Enkidu (ENK) Price Stabilizes After the Big Billion Burn
Enkidu (ENK) has burned 1.2 billion ENK tokens, reducing the total supply from 1.5 billion to just 0.3 billion.
To begin with, the team burned 718,522,269 ENK tokens from the total supply after which the team went ahead and burned 336,000,000 of their own ENK tokens reducing the total supply to 445,477,731 ENK tokens. Once the team’s tokens were burned, it was time to burn tokens from the company’s reserve.
The company’s reserve was burned down from 135,000,000 ENK tokens to the current remainder of 27,000,000 ENK, thus bringing down the total supply to 337,477,731 ENK tokens.
When asked how the team feels about burning tokens, they said:
“We look at it as something which would benefit Enkidu a lot. The burning of ENK tokens is in the lines of the early farmers enriching the soil using the slash and burn technique. Just like that technique helped the soil, we believe that burning tokens would help enrich the Enkidu ecosystem.”
It has barely been a year since the project began and the team is already burning its own tokens to maintain circulation. This acts as a testimony to how much the team is involved in the project. Unlike many projects in the market, the team behind Enkidu is working hard towards making the project successful.
Recently, the cryptocurrency was listed on IDEX, the hybrid, semi-decentralized exchange, on which the ENK/ETH pair is trading at 0.0000051.
The project builds company structures using smart contracts which the small teams can use to reduce their dependence on law firms so much that they don’t even have to register their companies. Similar to a Limited Liability Company (LLC), the platform handles most of the edge cases including share classes, dividend policy, ESOP structure and more.
Enkidu has 14 smart contracts which you can use to handle almost all situations that may arise in small businesses.