“The leading blockchain-based hotel booking platform with over 1,700,000 properties globally will migrate to Binance Chain to maximize its token economics, usability, security and speed.”
London, United Kingdom –– September 3, 2019 — After months of research Travala.com is thrilled to announce it will be joining the Binance Chain ecosystem. This is part of Travala.com’s determination to improve the token economics of its native token (AVA), while offering faster processing times, better performance and ease of on-chain use of AVA within the platform.
Travala.com has also announced that it will integrate Binance Coin (BNB) as a preferred payment method for booking travel worldwide and will submit a proposal for listing on Binance DEX.
Travala.com will provide more details about the migration in due course. In the meantime, users currently holding AVA (NEP5) on the NEO blockchain will still be able to trade, deposit and withdraw AVA tokens as usual.
Matthew Luczynski, Travala.com’s CEO, said, “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.”
Travala.com’s new buyback and burn program will take place every quarter until 21,571,086 AVA are permanently removed from circulation, which represents 35% of the supply of 61,571,086 AVA, reducing the overall total supply of AVA to just 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 a 3-month period the more AVA will be repurchased and burned.
Travala.com’s CEO, Matthew Luczynski, explains how it will work for current AVA holders:
- Existing AVA (NEP5) tokens will continue to operate as usual; holders can still deposit, withdraw and trade them at all the exchanges supporting AVA.
- All AVA token holders will be able to swap their AVA (NEP5) tokens into AVA (BEP2) tokens on a 1:1 ratio as soon as the swap mechanism is ready.
- We will inform everyone with plenty of notice when the option to swap tokens will be available, after all the necessary testing has been completed. No action is required.
- We will provide further details and timelines for the migration and swap process in due course, however for AVA (NEP5) tokens, its business as usual.
More information about the AVA token migration to Binance Chain and the Buyback and Burn Program can be found in our deep dive post.
Travala.com is the leading blockchain-based travel booking platform with 1,700,000+ properties in 230 countries and territories and a champion of cryptocurrency adoption. We accept most leading cryptocurrencies as payments and we have developed an innovative tokenized incentive model. Our prices are 15% cheaper on average than other mainstream travel sites.
For more information, visit: https://www.travala.com
About Binance Chain:
Binance Chain is a blockchain software system developed by Binance and its community. Binance DEX refers to the decentralized exchange features developed on top of Binance Chain. The purpose of the new blockchain and DEX is to create an alternative marketplace for issuing and exchanging digital assets in a decentralized manner.
For more information, visit: https://www.binance.org