Crypto asset exchange Websea announced the completion of a one-time burn of 57 million WBS platform tokens.

According to ME News, on December 23 (UTC+8), the cryptocurrency exchange Websea announced the completion of a one-time on-chain burn of 57,000,000 WBS tokens. This burn originated from all tokens released in the current on-chain staking contract, representing 19% of the initial total locked tokens, and has now been permanently burned. The total supply of WBS has decreased from 300 million to 167 million after the burn. In the future, following a predetermined deflationary mechanism, continuous buybacks and burns will continue until the total supply converges to 100 million tokens. It is understood that with the deep expansion of the Websea ecosystem and the implementation of the Yongying Fund's deflationary model, the platform has chosen a more certain approach to enhance the long-term value of WBS. This burn will change the supply structure and scarcity of the WBS platform token. (Source: ME)