Chainflip: The protocol is fully launched and has introduced the token FLIP burn mechanism

ChainCatcher news, Chainflip Labs announced that its protocol is fully launched, and users can now exchange native BTC, ETH, and DOT on-chain without restrictions at the most competitive rates. Additionally, Chainflip Labs has introduced a FLIP buyback and burn mechanism.

In this update, Chainflip Labs activated the FLIP buyback and burn mechanism. A fee of 0.1% will be deducted from each exchange through the protocol to purchase and burn FLIP tokens. As the trading volume through the protocol increases, more FLIP will be burned.

Chainflip Labs also revealed that new features will be launched in the future to further improve exchange rates, including a detailed agent information dashboard and new asset and chain integrations. Upcoming asset and chain integrations include USDT, Solana, and Arbitrum.