Akash Khosla, an Evmos co-founder who recently departed, accepted to return 59.4M tokens to the Evmos foundation. The return is anticipated to help restructure the distribution of tokens with Evmos’ present contributors and team.
The Evmos Foundation has received 59 million tokens from Akash Koshla, an ex-Evmos co-founder. This return happened after the blockchain’s supposed statement in May last year that he had tried selling vast amounts of Evmos’ native token on the market.
Evmos Foundation Recovers Million-Dollar Worth of Tokens
The initiative evoked worries concerning his exit at that time. His remittance of these issued tokens is anticipated to restructure the distribution of tokens with the cryptocurrency’s team and contributors.
This return comprises vested and unvested tokens tallying 59.4 million ($7.6M). Khosla owned almost 32 million of these tokens; the rest were unassigned team tokens. He said the decision to return the tokens was based on the project’s and community’s best interests.
Specifically, he noted that it is the project’s and community’s best outcome, which will ensure that EVMOS tokens remain in the custody of those playing a role in the growth and development of the project.
According to the foundation, a consensus with Khosla for an unrevealed amount for the return was in place. In 2023, operational disagreements at Evmos resulted in his exit. Federico Kunze Küllmer, Evmos Foundation’s director, leads the project’s development.
Evmos is a Cosmos-founded blockchain compatible with Ethereum applications. A Polychain Capital-led token round in November 2022 generated $27M.
Evmos Token Plunges
The return happens as the Evmos community strives to enhance the project’s tokenomics, especially after the significant inflation that has resulted in the token’s price plummeting since its unveiling in 2022. The move acquires extra meaning considering the remittance of 59 million tokens. Since its formation in 2022, the Evmos token’s value has reduced significantly.
The Block’s price page shows that it experienced a 98% plunge, dropping from its previous $4.6 trading price in April 2022 to a recent price of approximately $0.13.
The decline was further worsened by claims regarding Khosla’s efforts to discard the token on the market, which coincided with an almost 50% reduction in price in May 2023.
Lately, Evmos implemented critical steps to maintain the token’s value. An outstanding strategy is the community’s ratification of a proposal to burn 136M tokens from the ‘user incentives balance’ in the forthcoming network improvement.
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