts to stabilize the token’s value. The community’s overwhelming acceptance of a plan to burn 136 million tokens from the “user incentives balance” during the upcoming network update is a noteworthy step.

136 Million EVMOS Set To Be Burned, Price Action To Watch

The burn proposal received an overwhelming majority, with 136 million EVMOS set to be burned during the upcoming Evmos software upgrade. 

Additionally, all fees from Cosmos transactions will be subject to burning starting from the same day, as highlighted by @Fekunze, founder and director of @evmorg: “Burn proposal passed with an overwhelming majority 🔥 🔥. 136 million EVMOS will be burned this Thursday during the upcoming @EvmosOrg software upgrade. All fees from Cosmos transactions will be burned starting that day too. Burn, baby, burn 🔥”

Despite the positive momentum, the price of Evmos has yet to reflect this news, currently experiencing a 5.20% decrease and trading at $0.12, even though the 24-hour trading volume has surged by 74%.

As the Evmos Foundation moves into this new phase, the community eagerly anticipates further developments and opportunities for the project.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!

Image Source: bborriss/123RF // Image Effects by Colorcinch

Leave a Comment

Your email address will not be published. Required fields are marked *