The 2020, quarter 1 (Q1 2020) buyback and burn will officially occur on Friday, March 20, 2020, beginning at 11 AM UTC.
LocalCoinSwap will use 20% of the trade fees collected to buyback LCS on the open market. All the LCS tokens purchased through this buyback will be subsequently burned. This will be the second time this process has taken place, and we look forward to giving back to our community members once again.
This buyback will occur on the HotBit exchange. Given the peer-to-peer (P2P) nature of LocalCoinSwap and the importance we place on both transparency and privacy, it is critical for the buyback to occur on a different exchange with a public order book. The buyback will be performed through the use of a market order, which further allows for a fair and equal opportunity event for any traders that choose to take part.
The amount used to conduct the buyback will be 20% of all trade fees collected between December 20, 2019, and March 19, 2020. Following this process, a report will be released outlining the outcome of the buyback and burn. This report will include statistics regarding the number of tokens that were burnt to provide the community with the necessary information to clearly understand the effect this burn has had on the overall token supply and other related factors.
This quarter has seen strong increases in BTC trade volume, and we expect to see the most successful buyback thus far! With the consistent on-going development and continued efforts to grow the user base we are just as excited as we were at the beginning of the project to see what the future holds for both the platform and the fantastic P2P trading community that we are grateful to be able to provide a home for at LocalCoinSwap.
We look forward to completing the second buyback and burn later this week and, as always, we will be providing further feedback after the buyback and burn is complete to update the community on transaction volume as well as provide links to the transaction hash so everyone can view the activity resulting from this event on-chain.
Once again, we thank you for your on-going support and are excited about what’s to come for LocalCoinSwap throughout the rest of 2020 and beyond.
The LocalCoinSwap Team
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