I’m here to put forth a proposal for a Kacy token buy and burn. Kassandra V1 has accumulated 482.99 aHype and 43.26 K3C in withdrawal fees, which amounts to approximately $9,061.00 today.
Initially, I thought about buying whenever the Kacy token dropped below an RSI of 35 on the weekly chart, but upon further analysis, I realized that this rarely occurred.
So, my proposal is to conduct small weekly buy burns of $400. This would cause the Kacy price to increase by 2.71%, and 7,313 Kacy tokens will be burned at the current price as I write this proposal. If the prices of K3C and aHype remain stable until the end of the vote, we anticipate that the burning process will last for 22 weeks.
If this proposal is approved, the quantity of K3C and aHype will be transferred to the foundation’s multi-signature wallet and sold for dollars, initiating the buy and burn. The buy and burn will occur on random days and will be publicly disclosed by me in a dedicated channel on Discord, with transactions verifying the purchase and burning of Kacy tokens.
How about buying and burning after a KACY was sold.
For example if 10 KACY is sold, buy 10 KACY and burn them until we meet the weekly limit. Could be cool to use buy backs as a way to fight sell pressure. Also might be automated.
Don’t you think this method won’t make the price go up and will only benefit the people who sell?
I agree with the idea of the small weekly buy burns, great initiative in my opinion.
How tho, if you sell - we buyback and burn the amount sold, so the sellers are the ones losing
In my view the price will go up, since there will be people still buying
Jurati, I’m not sure if it’s worth creating a system to buy every time someone sells is the best course of action because we’ll spend time developing a bot to do this, and we won’t give Kacy the chance to fall further to burn more tokens.
I think the main point of your idea is the need to create a bot to buy whenever someone sells. I believe the way I proposed is the better alternative. If there is a sale en masse, we will continue to buy, establishing a good average purchase price and burning Kacy tokens.
I believe it’s easier to make a fixed purchase every week. This way, we can establish a good average purchase price, and we might even drive up prices, encouraging people to invest in the Kassandra pools due to staking.
The higher the Kacy price goes, the more incentives are created for pool stakers, and we earn 0.5% of the entire TVL in Kassandra. This seems to make more sense.