Geco.one, the Polish crypto derivatives exchange, burns first Gecoin tokens (GEC). It is the beginning of a cyclical ritual that’s designed to cut supply and stimulate the price.
GEC Token burn
The Geco.one platform informed about the first token burn on its social media. We learn that the procedure carried out on December 28 was the first of the planned cyclical GEC Token “burns”. Each subsequent one will take place after three months. A total of 6,105,106 GEC tokens were burned in the premiere event. This figure translates to 3.53% of the total coin supply. Recall that the current price of the Geco.one cryptocurrency is $ 7.084.
But where did such a large number of burnt units come from? The Polish project for the burn allocated all the so far unsold GECs that were distributed to investors. The proof of the transaction was provided as a reference to the smart contract.
Recall that the GEC token is deflationary by definition. Its supply will be regularly lowered by the process of burning tokens, which investors use on the crypto exchanges (CEX & DEX) on an ongoing basis to reduce commissions for trading.
Geco.one revolution before listing
The official listing of Gecoin on centralized and decentralized exchanges is scheduled for January 21. Before the listing, the Polish team introduced several significant improvements to the functioning of its platform — the layouts and overall user experience was improved, among others.
In addition, staking on Geco.one also had its premiere. Geco offers its clients the opportunity to set up a cryptocurrency “deposit” in which we can stake the GEC, BTC, ETH or USDT for a period of our choice. The return on such an investment can reach 8% per annum, effectively exceeding the current banking offers.
January 21 will be the first significant date in the Polish cryptocurrency calendar. Geco.one has been building its expertise in a niche of cryptocurrency trading for a long time, which is still not too much developed. Derivatives Trading rarely operates in an environment specially adapted to it, often putting investors in a risky situation. The experience of the creators of Geco.one in this field gives hope that not only the platform itself but also Gecoin will turn out to be a great success.