INVITE Completes Significant Burn Milestone for Native Token

INVITE Completes Significant Burn Milestone for Native Token

INVITE, the Telegram Open Network (TON)-based social growth tool, has announced the completion of a major milestone in its tokenomics strategy: the burning of 50% of its native INVITE tokens. This burn, initiated on February 19th, 2023, is part of INVITE's plan to implement a deflationary model for its token, ensuring long-term value for its holders. The project aims to burn 5% of its total supply monthly, ultimately reaching a burn rate of 75%. The INVITE burn proposal received overwhelming support from the community through a democratic voting process. This demonstrates the trust and confidence that INVITE's community has in the project's vision and tokenomics strategy. INVITE utilizes UXLINK, a prominent Web3 social platform, as its social infrastructure. The platform boasts over 9 million on-chain users, showcasing the potential for INVITE's growth and adoption within the social media landscape. By implementing this burn mechanism, INVITE aims to create a sustainable and value-driven ecosystem for its users. The reduction in token supply will increase the scarcity of INVITE tokens, potentially leading to an appreciation in their value over time. This burn milestone is a significant step forward for INVITE, solidifying its commitment to community governance and ensuring the long-term viability of its token.