Crypto
Rain Protocol Burns Over 7.4 Billion RAIN Tokens in Credit Refund Settlement
Rain Protocol has concluded its Credit Refund settlement by permanently destroying over 7.4 billion RAIN tokens, representing approximately 1.035% of the cryptocurrency's circulating supply.
The decision was made after a community-backed governance proposal was approved by Rain DAO holders, who voted on how to handle remaining locked allocations from the program.
The Rain Foundation committed $23 million in USDT to purchase eligible locked allocations at a fixed rate of $0.0031 per RAIN token.
Rain Protocol CEO Roy Shaham stated that the settlement demonstrates the importance of decentralized governance when decisions have financial consequences for protocol participants.