The Venice airdrop claim has ended, and $100 million worth of unclaimed tokens have been burned

ChainCatcher news, according to The Block, the AI concept token Venice has completed its community airdrop, with approximately $100 million worth of unclaimed VVV tokens permanently destroyed on Wednesday. Since the VVV token launched on the Ethereum Layer 2 Base network on January 27, over 40,000 people have claimed a total of 17.4 million VVV tokens, accounting for 35% of the total community allocation.

The 32.6 million VVV tokens destroyed this time represent 65% of the total community allocation, equivalent to one-third of the total genesis supply, significantly reducing the circulating supply in the market. Nevertheless, 14 million VVV tokens will still be added each year, with an initial inflation rate of 14%, which will gradually decrease based on the "usage rate" of the Venice API.

Venice stated that it has not conducted VC financing, pre-sales, or over-the-counter trading, and has repurchased and destroyed 1% of the previously sold genesis supply tokens in response to community concerns. In the future, Venice plans to launch an image engine, social dynamics, mobile applications, and updates to the token economy.