Bonus Rewards Period Recap & First LATTE Burn!
Greeting Baristas,
Two weeks have gone by in a flash. In about 18 hours, the bonus rewards period and our initial NFT sales will come to an end. A lot has happened in this short period of time and we want to take this opportunity to update our community on the developments so far.
NFT sales 🎁
All 2,864 of OG NFTs were sold out in the first 48 hours. A total of 934 of Booster NFTs were sold. In total, 3,535 BNB (~1.5 Mn USD) will be used to buyback and burn of LATTE token! This number might goes up slightly as Booster NFT sales are still on-going until tomorrow.
DEX Activity 📈
In two weeks, our total trading volume stands at ~383 Mn USD or an average of ~27 Mn USD / 24 hr. This puts us right at #21 in terms of trading volume ranking vs. other DEXes according to CoinGecko.
Growing Community 🙌
▶️ Our community is growing fast. We now have over 10 regional Telegram groups with a total of ~3,700 members. You can find the links to all channels here.
▶️ We conducted 3 AMAs to spread the words about our awesome cafe’ to the world. We have typed up two of the recaps here.
We have multiple AMAs lined up over the coming weeks to continue spreading the words about LatteSwap to various crypto communities.
RoadMap 🚜
We released our detailed roadmap for the next six months in an article here. There are ambitious goals but we are committed to delivering them.
Token Burn 🔥
We save the best for last…I am sure this is what all the Baristas have been waiting for. In our first burn, we have burned a total of 706,000 LATTE.
There have been two sources of fund for our first burn.
1️⃣ So far, we have used 850 BNB (~24%) of the committed amount from NFT sales to buy back 342,775 LATTE. This means there are still ~2,685 BNB ( ~1.12 Mn USD) left for buyback LATTE. To prevent front running and gaming of the system, the remaining buyback amount will be spread out over the coming weeks.
2️⃣Additionally, 0.04% of the 0.25% trading fees were used to buyback LATTE. This is ~188,134 USD which were used to purchase 363,479 LATTE.
Going forward, we will do a weekly burn on Sundays. For transparency, all the transactions for buyback and burn TX on our Docs here for the community to review.
We can’t thank our community enough for the support we have received. We have many exciting things coming that we will be sharing with you soon. So please stay tuned. Until next time!
