PUML Burns 3.8 million tokens in IDO Burn
TLDR: The PUML community have been very supportive considering the slow start with the PUMLx launch and so it was important to us we keep as much transparency and communication as possible. After discussions externally and internally we have decide its best for the project and the community to burn all the IDO allocation rather than return it to the treasury.
After a fully sold-out IDO we looked with anticipation to the PUMLx launch last week. However, due to a number of reasons the IDO launch price was not able to be held by the market, despite a promising product, revenue and roadmap from team PUML.
For this reason, we instantly offered full refunds to everyone that participated in our IDO on BullPerks, GamesPad and RedKite and we can only thank them for their amazing communities, products and professionalism.
Tokens will be burnt at 3.30pm AEST on October 13, 2022.
Funds have been deposited to this address awaiting burn:
Bull Perks and Games Pad — 2,142 858 PUMLx
RedKite — 1,714,286 PUMLx
TOTAL ALLOCATION TO BE BURNT: 3,857,142 PUMLx
What is a Token Burn?
A Token burn means permanently reducing the total supply of a cryptocurrency by burning some of its existing coins. Typically, this is done by transferring the token in question to a burn address — a wallet from which they can never be retrieved. It’s often referred to as destroying tokens.
A token burn reduces the total number of available tokens. This means that it causes a deflationary event. This is similar to the way algorithmic stablecoins automatically mint new tokens and then burn them frequently to maintain the peg. Eg: If demand for the stablecoin increases, the protocol’s smart contracts will automatically increase the supply of tokens to bring the value back down. And vice versa.
About PUML Better Health
PUML Better Health is one of the original Web3, Move-to-Earn, Fitness and Wellness company from Gold Coast, Australia. PUML specialises in the Move-To-Earn industry, where users can get rewarded with their cryptocurrency token $PUMLx on the Ethereum blockchain for completing health challenges such as steps and meditation. PUML successfully launched Move-to-Earn for Corporates in 2021 by signing with major corporations such as Singapore and Malaysia’s Western Union, Deloitte, LVMH and many more, generating substantial revenue and growth.
