[Update] First SSU Token Burn
Now that we are finished with our welcome event, we are excited to share with you updates and our next steps regarding the Buyback & Burn Mechanism and SSU Minting:
1. Buyback & Burn Mechanism
Utilizing the buyback and burn mechanism was always a plan in our roadmap as a strategy for long-term growth and sustainability. This mechanism is traditionally known as the process in which issuers buy back previously issued tokens/assets (on the market) to reduce supply and increase market prices. Our goal with this strategy is to help positively scale SSU and increase user confidence in our platform.
The crypto market is known to be volatile and investor confidence fluctuates with it. Therefore, with the profits earned through withdrawal fees on our platform, we will use the buyback and burn mechanism to reduce the overall circulating SSU token supply and support the value of the SSU token.
As of writing, 1,552,097 SSU tokens have successfully been burned.
🔆 Further details:
- Date of execution: 4 March 2022
- Total SSU burned: 1,552,097 SSU
- SSU Token burn address:
3jaiNrG1eW7FP8HUERayhGtTtNh2YobeH1mhP3Vy5DdF - SSU Token burn Txhash:
https://solscan.io/tx/2LViycF8Xk5n9xQeoE1oXX9e7QRB81TbcHCGyuP74jCDiLZVTx4GQUqwbC2sMgh72apF5fU8Kryc9bknCuyGDF4F
2. SSU minting
Here is what you need to know about SSU’s minting progress:
The amount of SSU minted each day is 149,040 SSU. For ~35 days, approximately 4.6 million SSU will be minted.
🔆 Outline of events:
Note: The buyback and burn mechanism leverages the 2% withdrawal fee
▪️ The supply of 4.6 million SSU allocated for SSU Farm Pools and all rewards have been permanently burned.
▪️ Except for SSU, other tokens were swapped for SSU. The 1st buyback and burn have been completed.
▪️ Allocated pools- POLIS, ATLAS, USDC, SSU, SOL, USDT, RAY, SRM sSOL, FTT, BNB, ETH, BTC (5.21M SSU tokens were distributed into each farming pool)
For more details, please read our docs: Sunny Side Up Docs
📢 Be sure to tune into our Telegram:
Announcement: https://t.me/official_sunnysideup
Community: https://t.me/ssucommunity
Contacts🍳
Twitter : https://twitter.com/SSU_SunnySideUp
Medium : https://medium.com/official-sunnysideup
Platform : https://sunnysideup.finance/
Disclaimer: The content of this communication is not financial
advice and should not be relied on by any persons as financial advice. This communication has not been provided in consideration of any recipient’s financial needs. We have not conducted any financial assessment based on the personal circumstances of any recipients. All persons are encouraged to seek their own independent financial advice prior to taking any further action.
