LooksRare announced that LOOKS will undergo a deflation phase to reduce the total supply, starting with the INFILTATION minigame.
Looks Deflationary
INFILTRATION marks the start of something new for both LooksRare and LOOKS.
From tomorrow onwards, LOOKS will be deflationary, with the supply being reduced via various mechanisms on a consistent basis, starting with INFILTRATION.
️🔥🔥 25% of all LOOKS… pic.twitter.com/mhcQhRygQS
— LooksRare (@LooksRare) November 23, 2023
In INFILTATION, 25% of the total LOOKS will be used to regenerate energy in the game and then burned. At the same time, 50% of the total transaction fee will be used to buy back LOOKS in the market.
It’s worth noting that LooksRare has stated that its ultimate goal is to bring LOOKS supply to zero, although there is no detailed document describing this plan yet.
Related: Blast’s Founder Denied Accusations That The Project Was a Ponzi
The price of the LOOKS token spiked 32% within 24 hours of the deflation minigame being introduced, reaching $0.12 USD. According to information from CoinGecko, the current supply of LOOKS is 998,583,680 Token.
LOOKS chart on Tradingview
