A few hours ago, Travala, a company operating in the tourism sector that has introduced cryptocurrencies as a payment method, announced the start of the first burning phase of its AVA tokens, as provided for in the whitepaper.
Travala’s service includes the use of AVA tokens both as a payment method to book hotels and as a way to save money on the offerings available through the staking of AVA tokens within the platform.
To encourage the use and scarcity of tokens, a portion of the AVA tokens will be burned and therefore destroyed until the final quota of 40 million AVA tokens is reached, starting from a supply of over 61 million tokens.
The first token burn took place today and destroyed 187 thousand AVA tokens, corresponding to about $17 thousand, which is not much since the value of the AVA token is around $0.09, occupying position 526 on CoinMarketCap.
This destruction of tokens is driven by the desire to increase the price of the AVA token by increasing its scarcity.
It’s certainly a piece of news that demonstrates the commitment of the company and that continues the trail of positive news that came out in 2019, the year in which Travala has shown its successful business and proved that users are willing to use cryptocurrencies as a payment method for their trips.
It should also be remembered that during 2019, in addition to the introduction of as many as 20 crypto assets as a payment method, Travala switched to Binance’s blockchain and this allowed the AVA tokens, which were previously based on NEO’s blockchain, to be managed more efficiently.