EOS votes to burn $167 million in tokens in preparation for drastically reducing inflation

Over 34 million EOS worth $167 million was permanently removed from circulation. The move is part of an initiative to drastically lower the inflation rate on the protocol from 5 to 1 percent.

On July 31, 2018, 15 or more of EOS’s 21 block producers passed an initiative to burn $167 million EOS sitting idle in the platform’s savings account.

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