AZ Fundchain Token Burn Event

Hello Dear AZ FundChain community,

We are back with yet another blog post. We know that you’d like to get updated as much as possible and we are doing our best to keep you up to date with everything going on here at AZ FundChain.

Before we get into details of the burn event, we want to talk about the buyback program. We started performing our first ever buyback recently. As we have disclosed in our previous blog posts, because of the low revenue and liquidity contract not being ready by automated buybacks, we performed our first ever buyback on the exchange by buying back tokens directly from sell orders. To honor our $1 buyback guarantee, we are regarding every token bought back as $1 value, and thus we will burn any excess tokens.

Coming to our burn progress, we have burned 2,474,152.72 AZT that were unsold during the IEO to the address 0xbcddf2fef30de75275190d7ab491250f24eece65. The address was created and the Keystone file was deleted right afterward.

The transaction can be found here: https://etherscan.io/tx/0x2f1176c4ae6e0f61e9890c3706b8e3300914eadcf3a20afaf9d9ecaf20f0bcf3

We will use this burn address to burn any excess AZT bought back from the exchange. This means that any AZT over 360 that were bought back during this buyback process will also be sent to this burn address. We will share more details on this with our blog post recapping our first ever buyback program.

Thank you for reading.

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