We’re Burning 2 Million AXPR
Today at 8 PM CET, we’re burning 2 million AXPR tokens to catch us up on all pending burns to date. This consists of 240,000 AXPR tokens burned per month for all missed months to date, rounded up to 2 million. The tokens being burned are worth over $85,000 USD at the time of writing this article.
These tokens have been purchased from the open market through KuCoin over the last couple of months. For future burns each month moving forward, we will provide information about the average price per token purchased back from the market, and the time horizon of each buyback will be much shorter than for this catchup burn. It’s likely that future burns will also take place through KuCoin, but may also happen through our new listing on Uniswap.
To date, the AXPR buyback and burn program has been based on a fixed amount of tokens, but this is now changing. Starting next month and for each month moving forward, AXPR token burns will be supplied by spending 5% of revenues to buyback and burn the token from the open market. At current levels, this means $5,000 each month used to power the token burn, with increased revenues taking this number higher. This number has been slightly rounded up to avoid disclosing revenues publicly, as per counsel’s advice, and includes revenues from the ExpenseCore (prev. Resolvr) and Bilr products.
Burn will occur and transaction ID will be released at 8 PM CET today.