DeFi Insurance Protocol Uno Re Burns 1.4% of Their Token Supply

Tallinn, Estonia--(Newsfile Corp. - August 14, 2022) - DeFi Insurer, Uno Re, has announced that they have burned 1M $UNO - 1.4% of their total supply - as part of their deflationary token model. Modelling the token to be a deflationary asset, the protocol has once again utilized some of their profits to reduce their circulating supply.

Uno Re burns 1.4% of their total token supply

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Following the burn, the protocol shared the announcement and also the proof of burn via their social media. The token burn essentially means Uno Re sent the tokens to a wallet no one has access to, officially removing them from circulation. The protocol burns its own utility token in an effort to decrease total supply.

$UNO was first tradable on March 18, 2021. The $UNO token has a total market cap of $2,448,617 with a 24hr trading volume of over $220,500 at the time of writing. It has a circulating supply of 73,232,181 UNO, and a total supply of more than 384 Million.

$UNO, the deflationary token, has been burned 3 times by the protocol. The first-ever $UNO burn was done on November 10th, 2021 where 89,001 $UNO was burned off to the market. Following the first burn, a much bigger and better second token burn didn't take long. On November 30, 2021, exactly 152,052 $UNO was burned by the protocol.

On March 28, 2022, Uno Re bought back and burned 166,028 $UNO off the open market, making it the third in chronological order and largest one in terms of the number of individual tokens burned.

And finally, the fourth burn, conducted on August 4th, is the largest buyback and burn the protocol has ever conducted. This gradual increase in the tokens bought back and burned off the open market indicates positive growth in protocol revenue, and also reflects a net positive growth indicator in terms of the $UNO token itself.

The $UNO token will offer further benefits, enhance user engagement and assure quality of service provided to build loyalty into the ecosystem. The token allows for any on-chain asset to be insured against vulnerability, essentially tapping into a completely new, under-utilised market segment.

Uno Re, the world's first DeFi insurance protocol's mission is to enable and advance a decentralized world where users can secure their crypto while investing in risk - the safest asset class in the world. The platform allows the community to propose innovative insurance products to the space, thus propelling a new generation of Insurtech companies steered by the Uno Re ecosystem.

About Uno Re

Uno Re is the world's first decentralised insurance and reinsurance platform powered by Polkadot that allows the community to invest and trade in 'risk' and receive sizable returns on their investments in one of the safest asset classes in the world. They have over $3.7M in active coverage across various crypto protocols, and have underwritten risk for over 100 protocols on their B2C Insurance Sales App - The Cover Portal. The Cover Portal allows DeFi users to purchase coverage for any asset in their wallet using the protocol's proprietary AI-based algorithm - dynamic, customized and instant.

The protocol is dedicated to serving the need for proper insurance services in the DeFi space of the blockchain and cryptocurrencies industry by offering "insurance for insurers" and democratizing the trading of risk.

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Media contact

Company Name - Uno Re
Contact person: Jaskanwar Singh
Email - [email protected]
Country - Estonia
City - Tallinn

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/133299