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March 15, 2022

Multi-phase Token Burn — 20% of Total Supply

Starting March 16th, we are burning 20% of the total Velo token supply.

That is why, starting March 16, 2022 (at approximately 15:00 UTC) the Velo Labs team will commence a token burn of 6 billion tokens — or 20% of the total supply — at a rate of 1 billion tokens per month.

Our CEO, Mike Kennedy on this announcement:

“Undertaking a burn of this magnitude shows our commitment to the Velo community and our investors, while also moving us closer to our broader company goals, including strengthening our tokenomics. We want to ensure we are providing the best possible opportunities for the backers and supporters of the Velo mission.”

Burn amount:

6 billion VELO total

Burn Source(s):

Velo Development Reserve, Future Reserve, and Reserve — ⅓ from each

Start date:

March 16, 2022

Burn Rate:

1 billion per month

Duration:

6 months

Burn Schedule (check back here for TxHashes):

1st Burn | March 2022 | 1,000,000,000 VELO

Stellar TxHash: https://stellar.expert/explorer/public/tx/172109651768016896#172109651768016897
BSC TxHash:
https://bscscan.com/tx/0x73c72f1630335c53b6d2c4735a2660800bffdc811b8420d68b09c7712090f3ae

2nd Burn | April 2022 | 1,000,000,000 VELO

Stellar TxHash: https://stellar.expert/explorer/public/op/174067396646674433
BSC TxHash:
https://bscscan.com/tx/0xee4cb07383c49d2e3459871c8fc28dac7576fa2ba8a160fcc4e3e415ad281749

3rd Burn | May 2022 | 1,000,000,000 VELO

Stellar TxHash: https://stellar.expert/explorer/public/tx/b2575eb15d79d6edb4addb95a9acf0063ba9771772a21bd4a37c8099ffd8a469
BSC TxHash: https://bscscan.com/tx/0x72438c68a5c1adc242f0b9332d4fe76a71e0360203a6d1ffe44d726ba4dfe310

4th Burn | June 2022 | 1,000,000,000 VELO
TxHash:

5th Burn | July 2022 | 1,000,000,000 VELO
TxHash:

6th Burn | August 2022 | 1,000,000,000 VELO
TxHash:

We appreciate your continued support in the Velo project and we will be providing further updates as the burning continues.

Kind regards,
The Velo Team

Advancing our project forward and moving Velo in the right direction is an important pillar of our mission. We are driven to do what is best for our investors, our community and our project, for both our long and short term goals.