Dear Venusians, after much anticipation, we are pleased to announce the First $XVS Buyback & Burn of 2022, along with funds distribution as per our new Tokenomics!
In this VIP, we will withdraw the reserves from currencies highlighted in Yellow. Please see the corresponding list below with asset prices as of April 1st 2022 (End of Q1):
A total amount of ~$3,180,066 USD will be withdrawn from our reserves. These funds will be allocated as specified in our Tokenomics. (Venus Tokenomics Proposal)
The fund allocation breakdown is as follows:
30% To Risk Fund: USD $954,022
20% to XVS BuyBack & Burn: USD $636,015
20% to XVS BuyBack to the XVS Vault rewards: USD $636,015
10% to Marketing Budget: USD $318,000
20% to Project Operations: USD $636,000
The total amount of $XVS in USD to be bought back is approximately 1.272M$ (50% to be burned, and 50% to be sent to the vault for continued High APY).
Currently, we can only include 30 Operations within a VIP. Due to this limitation, we are only withdrawing the 15 TOP Liquidity reserves. (Except BNB).
BNB Reserves cannot be withdrawn at this time. BNB will be able to withdraw after the Comptroller upgrade that will be completed in the upcoming weeks. This will make for a HUGE Q2 2022 Buyback!
As specified in our last buyback, this buyback will take place across various DEX’s in order to transparently provide transaction records to the community.