Statement regarding CoinDesk interview and Token lockup
In order to build more strategic partnership with other projects, U Network planned buy-back program on part of the UUU tokens. Recently U Network accepted CoinDesk’s interview regarding the buy-back program.
In our notice, we mentioned the main reason for buy-back program is due to token exchange plans with some of the strategic partners.
“However, the demand for UUU tokens has exceeded our current designated holdings. The team now faces a problem: leaving our ecosystem tokens intact, how do we pursue these new opportunities to grow the U Network ecosystem?”
To put it in simple words, we wish to buy-back part of the UUU token supplies in the market, so that we can have in-depth strategic partnerships without changing the current token distributions. Most of the 40% of unreleased tokens are still well under reserve.
CoinDesk reporter misunderstood our statement and thought we have ran out of our UUU token reserve.
Besides the exaggerated and erroneous title and the misunderstanding listed above, the rest of the article was quite rational and objective, and approves of UUU’s buy-back program.
In order to dispel rumors and reassure our community members, from today, Aug 1st 2018, U Network would send 3.5 billion of UUU tokens (35% of the total supply of 10 billion) into lock-up. These UUU tokens would be unlocked over several stages in the next 3 years.
You can find the CoinDesk article at below: