Venice Sets Discretionary Burn Record With 21,657 Venice Tokens

Venice retired 21,657 Venice Token (VVV) on Base on Nov. 9, setting its largest discretionary burn to date, with the tokens valued at about $458,000.

Venice directs part of its free cash flow to VVV purchases during the month, then retires the accumulated tokens in a single transaction. The latest burn was about 10% larger than October’s $414,000 burn.

VVV’s circulating supply was about 48.9 million, making the burn roughly 0.04% of circulating supply. Venice mints 2 million VVV a year for stakers under its emissions schedule, which set that rate beginning Oct. 1. That is about 167,000 tokens per month; the Nov. 9 burn equaled roughly one-eighth of monthly issuance.