📢 WNCG Buyback Announcement
To stabilize Nine Chronicles’ token ecosystem, a buyback is in progress:
- Nine Chronicles Ltd.’s stablecoin reserves will be used
- Only through spot purchases from the market (CEX)
- All WNCG purchased will be burnt
Thanks to our passionate community, the Nine Chronicles ecosystem and userbase has grown tremendously this year, consistently placing at the top 10 blockchain games with 20K+ daily active wallets.
This week, we detected fluctuations in liquidity, and the decision was made to execute a market buyback of WNCG in order to stabilize Nine Chronicles’ economy.
The buyback will be conducted as follows:
- Total $300,000 USD in value (currently 4%+ of circulating supply) which will be executed in a way that will not initiate abnormal effects on the market price.
- Funds used for the buyback come from stablecoin reserves held by Nine Chronicles Ltd., secured previously from strategic partners.
- The buyback is strictly limited to spot purchases directly from the market (CEX) and is being strategically executed to minimize market volatility.
- All WNCG purchased via the buyback will be burnt.
Factors that were taken into consideration during the decision making process included the current macro and micro landscapes, as well as our community’s feedback. Updates regarding the buyback will be shared at a later date.
As always, the team will continue focusing its resources on evolving Nine Chronicles as part of our steadfast journey to build the first fully on-chain, open-source gaming ecosystem.
Further announcements on the next phase of ecosystem growth will be revealed on December 19, 2022. Please stay tuned!
Team Nine Chronicles