eSync Network AMA Recap: Discussing the Token Burn, EU Regulation, and more

The eSync Network hosted its first-ever AMA session on X (Twitter) in April, featuring Sally Meouche–Ghrawi, eSync Network’s Executive.

Held on April 24th, the AMA’s goal was to enlighten the eSync community about significant updates within the network, including the token burn, the EU regulations on non-custodial wallets, and other pressing topics.

This article summarizes the key topics and insights covered during the session.

Overview of Recent Developments

The AMA started strong, with Sally opening the session by acknowledging the transformative changes within the eSync ecosystem and highlighting the recent token burn. She explained:

“We basically burnt, on March 20th… roughly 83% of the total excess supply, around 52.5 billion ECS.” This reduction in total supply from 63 billion to about 10.57 billion ECS aimed to refine the project’s tokenomics and enhance its market fit and competitiveness.

Impact of the Token Burn

When asked how the token burn contributes to eSync’s sustainability and growth, Sally detailed its dual purpose. The first is the potential to increase the scarcity and value of remaining tokens by reducing the general supply and fostering positive sentiment within the community, which is the second.

She noted, “Token burns are activities undertaken by networks to reduce the total supply of the tokens, which also means increasing their total scarcity.” This strategy is intended to signal a commitment to the network’s long-term value and stability.

Regulatory Changes in the EU

With speculations about the recent EU regulation cracking down on non-custodial wallets, we felt it necessary to understand its meaning and impact on the network straight from the horse’s mouth, as they say.

Sally clarified that the regulations were often misinterpreted, stating,

“The new anti-money laundering regulation… does not prohibit self-custodial crypto transactions or wallets. Instead, these rules ensure that transactions comply with anti-money laundering(AML) standards without stifling innovation or limiting access to decentralized finance (DeFi) services.”

In simpler terms, the regulation does not ban such wallets but mandates compliance with AML standards through specific risk mitigation measures.

She goes further, stating,

“Adhering to these regulations simply entails implementing more comprehensive KYC and AML protocols to ensure the eCredits Wallet complies with regulations while also maintaining that peer-to-peer transfers, crucial to the eSync Network’s products functionality, continue to be legitimate and unaffected by these regulations.”

The regulation doesn’t necessarily crack down on wallets but on the security within them. She further explains that the eCredits Wallet (a product within the eSync ecosystem), is the only part truly affected by the regulation. However, she believes it poses an opportunity to affirm investors and individuals of businesses looking to hop into the asset tokenization space.

Expansion and Future Plans

On top of significant developments like the Blocktrade and SKAi2 integration, eSync Network has also gathered multiple new listings. Sally revealed that the eSync Network is poised for even more growth and promised additional exciting updates.

She discussed the network’s strategic plans, particularly focusing on broadening real-world asset tokenization and enhancing retail use cases. She underscored ongoing efforts to integrate the ECS coin into everyday transactions, maintaining its utility as the “people’s currency” for daily purchases alongside new ventures like a partnership with travelWorld.

Wrapping up

Throughout the AMA, community members posed questions ranging from technical aspects of the token burn to strategic initiatives and upcoming partnerships. Sally’s responses emphasized eSync’s proactive approach to regulatory compliance, commitment to token value stability, and broadening use cases beyond traditional cryptocurrency applications.

The AMA session with Sally Meouche–Ghrawi provided valuable insights into eSync Network’s recent developments and future direction. The significant token burn and clarification on EU regulations highlighted eSync Network’s dedication to compliance, innovation, and leveraging technology to benefit users worldwide.

Click here to listen to the full AMA.

Interested in more detailed updates and future AMAs? Follow eSync Network on our official social media channels and stay connected through Telegram, Discord, Twitter, Linkedin, and Medium for updates and be part of this exciting evolution.