There’s no denying the fact that the global macroeconomic landscape has continued to deteriorate rapidly over the past year or so, thanks, in large part, to the Federal Reserve’s quantitative easing measures (such as interest rate hikes). This has caused liquidity to dry up globally, thereby affecting a whole host of markets, including stocks, commodities, and crypto.
To this point, over the last few weeks, several crypto projects have taken matters into their hands to help spur the price action of their favored assets. For example, community members associated with the popular decentralized exchange protocol Bancor have recently voted on a critical proposal that reduces the total supply of its native cryptocurrency — Bancor network token (BNT) — by burning BNT to help bolster the asset’s potential price action.
In its simplest sense, a token burn ca
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