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Decentralized derivatives exchange Aevo announced that 69 million AEVO tokens have been permanently withdrawn from circulation as part of its AGP-3 plan.
This token burn, worth approximately $2.8 million, represents 6.9% of the total token supply.
In a statement, Aevo defended the burning, claiming it was done to “symbolize a new beginning and demonstrate commitment to preserving the token’s value.”
According to the data, 71% of the total AEVO token supply is held by the top 10 whale wallets, while the remaining 29% is distributed among other investors. AEVO token reached its all-time high of $3.86 on March 28, 2024, and current prices are approximately 98.9% below that peak.
Aevo operates as a decentralized derivatives exchange focusing on options, perpetual trading, and pre-launch trading. The protocol runs on Aevo L2, a custom Ethereum rollup developed using the Optimism stack.
Aevo was one of the altcoins launched through Binance Launchpool.
*This is not investment advice.