Akitavax Implements Automated Burn Process to Safeguard Token Value
- By Grand News Network
- March 21, 2024
Samsun, Turkey, 21st Mar 2024 – Akitavax, a community-driven meme-based cryptocurrency project, has designed a price-targeted burning machine to have a deflationary impact on the price of Akitavax, with its operation. The Burn Machine is designed to burn as long as the price levels in the burn calendar are exceeded and the specified conditions are met.
With the recent development, Akitavax has integrated the burn machine to automatically trigger the burn process whenever the price meets burn criteria to provide a decentralized mechanism. Two smart contracts had to be deployed to use automation to make the mechanism decentralized.
The first smart contract is a price feed smart contract that sends a call to an external API to fetch the latest Akitavax prices on-chain. The second smart contract gets the coin price from the price feed smart contract and after verification of burn token criteria burns the specific number of Akitavax tokens.
Akitavax has created a robust price-targeted burn mechanism to minimize the need for manual intervention and reduce the risk of human error or manipulation via setting burn criteria when the price conditions are met. As part of the token burn program, it was announced that 10.5 percent of the total Akitavax supply, worth $1.6 million, will be burned. The first stage conditions of the burn program were fulfilled and the burning was done manually.
For more information about Akitavax, please visit their website.
About Akitavax:
Akitavax is a community-driven meme-based cryptocurrency project that takes a different approach to technologies. Akitavax was not created as a common meme token project. Even though the developer team has set the initial course for the project, Akitavax community members will play an integral role in shaping the token’s future journey.
Media Contact
Organization: Akitavax
Contact Person: Atomixe
Website: https://akitavax.com/
Email: support@akitavax.com
City: Samsun
State: Samsun
Country: Turkey
Release Id: 21032410491
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