Multi-phase Token Burn — 20% of Total Supply

Advancing our project forward and moving Velo in the right direction is an important pillar of our mission. We are driven to do what is best for our investors, our community and our project, for both our long and short term goals.

That is why, starting March 16, 2022 (at approximately 15:00 UTC) the Velo Labs team will commence a token burn of 6 billion tokens — or 20% of the total supply — at a rate of 1 billion tokens per month.

Our CEO, Mike Kennedy on this announcement:

“Undertaking a burn of this magnitude shows our commitment to the Velo community and our investors, while also moving us closer to our broader company goals, including strengthening our tokenomics. We want to ensure we are providing the best possible opportunities for the backers and supporters of the Velo mission.”

Burn amount:

6 billion VELO total

Burn Source(s):

Velo Development Reserve, Future Reserve, and Reserve — ⅓ from each

Start date:

March 16, 2022

Burn Rate:

1 billion per month

Duration:

6 months

Burn Schedule (check back here for TxHashes):

• 1st Burn | March 2022 |1,000,000,000 VELO
  Stellar TxHash: https://stellar.expert/explorer/public/tx/172109651768016896#172109651768016897
  BSC TxHash: https://bscscan.com/tx/0x73c72f1630335c53b6d2c4735a2660800bffdc811b8420d68b09c7712090f3ae

• 2nd Burn | April 2022 |1,000,000,000 VELO
  Stellar TxHash: https://stellar.expert/explorer/public/op/174067396646674433
  BSC TxHash: https://bscscan.com/tx/0xee4cb07383c49d2e3459871c8fc28dac7576fa2ba8a160fcc4e3e415ad281749

• 3rd Burn | May 2022 | 1,000,000,000 VELO
  Stellar TxHash: https://stellar.expert/explorer/public/tx/b2575eb15d79d6edb4addb95a9acf0063ba9771772a21bd4a37c8099ffd8a469
  BSC TxHash: https://bscscan.com/tx/0x72438c68a5c1adc242f0b9332d4fe76a71e0360203a6d1ffe44d726ba4dfe310

• 4th Burn & 5th Burn| July 2022 | 2,000,000,000 VELO
  Stellar TxHash:
  https://stellar.expert/explorer/public/tx/179713603602665472#179713603602665473
  BSC TxHash:
  https://bscscan.com/tx/0x3b40d819f4a041ea8d34eb2d2b3bc2961e0cb12d3a38b7ba8d26a19c3242192a (100 VELO test)
  https://bscscan.com/tx/0x0ec0d4844d800f612940d013bd9f10f2b77c4ba771cf99c167d43f3c17540460

• 6th Burn | August 2022 | 1,000,000,000 VELO
  Stellar TxHash: https://stellar.expert/explorer/public/tx/7ff2f7ac3a7f3e68c6da81b678b953ced1c9dfce4d97ca5d678f3fefbc6cdef5
  ‍BSC TxHash: https://www.bscscan.com/tx/0xb731c05baf78eca6840a8279e7f872e8b543c79691db0068bbe6fd5cb4b8336e

We appreciate your continued support in the Velo project and we will be providing further updates as the burning continues.

Kind regards,
The Velo Team