Governance Proposal: ADDY Buybacks
A new governance proposal is available to be voted on at https://adamant.finance/governance
Should 50% of performance fee income be used to buyback ADDY to distribute to locked ADDY stakers?
15% yes votes
The initial buyback program will be done for a month in order to gather data. If buybacks are found to be effective in stabilizing the price of ADDY, they will be continued.
The number 50% was chosen because other platforms that do buybacks also use 50% of the income to do buybacks i.e. Curve. This number can be adjusted based on the results of the trial.
“Locked ADDY stakers” refers to ADDY that is locked in the “boost” contract.
In order to prevent frontrunning:
— The time that buybacks occur will be random throughout the month.
— The amount purchased during each buyback transaction will also be random.
Please note that this version of the proposal contract also takes into account locked presale ADDY and ADDY locked in the boost contract.
Please join us in Discord and Telegram to discuss more.
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