Yesterday, Eidoo announced that will destroy 920’000.00 EDO tokens earned from the ICO Engine service.
Starting August 31st, the Eidoo team will burn 1% of the total supply of EDO tokens.
This is the result of 50% of fees earned from ICO Engine and other services.
The official Eidoo blog, in fact, talks about the fees collected from ParkinGO, Xriba, Ubiatar and ORS, but not only.
This means that the total supply of EDO will decrease in number: the more the service is used, the more tokens will be destroyed.
And this is the reason why the EDO token yesterday gained 50%, arriving at a value of $1,06, while right now its price is $0.91.
Another reason for the gain, as explained in the Telegram chat of Eidoo, might be a few other important announcements related to an upcoming new design for the app, rebranding, fingerprint and face unlock.