Blog / Quarterly Token Burn #3: Progress and Insights

Quarterly Token Burn #3: Progress and Insights

July 4, 2024

Greetings, AdBytes Community!

We are excited to share the details of our third quarterly token burn, as part of our ongoing commitment to provide transparency and value to our users.

Quarterly Token Burn Overview

Once per quarter, we burn all ADBYTES tokens that have been redeemed by users on our platform in exchange for advertising credits or other utilities. This quarter, we have burned a total of 117,468 ADBYTES tokens. Although this number is slightly lower than our previous burns, it highlights the continuous daily activity on our platform. Users are actively redeeming tokens, converting them into advertising credits, and submitting ads that generate clicks across our network.

Proof of Token Burn

For those interested in the specifics, you can verify the transaction here:

Importance of Redemption and Burn Mechanism

Our redemption and burn mechanisms are crucial as they demonstrate user engagement and real utility for ADBYTES token holders. For publishers or affiliates earning ADBYTES, redeeming tokens allows you to drive advertisement traffic at zero upfront cost.

Now that our token is actively traded on decentralized exchanges (DEX), the burn mechanism is even more vital. Tokens burned are permanently removed from circulation, reducing the supply and supporting our token's market value.

Platform Redemption Rate vs. Token Price

It is important to understand that the platform redemption rate and the token price are distinct. We guarantee the redemption rate will always be higher than the market price, ensuring maximum value for users utilizing tokens on the platform. Currently, the redemption rate is $0.005 per 1 ADBYTES, a rate significantly higher than market rates to encourage savvy advertisers to purchase tokens from the market, thus strengthening our liquidity.

Market Activity

We are pleased to report regular trading activity for ADBYTES on both Uniswap (Polygon) and Trader Joe (Avalanche) platforms. While we are still in the early stages, our mission continues as we aim to deliver more value and utility to our members.

Cryptocurrency Industry Update

In the broader cryptocurrency market:

  • The Bitcoin halvening has occurred, reducing the mining block reward and leading to mixed market reactions.
  • Anticipation is high for potential Ethereum ETFs and the long-awaited Mt. Gox repayments.
  • Despite general market volatility, BTC and the cryptocurrency sector continue to progress.

ADBYTES Token Stats

  • Across Polygon and Avalanche chains, we now have 261 unique token holders, a number that is steadily increasing.
  • To date, 9,544,178 ADBYTES tokens have been claimed from platform rewards.
  • The current price for 1 ADBYTES token is $0.00017141 USDT, representing over a 70% increase from our starting value.

Future Goals

As we look forward to the next quarterly token burn, our goals include:

  • Increasing the number of unique token holders.
  • Improving the platform’s power and utility.
  • Attracting more publishers, affiliates, and advertisers.
  • Growing the token ownership and trading value of ADBYTES.

Join Us on Our Journey

Stay updated with our progress by signing up for an account, following us on social media, and joining our Discord community for live discussions and updates:

Thank you for your continued support as we strive to offer unparalleled value and growth opportunities within the AdBytes ecosystem.