Clearpool is pleased to announce that the Q3 2023 CPOOL buyback has been executed using protocol revenue. The revenue generated from the permissionless pools has been removed from the contracts and used to buy back CPOOL over the last weeks.
The total revenue generated from the contracts was USD 33,828.95. 50% of this (USD 16,914.47) was used to purchase 824,036 CPOOL during this buyback. 50% of the tokens were burned, and 50% were deposited to Rewards.
The buyback was executed using revenue generated from the 5% interest spread from each borrower (the 5% insurance fee will be realized as revenue upon pool closure). Clearpool recently announced an enhanced revenue model and revamped tokenomics, which is expected to increase revenue and buybacks further in the coming quarter.
The prior “borrower stake” will give way to an annualized 1% fee. This fee will be calculated based on the average total pool size and will be disbursed monthly. The previously staked CPOOL by borrowers will serve to offset the fee until the stake is depleted, at which point the monthly payment cycle will commence. Borrowers have the flexibility to satisfy the fee using either CPOOL or USDT/USDC.
The enhancements will result in a surge in revenue of over 100%, additional CPOOL buybacks, and reduced emissions — all contributing towards deflationary tokenomics.
With the new revenue stream and additional buybacks, Clearpool will be rolling out a new buyback format and schedule; stay tuned for more details.
