Orbit Chain
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Orbit Chain

4th ORC Buyback & Burn Completed!

We’ve just completed our 4th ORC Buyback & Burn!

The Buyback & Burn program began on July 11, 2022 and ended on July 29, 2022. In this round, the total number of ORC bought back and burned is 12,963,234.60923745249 ORC, which has been transferred to the burning address.

ORC token buybacks by date and burn transaction records can be checked through the links below:

ORC Burn Transaction on Ethereum Network
https://etherscan.io/tx/0xe72017ac03e05ee95b0cfaf48dcd0dad699f60c7f044a8e6ad1ac9bc536438d1

ORC Buyback Transaction History on Klaytn Network (July 11-July 29, 2022)
https://scope.klaytn.com/account/0xDCa348Df7DCE32Ae02C0F1C252ae8b75d6928180?tabId=tokenTransfer

The ORC Buyback & Burn Program can lid on inflation and regulates circulation on the Orbit Chain network by buying back and burning ORC tokens with resources secured on Orbit Bridge and Orbit Farm. In Q2 2022, the number of ORC tokens bought back from the layer fees received on the Orbit Bridge and the earnings generated on Orbit Farms operating on the Ethereum and BNB network is 12,976,210 ORC. This exceeds the inflation volume issued in Q2 (11,826,000 ORC), indicating that ORC tokenomics’ deflationary mechanism is on track. The scarcity and value of ORC, which took its first steps as a deflation token, will continue to increase over time.

We’ve been preparing a new update to strengthen ORC tokenomics, which will be shown to the public in the next posting on our Medium channel. This update will have an enoumous impact on strengthening the ORC deflation mechanism and enhancing sustainability. By introducing an additional deflationary mechanism, we will not only increase the scarcity of ORC tokens, but also strive to build a sustainable Orbit Chain ecosystem environment.

Thank you.

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