Rain Protocol Completes First DAO Vote, Permanently Burns 7.4 Billion $RAIN

Rain Protocol has completed its first Decentralized Autonomous Organization (DAO) vote, which resulted in the permanent burning of 7.4 billion $RAIN tokens.

The burn is worth approximately $108 million and brings the circulating supply to 709,173,225,165 $RAIN.

The decision was made after token holders approved a settlement proposal, which included the purchase of remaining locked Credit Refund allocations by the Rain Foundation for $23 million in USDT.

Rain Protocol's CEO, Roy Shaham, said that the community made the decision, the Foundation committed the capital, and the burn completes the decision transparently on-chain for anyone to verify.