VIRTUALS To Launch A Buyback-And-Burn Program

According To Some Statistics, The News Saw VIRTUALS Rise As Much As 15% And Reach Close To $4 Per Token

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To take 25 different kinds of AI agent tokens that have been introduced on its platform out of circulation, the Virtuals team plans to purchase them in bulk using almost 13 million VIRTUAL ($12 million).

After information about Virtuals Protocol's buyback-and-burn program was made public, the price of many cryptocurrencies that are part of its ecosystem surged. Virtuals Protocol is a tooling platform that allows users to create artificial intelligence (AI) agents.

According to CoinMarketCap data, VIRTUAL's price has risen by over 15% in the last seven days to trade at $3.60, giving the cryptocurrency a market valuation of $3.5 billion at the time of writing.

                                                                                           Source: CoinMarketCap 

In the meantime, AIXBT, GAME, VADER, and LUNA—the top AI agent coins on Virtuals by market capitalization—have all seen at least 27% increases in the past day. The market value of the entire Virtuals ecosystem, which is based on L2 Base, which Coinbase incubated, is approximately $6 billion.

In a buyback-and-burn program, tokens are usually acquired by a protocol and then taken out of circulation permanently. 

According to an early Wednesday X post, Virtuals intends to burn the recently acquired AI-related cryptocurrencies after purchasing 25 different kinds of AI agent tokens launched on its platform with nearly 13 million of the protocol's native token VIRTUAL ($11.7 million).

According to a Dune Analytics dashboard, the largest burns will occur for GAME at 1.6 million tokens, CONVO at 1.1 million tokens, and AIXBT at 880,000 tokens after being purchased over a 30-day time-weighted average price.

Unchained's request for comment was not immediately answered by Virtuals representatives.

In a note released on Tuesday, Franklin Templeton Digital Assets, said that Virtuals "is continuing to see significant demand for launching new Agents on its platform." "We can imagine a future in which artificial intelligence (AI) agents transform social media content creation and are essential to many platforms and industries."

Franklin Templeton Digital Assets contended that AI agents, like human influencers, can generate economic value in a variety of ways, including releasing their own music, films, brands, and merchandise. 

At the time of writing, the two biggest liquidity pools for virtuals-related tokens on the decentralized exchange Aerodrome, VIRTUAL/cbBTC and VIRTUAL/WETH, fetch an annual percentage rate of at least 45% and have almost $100 million in total value locked.

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