Kyber Network Burns Excess KNC Tokens: Total KNC Coin Supply Reduced by 10.3 million

Kyber Network has announced on their official block that they have successfully burnt nearly 10.3 million KNC tokens. These were sent to unspendable address that no one controls. Total KNC coin supply was 226,000,000 and after burning of tokens, it has been reduced to 215,625,348.

The team is already in word with coinmarketcap to display updated circulation supplies. Kyber Network team had promised to burn the excess token in their whitepaper where it said that once token sale has successfully completed, excess KNC tokens will be destroyed.

At the launch, total of 226 million KNC tokens were minted and 61% were made available to the public. Kyber Network’s KNC tokens will be used as platform currency – in a similar way Binance coin is used. It will also be used by Kyber Network to reward parties that will channel its traffic and generate volume to the upcoming Kyber Network exchange.

Out of entire token distribution, 61.06 percent were made available to the public. Rest 39 percent were set aside for company (19.47-percent) and founders / advisors (19.47 percent). The tokens that reserved for the founders and advisors has total vesting period of 2 years with a year lock up.