GEAR Token burn #2

Today we retro-actively burned 1,376,019 GEAR. 🔥 🔥

This represents a partial amount removed 2 days prior for liquidity adjustment and project funding.

We will be burning the total amount of tokens removed within a time span of 5months starting today.

6,376,019 GEAR will be burned in total!

Today's burn will be followed by monthly token burns of 1,000,000 GEAR.

As ETH is rising in price so was our liquidity, which also represents our own funding. As our raise was conducted only privately and in a very small fashion, this was and still is part of our funding strategy so we will remove, adjust, and work with our funds from time to time.

We had a total of ~$ 230,000 in liquidity and have reduced this to a still high but more appropriate level of ~ $ 122,000. This is in our opinion more fitting for a small-cap coin like ours. (currently ~ $ 440,000)

As promised we will be continuing our token burn series, which are based on internal metrics, milestone achievements etc.

Every burn will be announced after a burning proposal has been confirmed and the burn has been finished.

Burn TX: https://etherscan.io/tx/0x5e1f549bfd61205337764f4c8e23bdd00ce063c9806f7fbfa0cd80602bfa70a3

Thanks a lot for your ongoing support and see you soon!

Bitgear.io Team

About Bitgear.io

Bitgear.io is the first project to tackle bridging centralized and decentralized exchanges. We aim to provide an unmatched exchange experience through the development of several tools that will allow traders of any skill level access to algorithmic trading strategies, arbitrage, and decentralized finance (DeFi). Bitgear.io has four exciting products as part of its larger platform ecosystem, GEAR Engine, GEAR Market, GEAR Portal, and GEAR DeFi. To learn more please follow us on Twitter, Discord, and Medium!

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