Buyback Proposal Update
The most recent governance proposal met and surpassed quorum with over 30% locked ADDY voting YES to using 50% of performance fees to perform ADDY Buybacks.
However, we did hear our loyal community members who have locked in the previous contract. So, instead of starting at the full maximum 50% of performance fees buybacks, the buyback amount will be based on the % staked in the new contract.
The # of ADDY locked in the new contract divided by the # of total ADDY locked divided by 2 will equal the % of performance fee income used for buybacks.
For example, currently 10% of locked ADDY is in the new contract. That means 5% of performance fee income will be used for the buyback program.
This buyback format will operate on a one month trial period. Buybacks will be randomized to avoid front running.
There is no specific ETA on the beginning of buybacks, but an announcement will be made at that time.
-322 users in total voted on the proposal.
-164k YES votes and 23k NO votes.
-Developer did not vote
-21 of the users that voted on the proposal participated in the presale, and 19 of them voted YES.