The Data Lake team made a significant announcement on August 23rd, 2023, revealing the successful execution of a substantial burn, which accounted for 66.67% of the total supply, with most of the initial allocations subject to either a partial or a total burn.
The token burn served three main purposes:
Eliminating surplus: Our token burn effectively removed what we considered to be an unnecessary surplus of $LAKE tokens, achieving a permanent reduction in the token’s supply.
Enhancing intrinsic value: Our long-term strategy revolves around increasing the token’s value through its utility, rather than distributing it for free. Consequently, we eliminated the allocations intended for airdrops and affiliation programs, concentrating on fundamental, utility-driven value creation.
Adjusting token distribution: The burn aligned with our broader strategic vision to make the market the only place to purchase $LAKE tokens from.
To learn more about the supply reduction and check the burn transaction, read the blog article we published on the topic!
A fresh distribution
This substantial token burn inevitably established a fresh distribution for $LAKE. Without further ado, here’s how the new $LAKE distribution looks like after the burn:
While we discussed the reasoning behind the burn of each allocation in the article dedicated to the burn linked above, let’s now focus on what are the consequences of than maneuver.
After holding regular consultations with hospitals, data donors, holders, data controllers, private firms and researchers, our team obtained a new maturity of the medical data market and of the role we play in it. The new distribution is a reflection of these changes.
The current token holders are probably the party that is affected the most by the changes, as their allocation over the total supplied has tripled overnight. Moreover, as we understand the need for a higher liquidity for LAKE, the allocations dedicated to the Liquidity Pool and to Liquidity Providers Incentives jointly increased from 13% to 35% over the total supply. Such move goes hand in hand with the new program rewarding those who provide liquidity for the $LAKE token on the DEX- click here to learn more!.
These changes reflect our commitment to adaptability and our dedication to providing value to our community and partners. As we move forward, the revamped distribution will pave the way for a more robust and dynamic Data Lake ecosystem. We’re excited about the opportunities that lie ahead and look forward to continued growth and innovation in this ever-evolving space.
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