Travala.com, the eminent platform for hotel booking in the world, based on blockchain, with more than 1,700,000 properties around the globe, will soon move to the Binance Chain. The burn and buyback programs for Travala’s native token AVA will also be initiated to support the move, revealed the official announcement dated 2nd September 2019 by Travala.com on its Twitter handle. The booking platform also published an official blog post for divulging more details on the move on 3rd September 2019.
— Travala.com ✈️ 🏨 (@travalacom) September 3, 2019
Travala.com has taken this decision after a lot of research which went on for months. The decision of migrating to Binance Chain has been taken to enhance AVA token’s token economics, offer quicker processing times, improved performance and security, as well as the easy on-chain utility of AVA tokens inside the platform, revealed the blog post.
If that was not enough, Travala.com is also going to integrate BNB (Binance Coin) as a “preferred payment method” for travel bookings across the world. For that, it is soon going to submit a listing proposal on Binance Decentralized Exchange, as per the announcement.
The blog post also clarified that there would not be any hassles while depositing, trading, or withdrawing AVA tokens for the users who are presently holding these (NEP5) tokens on the blockchain of NEO. The timely details of the migration will be provided to the users, said the company.
The CEO of Travala.com, Matthew Luczynski, stated that they are excited for having extended their support to the Binance Chain in their goal of growing the blockchain ecosystem along with promoting the crypto adoption on a global level.
It was also disclosed that the booking platform’s latest burn, as well as buyback program, will be taking place each quarter till they successfully remove 21,571,086 AVA tokens permanently from circulation, representing just about 35 percent of AVA’s supply of 61,571,086 tokens. This move will reduce the total AVA supply to only 40,000,000 AVA.
The amount of AVA tokens that will be burned and re-bought from the markets every quarter will be based on Travala.com’s net profit’s 20 percent. Hence, the more travel bookings on its platform, the more tokens would be bought and repurchased within three months.
All the users holding AVA tokens will be capable of swapping their AVA tokens (NEP5) into the AVA tokens (BEP2) on the ratio of 1:1 once the swapping mechanism is up and running after thorough testing. The notice for the same will also be issued in time.
Travala.com has a presence in 230 nations and territories. The travel booking platform accepts a majority of leading digital currencies as payments. On average, Travala’s rates are 15% more economical than other conventional travel sites.