WOO Network(WOO) Token burn 669,814 WOO

Applicable Date

2022-02-09

Announcement Type

Reporting results

Purpose of token burn

On February 10, 2022, WOO Network announced that the January monthly token burn has been completed, forever removing 669,814 WOO tokens from the total supply.

Token burning means taking a certain number of tokens out of circulation which directly affects the dynamics of supply and demand. By reducing the overall number of tokens in circulation, it makes tokens scarcer and boost the cryptocurrency’s valuation. This is why token burning is known to directly incentivize and reward a project’s existing investor base. Normally, it is an effective deflationary mechanism since it does not hurt holders, rather it benefits them evenly.

Details

Token: WOO

Burn Amount (Tokens): 669,814

Value in USD: $null

Other relevant information

• Tx Hash: 0x6f7454d683bf82a3aa2ccdf3f0e11fdaa8d3417e02f2159b59f865e290182247
• Status: Success
• Block Height: 14176677
• Timestamp: Feb-10-2022 06:17:49 AM +UTC
• Transaction fee: 0.001856347785415354 Ether