STP Update: $250k USD Token Buyback and Burn
STP Network will burn ~5% of it’s token circulating supply, for the second time
At a time when the overall crypto market is quiet and struggling to execute, STP has been extremely hard at work building partnerships, products, executing on their roadmap, and hitting major milestones to make this possible — some of which have been disclosed in recent announcements. Our latest announcement is our token buyback & burn from Q3’s “Proof of Business” of approximately $250,000 USD worth of STPT.
STP Network will conduct a Q3 “Proof of Business” token buy back & burn which will result in $250,000 USD worth of STPT being bought from the open market and burned by sending those STPT into the black hole wallet which can be viewed in real-time here. The buyback will occur at random periods starting now over the next couple of days with the burn occurring once that is finished. For a reminder of the PoB program including details of how a portion of Block72’s revenue is used to buy and stake STPT tokens each quarter can be found in this post.
“Block72 will attribute a significant amount of its quarterly revenue to purchasing STPT tokens in the open market.” — — Mike Chen, CEO
We recently announced that instead of staking these tokens for the duration of each Block72 client contracts, the tokens will instead be burned each quarter.
There is currently an estimated 18,000,000 STPT at current price scheduled to be destroyed, meaning ~5% of circulating supply will be permanently burned.
Including this PoB burn, the total amount of burned tokens is listed below and can also be seen onchain in the black hole wallet here:
- PoB Lockup: 41,557,832 STPT (6.36% of circulating supply)
- PoB Payments: 1,033,580 STPT (0.16% of circulating supply)
- MTO Burn: 5,740,867 STPT (0.88% of circulating supply)
- Fast Unlock: 9,822,116 STPT (1.50% of circulating supply)
TOTAL STPT BURNED: 58,154,395 (~8.90%)
This burn makes STP’s black hole wallet officially the 6th largest token holder address — a huge testament to our commitment to support our token holders.
The chart below shows a comparison between STP, Binance, and Huobi’s buyback programs:
Anyone interested in learning more can visit us at https://stp.network/
If you’re an issuer interested in tokenizing your asset, please reach out to us at: firstname.lastname@example.org
Stay in the Loop
Join Our Communities
- Telegram: https://t.me/STPofficial
- WeChat: STP_Official
Anyone interested in learning more about Block72 can visit us at: https://block72.io/
For blockchain projects looking for investment banking services, please reach out to us at: email@example.com