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GRVT Burns 1.1 Million Tokens as Countdown to Grvt 2.0 Begins
The issuer said the burn is the first of five milestones ahead of Grvt 2.0, which aims to combine trading and yield features.
- On Tuesday, the Foundation's token issuer for Grvt completed its first buyback, purchasing and burning 1.1 million GRVT tokens on the open market, permanently removing close to 1% of circulating supply.
- Discretionary buybacks serve as a supportive mechanism for Grvt's platform expansion, aimed at reducing circulating token supply ahead of planned product milestones. The issuer intends to conduct further buybacks on a monthly basis.
- Grvt Earn, scheduled for the end of October, will introduce yield opportunities backed by tokenized assets with target yields of up to 11%. Stable Funding Perps will follow in November, expanding to commodities and indices.
- Hong, co-founder and CEO of Grvt, welcomed the buybacks as a demonstration of long-term commitment, stating, "The GRVT token is an important part of the ecosystem we are building."
- Grvt 2.0, slated for the end of November, will consolidate capabilities into a single self-custodial app, alongside a new name, visual identity, and the company's 2027 roadmap.
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