Skeb Coin is pleased to announce the launch of the buyback program, where a part of the profits from the creator platform Skeb will be used to buy Skeb Coins! In this article, we will explain how buyback works, how Skeb Coin is calculated and how it is used.
What is buyback & burn?
The buyback & burn mechanism is a method first used by Binance with BNB, where the burn is the transfer of cryptocurrencies to a special address that removes them from circulation permanently (see the article).
Buyback Calculation Method
The total buyback amount is calculated based on the August transaction value of approx. JPY420M ($2.90M) on the Skeb platform, resulting in a total buyback of approx. 40M SKEB (~$280K). Since the current total supply of Skeb Coin is 410M $SKEB, the total buyback amount reaches 10% of the total supply. In other words, 120% deflation rate, which means all the circulating tokens will be bought back in 10 months!
Buyback address : 0x4CB9F89C0B29A019eACCE3C4B08d451b78cF38Bf
The next buyback program will be based on the September transaction volume of the Skeb platform, and the total transaction volume in September was JPY440M ($3.00M), which is the largest monthly transaction volume in history. This is because we’ve added the new payments such as bank transfer, Pay-easy, and convenience stores-friendly, so let’s increase transactions even more and get over the record high!
Since Skeb Coin buybacks are funded by Skeb web2, as the value of Skeb Coin increases, the number of available buybacks decreases and the deflation rate declines. However, even if the price of Skeb Coin increases 20 times, its deflation rate will not fall below BNB and will remain at the same level as BNB.
Buybacked Skeb Coin Usage
Of the Skeb Coins bought back this time, 50% will be allocated to Burn and 50% to staking rewards. Currently, approx.16M staked, if 20M SKEB were staked, the total rewards would be 20M SKEB and the initial stakers could get +125% monthly, +1500% APY.
The exact amount of Skeb Coin bought back this time is 40,227,982 $SKEB, half of which (20,113,991 $SKEB) is the staking reward, and the rest will be burned. If those who joined staking and stop staking within 14 days there will be penalized. The penalty will allocated to next month’s staking reward. The penalty for the month was $450,031 $SKEB.
We’ll distribute the staking rewards this week, and auto-staking is coming soon.
Staking is available here
Summary
We have briefly explained the Skeb Coin buyback & burn program. The team is preparing strategies to raise the value of Skeb Coin in the long run. Stay tuned for further announcements !
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