DeFinity’s First DEFX Buyback

DeFinity is revenue generating, crossing the Rubicon of the project to business! Following the initial strategy and roadmap, DeFinity is happy to announce the first DEFX buyback. Revenue positive within 9 months of IDO. A total of over 412,157 DEFX were removed from circulation.

This milestone marks the first quarter’s portion of revenue generation earmarked for buyback. Since DeFinity and its DEFX token were launched in 2021, DeFinity has committed to removing a minimum of 0.25% of revenues worth of DEFX from circulation, through a process called buyback. The buyback process is simply where DeFinity will reserve the revenue percentage and enter the open market to purchase DEFX (or bDEFX wrapped on BNB) and remove them irrevocably from circulation (like ‘burning’).

“The launch of the DEFX buyback is a planned step in DeFinity’s journey and will assist the DEFX community in building a higher level of autonomy, transparency and a deflationary ‘tokenomics’ supply” comments DeFinity Co-Founder Chris Park.

How the DEFX buyback is counted

The DEFX buyback formula calculates how many tokens to take out from circulation according to a minimum of 0.25% of REVENUES generated over the period. These revenues are generated from the transaction of FX or Crypto across the platform by Global Financial Institutions as recorded on DeFinity’s own ‘Blockchain Explorer’ developed to provide visibility on all the DeFinity transactions recorded on the proprietary Layer One blockchain provided by WeOwn.

The following buyback will continue to follow the same quarterly (or even monthly) schedule. The data and numbers for each DEFX buyback will be announced publicly on Definity blog.

Later this week we have perhaps one of the greatest milestones for DeFinity thus far, that will turbocharge growth, revenue and buyback opportunity. We will be releasing full details of a significant M&A transaction and date for an AMA with Manu Choudhary and Chris Park the week following.

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