Hivello burns 13.5M tokens in first phase of buyback program
Published: 08:57 02 Jul 2025 EDT
Hivello, the decentralised computing platform backed by Blockmate Ventures Inc (TSX-V:MATE, OTCQB:MATEF), has removed 13.5 million of its HVLO tokens from circulation as part of its new quarterly buy-and-burn program.
The initiative, funded by a portion of Hivello’s revenue, is designed to support the token’s long-term value by reducing supply. In cryptocurrency markets, this deflationary mechanism, known as token burning, is often used to improve scarcity and strengthen investor confidence.
The move marks the first execution under Hivello’s ongoing plan to use revenue generated across its ecosystem to purchase HVLO tokens on the open market and retire them permanently. The company said all activity was transparently recorded on-chain.
"The launch of our buy back & burn program is an important inflection point for Hivello as we move closer to expanded growth and token stability," said Domenic Carosa, co-founder and chairman of Hivello.
"By consistently reducing the supply of HVLO tokens with revenue generated from our network, we're building a robust foundation that benefits all participants in the Hivello ecosystem."
Hivello operates as an aggregator of decentralized physical infrastructure networks, or DePINs. These networks allow users to earn rewards by sharing underutilized computing resources, such as bandwidth or processing power.
The platform aims to simplify access to these networks through a user-friendly app, enabling participants to generate passive income by running software nodes on idle devices.
Blockmate Ventures, listed in Toronto, holds a stake in Hivello as part of its broader Web3-focused investment strategy.
The firm sees token buybacks as a way to enhance long-term incentives for Hivello users and reinforce the platform’s economic model.
The next buyback is expected to be funded from future revenue as the company continues to grow its network and user base.
