LeverFi has successfully burnt 721.5 million tokens on its redenomination. The blockchain protocol formerly called RAMP will now be rebranding its total supply and price. Notably, though, the dollar value of the token in the wallet of holders will be equivalent to the previous value they had before the redenomination.
The token is now back on the Binance exchange, but with a new ticker. Binance supports the LEVER/USDT and LEVER/BUSD trading pairs. The LEVER token will be distributed to all RAMP holders on centralized exchanges. 1 RAMP = 35 LEVER and deposits and withdrawals, which were paused previously have now resumed.
721.5 Million RAMP Burned – What Next?
The total amount of RAMP burned represents 72% of the previous total supply. Currently, any RAMP tokens sent into the RAMP contract will be burnt. However, holders of RAMP on decentralized exchanges can still swap the RAMP tokens for LEVER.
Holders can convert their tokens from the token swap portal or interact directly with the LEVER contract. There is no deadline for RAMP holders to convert their tokens.
Upon swapping from RAMP to LEVER, it is impossible to swap back to RAMP after the contract has been executed. Additionally, on-chain swaps are only possible on the Ethereum blockchain.
The huge decrease in the supply of the RAMP token is a positive development in the protocol’s communities. Undoubtedly, the burning will give LEVER a higher perceived value in the eyes of holders and potential investors.
Since the inception of the project, LEVER has gained multiple investors backing the token. The protocol offers innovative solutions for users of decentralized protocols. LeverFi supports yield farming and leverage trading, giving traders and investors multiple opportunities to earn.
The token is currently valued at $0.14 and its market capitalization after the redenomination is $67 billion.