The creator of Robonomics burned 7 million XRT
On February 20, the creator of the Robonomics platform, Sergey Lonshakov, burned 7 million XRT worth $ 50 million.
Today, the Robonomics developers burned 7,000,000 $XRT ? This is an unusual page in the history of our team's adventures, and possibly the entire crypto world! Below, I will try to tell it from the very beginning... pic.twitter.com/gdzPcmMg1S
— Sergei Lonshakov (@EnsRationis) February 20, 2024
These assets were blocked in 2019 after the release of the first version of Robonomics 1.0 smart contracts. For the sake of DAO structuring, the largest holder of tokens - 70% of the total issue - was the Dutch auction contract, which was supposed to help re—evaluate the project after launching on the Ethereum network. However, the onset of the crypto winter disrupted the plans of the developers.
Until the DeFi boom in 2021-2022, the Dutch auction contract remained without a useful function.
During this time, the developers have implemented a cloud for IoT based on Polkadot.
In 2022, Robonomics, having already launched a token on Ethereum, was among the first developers of parachains in the world, which returned attention to the project. Since the task of revaluing it was no longer necessary, the team decided to burn the frozen tokens during 2023.
"For more than a year we have been trying to catch the moment so that we have enough ether to "buy back" our project tokens from the auction smart contract algorithm. Today, I personally burned 70% of the initial issue from my Genesis account," Lonshakov said in a ForkLog comment.
In the near future, Robonomics developers plan to continue developing and experimenting with their own line of smart devices for the home, as well as revive the project on the Ethereum network.
Recently, the project team announced the first smart home integration projects with the Web3 cloud in Cyprus.
Source: https://forklog.com/news/sozdatel-robonomics-szheg-7-mln-xrt
