Today, Travala.com, a leading Blockchain travel booking platform announced its migration to Binance Chain, the latest blockchain built specifically to host Binance’s DEX and a variety of other projects.
The platform confirms the migration on Sept 3 (today) stating the movement will enhance the usability, security and, speed of its native token AVA, which currently runs on the NEO blockchain.
As per the announcement, Travala.com seeks to improve the token economics of its native token, AVA. With the migration decision, Travala.com aims to offer the AVA token holders the better performance, faster processing times, and ease of on-chain use of AVA within the platform, the platform asserts.
Travala.com’s AVA Token to Migrate to Binance Chain
Besides migration, Travala.com claims that BNB coin is added as a preferred payment method on Traval.com, allowing travelers to book for travel by paying via BNB token.
“As the world’s leading blockchain-based hotel booking platform, we’re thrilled to support Binance Chain in a common mission to grow the blockchain ecosystem and to promote the adoption of cryptocurrencies globally.” Said Matthew Luczynski, Travala.com’s CEO
While Travala.com is yet to share further details about migration, it says that the users can hold its native token AVA on the NEO blockchain and accordingly they can still be able to trade and withdraw AVA as usual.
However, once the swap mechanism is ready, token holders could swap their NEP5 AVA tokens into BEP2 AVA tokens on a 1:1 ratio. The platform stated that they would inform all its token holders when the “option to swap tokens will be available.”
As part of the migration, Travala.com is launching a new buyback and burn program which will reportedly occur every quarter. The platform elaborates that the buyback and burn program will continue until total 21,571,086 AVA tokens get removed from the calculation permanently. These tokens represent 35 percent of total supply and once reduced permanently, the overall total supply of AVA will then count to only 40,000,000.
The amount of AVA coins to be repurchased from the open markets and burned each quarter is based on 20% of Travala.com’s net revenue so that the more bookings performed on the Travala.com platform within 3 months the more AVA will be repurchased and burned.
Travala.com’s AVA token is relatively new in the crypto industry and currently boasts the market capitalization of $6,478,940. The Binance migration announcement might have influenced today’s trading value, which has surged by 27.24 percent within the past 24 hours. Consequently, the coin is valued at $0.146241 against USD and currently available for trading at KuCoin and Switcheo Network crypto exchanges with pairs of USDT, BTC, ETH, and NEO.
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