Lime Paper Update — XYO Token Burn & Buyback
As we get closer to finalizing the Lime Paper, a lot of ideas have been discussed. Instead of just talking about things, we took action and tested a couple of ideas.
On June 3rd, 2019 we conducted a token burn of 237,872,036 XYO.
The amount was calculated based on tokens sold in packages from April 18th, 2019 — May 29th, 2019. April 18th was the moment we began selling packages that included crypto in them, after the end of Gamma Sale.
Amount sold from XYO Reserve from April 18th, 2019 to May 29th, 2019 (approx): 1,226,806 XYO
We also considered the total amount of tokens sold post XYO Token Main Sale, which includes Gamma Sale.
Cumulative XYO Sold Since Last Burn (end of ICO): 237,872,036 XYO
There was debate on which number to be the basis of the first token burn amount. It was decided to burn the amount chosen out of fairness and applied it to all post-Main Sale tokens sold. Many other crypto companies do not last beyond year one because they fail to address rising cost of business, drastic market fluctuations, and under-estimate the time to market of their intended product revenue. XYO will continue to live and improve because we are willing to pivot and adapt.
There are no promises of more token burns yet, but we will monitor the feedback we receive from this move to make our final decisions on the Lime Paper initiatives.
This is the TX hash.
https://etherscan.io/tx/0x2328887f3b60f5cc8c29e1d61ba0fcce7f746598cc2f38c92aaca00e17ef8117
The new total supply is: 13,960,974,963 XYO
(cheesy marketer tone) But wait! There’s more!
In addition, we also conducted a buyback from the open market. We took 10% of the amount collected during the token package sales of the same time period as the token burn, which came out to 97 ETH at the approx value of $280. The amount of XYO tokens repurchased by the company came out to 16,686,793.
The transaction can be verified here: https://etherscan.io/tx/0x997c2c490a29b84fc54b5567304324f38f72d0ff7a88f75aef0ae0838e97e673
The repurchase wallet address is:
0xd5e73ab99e5e10c0e731e0d0de36673dd7e5732e
The idea of what to do with these repurchased tokens is to leave them frozen (as opposed to burned) in case for some reason in the future it becomes a good idea to utilize it.
The Lime Paper is still in Draft, so we can adjust these numbers and mechanisms to what makes the most sense for all of our holders (which includes us and our families) and consider the time and cost needed to build out the internal processes required to make these initiatives happen. We hope everyone else keeps that at the front of their mind, too! While there is a lot of uncertainty in the market, our long-term vision for XYO remains unchanged.
Thank you for continuing to believe in our mission and for helping one another across all our online communities. Please leave all feedback for these tests at https://geohacker.xyo.network/t/status-draft-xip-3-xyo-cryptoeconomics-2-0-the-lime-paper/2653
and let us know if you want us to continue doing this on a regular basis, and why or why not.
Deliciously yours,
PizzaMind
