First ADX Buyback And Redistribution For 2021
Posted by AdEx Network on May 19th, 2021adxstakingnews
We have great news for ADX stakers! On May 18 we bough 4859 on Uniswap only to send it back to Tom pool stakers! But why?
When we announced our 2021 roadmap back in January, we promised that Validator fees (~7% of all AdEx advertising volume) paid by advertisers and publishers on the platform will be used to buy back ADX and distribute it proportionally to stakers, along with the 50%+ Staking APY rewards.
This means that everyone who locks up tokens on our staking portal will be receiving not just the rewards we mint as per our governance votes, but also additional rewards from the buybacks. This contributes to the AdEx ecosystem by making our token more stable.
Bubacks were one of our goals for Q2. However, this is not the first ADX buyback we’ve done. In 2020 we bought back 1,810,010 ADX on the open market and used it to supply liquidity on Uniswap and Balancer pools.
We plan to continue with the ADX buybacks and redistribution - imagine how lucrative these awards will become when the AdEx Platform revenue grows even more.
You can see the details of the transaction on etherscan.