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

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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.

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$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.

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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

Newsfile is a customer-focused newswire team that delivers press releases and corporate announcements to the global financial community. Approved by all stock exchanges, Newsfile offers broad access to media, analysts, investors and market participants. With agile services, proactive customer care and affordable pricing; Newsfile makes it easy for companies to tell their story to the audiences they need to reach.

Blockchain

This Week in Finance News: 11 Stories You Need to See

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With thousands of press releases published each week, it can be difficult to keep up with everything on PR Newswire. To help finance journalists and consumers stay on top of the week’s most newsworthy and popular releases, here’s a recap of some major stories from the week that shouldn’t be missed.

The list below includes the headline (with a link to the full text) and an excerpt from each story. Click on the press release headlines to access accompanying multimedia assets that are available for download.

  1. Prosperity or catastrophe: #Insurance2040 study reveals four possible futures for the industry
    By 2040, technological innovation driven by customer centricity could pave the way to greater climate resilience and more personalized offerings by the insurance industry. Alternatively, insurance could become a luxury afforded only to the wealthiest few.
  2. Cardinal Health announces two strategic additions to its portfolio
    Cardinal Health will acquire a majority stake in GI Alliance (GIA), the country’s leading gastroenterology (GI) management services organization (MSO), from a combination of GIA physician owners and funds managed by affiliates of Apollo. Cardinal Health will also acquire the Advanced Diabetes Supply Group (ADSG), one of the country’s leading diabetic medical supplies providers, for approximately $1.1 billion in cash.
  3. BlackRock Launches New BUIDL Share Classes Across Multiple Blockchains to Expand Access and Potential of BUIDL Ecosystem
    This initiative represents the next step in the evolution of the tokenization market, by enabling BUIDL to be used within leading blockchain-based financial products and infrastructure across ecosystems.
  4. Primo Brands Corporation Announces Successful Completion of Merger of Primo Water and BlueTriton Brands
    “I believe Primo Brands is positioned to be a leader in the healthy hydration beverage category, thanks to the strength of its iconic, sustainably-sourced brands, its robust operations and extensive North American network, and its responsible operation of numerous springs across the country,” said Dean Metropoulos, Non-Executive Chairman of the Board of Directors of Primo Brands.
  5. Jackson Hewitt Tax Services Expands Workforce, Offering Job Opportunities Nationwide for Upcoming Tax Filing Season
    The week-long event will launch the combined hiring of 18,000 employees to prepare for the upcoming tax filing season. The Jackson Hewitt hiring events are open to the public and include on-site interviews. Qualified candidates could receive a job offer immediately.
  6. PNC Bank to Double Planned Branch Openings to More Than 200 Across Six States This announcement brings the bank’s total investment to approximately $1.5 billion to open more than 200 new branch locations in 12 cities across the U.S. over the next five years, while completing the renovations of 1,400 existing branches during the same time period.
  7. Alchemy Pay Expands Virtual Card Functionality with Google Pay Support The new card BINs added will significantly enhance the capabilities of crypto cards, expanding their support for a broader range of payment scenarios and improving transaction success rates. This advancement is particularly impactful when paired with Google Pay, one of the most popular and widely used digital payment platforms, trusted by millions for its convenience and security.
  8. Finaya Unveils Nationwide Homeownership Platform
    From providing rich and current information about home values and property conditions, to finding helpful repair and remodeling providers, to shopping for and securing the right insurance, the platform simplifies the homeownership process, making it more accessible, convenient and efficient.
  9. GenAI predicted to inspire revenue growth in 76% of businesses, but only 4% qualify as “leaders” in AI and analytics
    Kearney’s report confirms that businesses are not only aware of how big data, AI, and analytics will impact revenue generation and enhance business strategies, but they are investing to stay ahead of the curve, too.
  10. GameAbove Sports Acquires Meaningful Ownership Stake in Brisbane Bullets with NBA Legend George Gervin as Part of Ownership Team
    This move marks a significant milestone for GameAbove Sports, a CapStone Holdings Inc. company, as it expands its influence on international basketball ahead of the Brisbane 2032 Olympics.
  11. Most US shoppers are encountering generative AI while shopping without realizing it
    A survey of 700 online shoppers in the US shows 71% are unaware of having used generative AI while shopping online even though most had recently shopped at retailers currently using it. 41% of customers say they would feel comfortable using a generative AI tool from a brand they trust.

For more news like this, check out all of the latest finance-related releases from PR Newswire.

Do you have a finance press release to distribute? Sign up with PR Newswire to share your story with the audiences who matter most.

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Helping Journalists Stay Up to Date on Industry News

These are just a few of the recent press releases that consumers and the media should know about. To be notified of releases relevant to their coverage area, journalists can set up a custom newsfeed with PR Newswire for Journalists.

Once they’re signed up, reporters, bloggers, and freelancers have access to the following free features:

  • Customization: Users can create customized newsfeeds that will deliver relevant news right to their inbox. Newsfeed results can be targeted by keywords, industry, subject, geography, and more.
  • Photos and Videos: Thousands of multimedia assets are available to download and include in a journalist or blogger’s next story.
  • Subject Matter Experts: Journalists will have access to ProfNet, a database of industry experts to connect with as sources or for quotes in their articles.
  • Related Resources: Our journalist- and blogger-focused blog, Beyond Bylines, features regular media news roundups, writing tips, upcoming events, and more.

The post This Week in Finance News: 11 Stories You Need to See appeared first on .

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Blockchain

Fintech as a Service Market: A Comprehensive Trends Analysis Predicts a USD 1,329.12 Billion by 2032 CAGR: 17.4% | PMR

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Blockchain

Bybit Web3 Launches World’s Largest GameFi Playground at Crypto Ark-ade as GameFi Market Size Surges to $20bn

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