The Abyss Will Launch the Buyback-and-Burn Program
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Hi, everybody! In late August, we have announced an intention to introduce the buyback program. Within the past few weeks, we brainstormed on the subject and studied the best practices in order to work out the most favorable solution. And now we have it.
We paid special attention to Binance’ buyback-and-burn program. According to the exchange’s whitepaper, every quarter, Binance sends 20% of its profits to buy back BNB coins and burn them, hence subsequently removing tokens from the overall circulating supply. The process is said to continue until 50% of all BNB are burned, or approximately 100 million tokens. We consider this a fair enough system of sustaining the project’s token economy and one of the best practices for benchmarking.
Our buyback program will be set up after the launch of The Abyss game platform, which is scheduled for Q1 2019. The purpose is to allocate 20% of our profits to buy back ABYSS tokens on the exchanges. We will be continuously purchasing and burning tokens, thus taking them off the market.
The Abyss buyback program will have no certain time limits. The total buyback of ABYSS will be equivalent to 50% of total supply, or approximately 254 million tokens. On reaching this level, the buyback process will be stopped.
This is a sort of repayment program that serves the best interests of our token holders.
Best,
The Abyss Team
