As a seasoned researcher with a keen interest in the ever-evolving world of cryptocurrencies, I have been following Aevo closely. The recent announcement of Paradigm-backed decentralized derivatives layer 2 platform’s repurchase of 1 million tokens has certainly piqued my curiosity.
After Paradigm’s decentralized derivatives layer 2 platform, backed by them, announced the acquisition of 1 million tokens, there has been a significant increase in Aevo’s price
On September 4th, the Ethereum-based cryptocurrency options and perpetuals trading platform disclosed its August purchases of Aevo (AEVO), amounting to one million. This led to a slight rise in the price of AEVO, with it climbing approximately 5% from a low of $0.29 to a high of $0.33
Aevo’s repurchase program
The Aevo group announced on platform X that their buyback program for the project has commenced. They have recently acquired 1 million AEVO tokens in the last month at an average price of $0.317, with these purchases made on September 2 through Binance cryptocurrency exchange
The tokens that were bought again will be transferred into a multi-signature treasury, as part of a plan by the decentralized finance (DeFi) platform for derivatives on layer 2, which intends to carry out this action each month up until December 2024
“As AEVO‘s supply is nearly all invested and there are continuous buybacks, we think this provides a solid foundation for generating long-term value for AEVO token holders.”
Aevo on X.
What happens to repurchased tokens?
Aevo committed to a buyback of its native token in an update on its tokenomics in June.
On June 26’s blog post, the DEX platform announced their plan to use a part of their earnings towards purchasing AEVO. These weekly purchases are conducted transparently on-chain, with the transactions randomized to avoid any potential advantage-taking (front-running)
For tokens to be utilized in the treasury’s multi-signature wallet for purposes such as rewards programs, token burns, or changes in token economics, a governance vote by AEVO holders will first be necessary
On September 4, 2024, the current circulating supply of AEVO stands at 870,377,904 tokens, with a total supply of 1 billion tokens in existence
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2024-09-04 22:24