Travala has officially announced its decision to migrate from the NEO blockchain to the Binance Chain.
https://t.co/CL8FxAXFXS will Move to Binance Chain and Initiate a Buy Back and Burn Program for $AVA#Travala #AVA #Binance $BNB @binance @cz_binance https://t.co/y3WOWKjtbH
— Travala.com ✈️ 🏨 (@travalacom) September 3, 2019
As stated in the press release, not only has Travala announced the novelty concerning the migration to the Binance blockchain and therefore the change of the standard of the AVA token, which currently still uses the NEP5, but also that it will burn tokens for 20% of revenue. The burning will take place every four months and the first one is expected to result in the removal of 21571086 AVA.
As explained by Travala CEO, Matthew Luczynski, the existing tokens will continue to be operational and users will be able to make deposits and withdrawals. Subsequently, the owners of the AVA tokens (NEP5) will have to convert them into the new AVA tokens (BEP2) with a 1:1 ratio.
It’s not the first time that a company decides to leave the NEO blockchain: in fact, a couple of months ago Effect.AI left NEO because of delays in updates.
This is certainly a very odd situation since the NEO Foundation invested in the Travala project a few months ago and just last week the Travala platform made it possible to use the NEO cryptocurrency for payments.