Blockchain platform Catizen will conduct a $5б8 million buyback and burning of CATI tokens

What’s new? The team behind the gaming blockchain platform Catizen for messenger Telegram plans to release more than 300 new games by the end of 2025 to expand the platform’s ecosystem. The team also announced a buyback of 10 million native tokens CATI worth $5,8 million at the current exchange rate.

Press release

What else is known? According to Catizen co-founder Ricky Wong’s plan, the project will conduct an annual buyback and burn 10 million CATI. The burning procedure in the crypto space aims to combat the inflation of the asset.

CATI is currently ranked 460th in the overall cryptocurrency ranking with a capitalization of $119,3 million and is trading at $0,5796, having lost 1,7% overnight. The weekly growth at the same time amounted to 55,3%, and since the beginning of the year, the asset has risen in price by 628%.

Cryptocurrency burning is the process of removing a certain number of tokens from circulation, after which they become permanently inaccessible. Often burning is carried out in order to increase the rate of an asset or prevent it from inflation. Burning can be done by sending tokens to a wallet without a private key, by conducting a hard fork, using special software, or using algorithms that destroy some of the funds during transactions.

CATI will use 50% of Catizen Game Center’s revenue to repurchase CATI. If the revenue is higher than planned, the team will buy back more than 10 million coins. The initiative is designed to ensure stability and sustainable growth of the ecosystem.

Catizen is the flagship project of gaming platform Pluto Studio, which raised a funding round in July led by the venture capital arm of major crypto exchange Binance. Catizen is a bot for Telegram where you have to pump pets and earn coins.

The game has attracted more than 43 million users in the six months since its launch in early 2024. By now, Catizen has evolved from a standalone game into a full-fledged Web 3.0 mini-application platform with earning opportunities. It offers launchpool features for launching new projects, staking for rewards, and organizing airdrops.

The team has provided a software development kit (SDK) with which third-party developers can create their own high-performance mini-games for Telegram on the Catizen H5 engine and TON blockchain with a single system of accounts for all applications on the platform.

More than 50 games are currently available on the Catizen platform in various settings and genres, including MMOs and simulations. The flagship project in Q3 was the zombie slasher Bombie with an audience of over 5,5 million players. Other major products include Lucky Galaxy, which offers players to participate in airdrops, and Cattea, which rewards users for watching ads.

In August, Catizen became the first Web 3.0 partner of crypto finance group HashKey Group, which had also previously entered into a strategic agreement with TON’s blockchain NGO, Ton Foundation. The HashKey Group includes multiple companies, including a Hong Kong and global crypto exchange, and has a valuation above $1 billion.