FRIENDS TO 1 MORE TOKEN BURNED
Avalon Labs has burned 80 million AVL tokens, permanently removing them from circulation in a move that reduces the circulating supply by roughly 44%.
Announced on other platforms on June 9, the tokens, worth an estimated $16 million, were mostly unclaimed airdrop allocations from a March 2024 campaign. Avalon framed the burn as the start of a “deflationary cycle” that aligns with long-term incentives.
Over the past year, more than 100,000 users have claimed $20 million in AVL through the airdrop. The company thanked its users for helping shape the ecosystem and said it remains focused on aligning incentives between the project and its community.
Avalon Labs is a financial technology company that is building Bitcoin-backed on-chain capital markets. The platform has already disbursed more than $1.2 billion in overcollateralized BTC-backed loans. To extend this model to institutional clients, it recently obtained a $2 billion credit line from prominent Asian conglomerates.
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In addition to lending, Avalon created USDa, the first Bitcoin-backed stablecoin, allowing users to unlock liquidity without selling their Bitcoin . Through its CeDeFi protocol, Avalon also offers yield-generating savings products.
