HMX Hoard: Announcing $HMX’s Buyback Program with Protocol Owned Liquidity
Dragons,
We hope you are having a tremendous start to your Q2 of 2024.
In February of this year, we announced a strategic decision to allocate 5% of our protocol’s revenue towards establishing our Protocol Owned Liquidity (POL). Since the announcement on February 28th, our POL reserves have grown substantially, accumulating a total of $90,000 in liquidity in $USDC and counting.
As we prepare for the next phase of decentralization and launch the governance process for HMX protocol, scheduled for later this quarter, we want to make sure we are best utilizing our POL to support HMX protocol the best way we could.
With that said, we are excited to announce our $HMX Buyback Program, leveraging HMX’s POL, $HMX Hoard. Going forward, our POL, both accrued so far and future accruals, will be used to purchase $HMX and hold it in our treasury. Our team will strategically time the purchase of $HMX tokens with the POL to maximize the effect of the buyback on sustaining the token price.
Once the governance process is live later this quarter, our community members will be able to vote on how they’d like to best utilize the funds for the growth of HMX.
Please note that the team reserves the right to use the funds within POL as insurance fund to compensate users for any damages resulting from issues with the protocol, oracle, or downtime.
Closing Remarks 🙇🏻♂️
We extend our heartfelt appreciation to each member of our community for your continued support and dedication. Together, we are laying a solid foundation for a future of innovation, stability, and prosperity for HMX. Soon to become the #1 decentralized leveraged trading platform — see you at the top, Dragons! 🐉
