BullPerks has re-locked treasury and team tokens, burned some $BLP tokens, and added a new token utility.
BullPerks delivers on its long-term commitment given to the community by re-locking the treasury and team tokens for one more year, completing regular $BLP token burns, and adding a new utility for the $BLP token using the NFT Lottery feature in the GamesPad NFT marketplace.
BullPerks re-locked 93 million $BLP treasury tokens and 39 million $BLP team tokens for one more year on August 20, 2022. This means that BullPerks won’t be able to access these tokens, which account for almost 44% of the entire supply of $BLP, until August 20, 2023, thus proving that we are here for the long run.
Furthermore, we have burned 750K $BLP tokens to support token price stability and value growth. The burned tokens were gathered from penalties on BullStarter and NFT lotteries on the GamesPad NFT marketplace, where they have been placed as bids for NFTs. More token burns are planned for the near future.
Note: in crypto, a token burn is an act of sending cryptocurrencies to a wallet that has no access key. Without the private key, these tokens cannot be accessed by anyone and are lost forever. Burn events are beneficial as they lower the circulating supply of a token, help stabilize the volatility, and potentially increase its value.
In addition, BullPerks continues to build and develop more products to bring additional utility for $BLP even in bear markets. Recently, BullPerks collaboratively with GamesPad have launched a new feature called NFT Lottery, which allows users to bid on valuable NFTs at a fraction of their costs using BLP tokens.
A portion of the collected BLP from the lottery will be burned, while the remaining will be locked in treasury. This will bring additional utility for BLP tokens and also decrease its circulating supply, potentially raising the value of the token.
BullPerks will continue to innovate and unveil more features and services in the coming days. Therefore, our buzzing community can rest assured that good things are coming and that they will be rewarded for their patience and long-term support.
BullPerks is the fairest and most community-dedicated decentralized VC and multichain launchpad. Unleashing the power of the blockchain and a decentralized venture fundraising model, BullPerks offers tremendous opportunities to everyone willing to invest in the best crypto projects on equal terms with VCs.