Over the past few weeks, as we have marched through the initiatives in Deri Protocol V2, we have seen awesome responses on our TVL on BSC (11M+ BUSD), official Telegram, and social channels. The Deri Protocol team appreciates the community’s enthusiasm across the project.
The first DIP about DERI buyback from the secondary market and burn (i.e. recycled to be mined again) is at the top of the team’s priority agenda. The team values DERI owners and community members and is also confident this is in their best interest. Now we are excited to announce the launch of the Deri Protocol Buyback program!
According to the DIP governance voting, 20% of the transaction fees earned will be put into a DAO fund, which will be used to regularly buy back DERI from the secondary market and burned (i.e. recycled to be mined again). The team has hard-coded the voting results in Deri Protocol V2 smart contracts. Community members can monitor the DAO fund and buyback smart contracts on the BSCscan.
The DAO Fund:
Contract Address 0x19c2655A0e1639B189FB0CF06e02DC0254419D92 | BscScan
Latest 1 from a total of 1 transactions File 1 of 12 : PerpetualPool.sol // SPDX-License-Identifier: MIT pragma…
Buyback Smart Contract：
Contract Address 0xebcbc6b9b782f3dfd61fff70b2aaa0ae8d8b2a8d | BscScan
Latest 1 from a total of 1 transactions File 1 of 10 : ProtocolFeeCollector.sol // SPDX-License-Identifier: MIT pragma…
The team will effectively use the DAO funds to drive DERI’s trend into the positive in the long run. As the trading volume and the transaction fees increase, the DAO fund will exert a significant buy pressure in the secondary market, stabilizing the price of DERI and decreasing the amount of DERI in circulation. We will keep updating the community on the amounts and other relevant details as time goes on.
Thank you, Deri Fam. The Deri Team is grateful for your trust and support through all of the challenges that have come our way. We appreciate the time you gave us to propose, deliver, and execute the first DIP.