Former Evmos co-founder Akash Koshla has returned 59 million tokens to the Evmos Foundation, a move that aims to realign token distribution with the project’s current team and contributors. The returned tokens include both vested and unvested tokens, amounting to a total of 59.4 million ($7.6 million). Approximately 32 million of these tokens belonged to Khosla, while the rest were unallocated team tokens.
Khosla said that the return is expected to help stabilize the token’s value and ensure that tokens are in the hands of those actively contributing to the project’s growth and development. The Evmos Foundation confirmed the return of tokens and stated that there was an agreement with Khosla for an undisclosed amount.
Khosla left Evmos last year due to operational disagreements. The project’s development is now led by the director of the Evmos Foundation, Federico Kunze Küllmer. Evmos is a Cosmos-backed blockchain compatible with Ethereum apps. The project raised $27 million in a token round led by Polychain Capital in November 2022.
The return of tokens by Khosla comes as the Evmos community works to improve the project’s tokenomics and address the high inflation that has contributed to the token’s price decline since its launch in 2022. According to CoinMarketCap data, Evmos (EVMOS) token has declined significantly since its inception, falling from $4.1639 to $0.1191 at the time of writing, a drop of approximately 96%.
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