Blockchain
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
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Blockchain
Blocks & Headlines: Today in Blockchain (BlackRock, Plume, SEALSQ, Hedera, Deutsche Bank, KuCoin)
Blockchain technology continues to drive innovation across industries, reshaping finance, infrastructure, and philanthropy. Today’s news roundup explores exciting developments in blockchain ETFs, tokenization funding, quantum-resistant chips, public blockchain initiatives, and impactful social projects. Here’s a deep dive into the latest blockchain headlines:
BlackRock ETF Embraces Blockchain with First Muni Bond Purchase
BlackRock’s blockchain-focused ETF has made its first foray into municipal bonds, signaling increased confidence in integrating blockchain technology with traditional finance. The ETF’s strategic investment demonstrates how blockchain can enhance transparency and efficiency in bond markets.
By tokenizing municipal bonds, BlackRock aims to simplify trading and settlement processes while reducing associated costs. This development underscores the growing role of blockchain in transforming financial instruments and fostering greater market accessibility.
Source: Yahoo Finance
Plume Secures Funding for Tokenization Platform
Blockchain fintech company Plume has raised significant funding to advance its tokenization platform. The company’s innovative approach enables businesses to convert real-world assets into digital tokens, streamlining asset management and unlocking liquidity.
Tokenization is rapidly gaining traction as a game-changer in sectors such as real estate, art, and commodities. Plume’s success reflects a broader trend of investment in blockchain solutions that bridge the gap between traditional assets and decentralized technologies.
Source: Fortune
SEALSQ and Hedera Partner for Quantum-Resistant Blockchain Chips
SEALSQ and Hedera have announced a groundbreaking collaboration to develop quantum-resistant chips designed to secure blockchain infrastructure. These advanced chips will provide robust protection against future quantum computing threats, ensuring the integrity of blockchain networks.
As quantum computing capabilities evolve, safeguarding blockchain ecosystems becomes increasingly critical. This partnership highlights the importance of proactive measures in maintaining the resilience and trustworthiness of decentralized systems.
Source: The Quantum Insider
Deutsche Bank’s Public, Permissioned Blockchain Initiative
Deutsche Bank’s Layer 2 blockchain solution is set to go public and operate as a permissioned network, according to its tech partner. This initiative aims to strike a balance between accessibility and security, leveraging blockchain to streamline financial services and enhance operational efficiency.
The decision to adopt a public, permissioned model reflects a growing trend among enterprises seeking to harness the benefits of decentralization while maintaining control over sensitive data. Deutsche Bank’s approach could serve as a blueprint for other financial institutions exploring blockchain adoption.
Source: CoinDesk
KuCoin’s “Light Up Africa” Initiative Brings Hope to Thousands
Cryptocurrency exchange KuCoin has made a significant impact through its “Light Up Africa” donation ceremony in Ghana, benefiting 36,000 children across the continent. The initiative combines blockchain technology with philanthropy to address energy poverty and support education.
By leveraging blockchain for transparency in charitable contributions, KuCoin sets an example of how the crypto industry can drive meaningful social change. The project demonstrates the potential of blockchain to empower communities and foster sustainable development.
Source: PR Newswire
Industry Implications and Key Takeaways
Today’s developments highlight the transformative potential of blockchain across multiple domains:
- Integration with Traditional Finance: BlackRock’s ETF underscores the synergy between blockchain and established financial systems.
- Tokenization Trends: Plume’s funding success reflects the growing demand for digital asset solutions.
- Quantum-Resistant Technologies: SEALSQ and Hedera’s partnership addresses emerging cybersecurity challenges.
- Enterprise Blockchain Adoption: Deutsche Bank’s public, permissioned network showcases the adaptability of blockchain in financial services.
- Social Impact: KuCoin’s philanthropic efforts illustrate blockchain’s capacity to drive positive societal outcomes.
The post Blocks & Headlines: Today in Blockchain (BlackRock, Plume, SEALSQ, Hedera, Deutsche Bank, KuCoin) appeared first on News, Events, Advertising Options.
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