3rd LocalCoinSwap Buyback and Burn: Q2 2020 Announcement

. 2 min read

The 2020, quarter 2 (Q2 2020) buyback and burn will officially occur on Saturday, June 20, 2020, beginning at 11 AM UTC.

LocalCoinSwap will use 20% of the trade fees collected in this quarter to purchase LCS on the open market. All the LCS tokens purchased through this buyback will be subsequently burned. This will be the third 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 March 20, 2019, and June 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.

We are continuing to see increases in BTC trade volume from previous quarters, and we expect this burn to be the most successful so 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.

Thank you to the wonderful community for the continued support and are excited about what’s to come for LocalCoinSwap throughout the second half of 2020 and beyond.