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AIT Protocol Burns $90M Worth of Tokens, Announces Weekly Burns and Token Vesting

AIT Protocol, a Web3 data platform that leverages blockchain technology to create a decentralized labour market for data annotations and AI model training, has announced a massive token burn and a new tokenomics model.

According to a tweet from the official AIT Protocol account, the project has burned 150 million AIT tokens, which represents 16% of the total supply and is worth around $90 million at the price of $0.6 per token. The tweet also stated that the protocol will start weekly burns of 2.5 million AIT tokens for the next 15 months until the total supply reaches 500 million tokens.

The token burn is part of the protocol’s new tokenomics model, which aims to reduce the inflation rate and increase the scarcity and value of the AIT token. The protocol also revealed that it had allocated 30% of the total token supply to support the old train-to-earn model, which allows users to earn AIT tokens by providing data annotations and AI model training services. These tokens will vest daily over the next 15 months, creating a steady stream of income for the participants.

AIT Protocol is incubated by PAAL AI, a leading AI company that provides end-to-end solutions for data collection, annotation, and model development. PAAL AI also has its own native token, PAAL, which is used to access the PAAL AI platform and services. PAAL AI and AIT Protocol are both part of the PAAL ecosystem, which aims to democratize AI and data through Web3 technology.

Source: Coingecko

The AIT Protocol token burn and tokenomics update have been well received by the community and investors, as the AIT token price has increased by over 40% in the past 7 days. The AIT token is currently trading at $0.695, with a market cap of $58 million.

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