Travala Platform Announces Token Buyback, Migrates To Binance Chain

Travala announced that it plans to transfer its AVA token to the Binance Chain and launch a token buyback program. Travala is an online travel booking platform that allows users to pay for hotels with cryptocurrency and receive discounts and rewards via the use of AVA.

The company stated this in its Medium blog post:

"The determination to improve the token economics of its native token (AVA), while offering faster processing times, better performance and ease of on-chain use of AVA within the platform"

Travala intends to reduce the supply of AVA from 61 571 086 to 40 000 000. Every quarter, Travala will buy AVA tokens from the open market based on 20% of net revenue. The buyback and burning will begin in January 2020.

Additionally, Travala will transfer the NEP-5 AVA token to the Binance BEP2 standard at 1:1 ratio, but no mechanics or time of migration has been announced yet. According to the statement, users who do not change their NEP-5 AVA will eventually get their tokens burned, however, the company said it would give “enough time” to complete the swap. After the migration, Travala will apply for Binance DEX listing and integrate the Binance coin as the “preferred payment method” on its booking platform.

Image from Travala Blog