Update: May 1st, 2019 – 494,671,677 ERC-20 tokens were burnt by the Foundation on April 26 and April 29, marking it fifth successful batch of IOST ERC-20 tokens burnt.
As of today, over 11 Billion IOST tokens have been burnt, representing over 80% of the circulating supply, and successfully swapped to mainnet tokens, in just 2 months post-mainnet launch.
The Buyback program has yet to start, but we’ll report as soon as it does.
April 29th, 2019 – On April 2nd, 2019 the IOST Foundation announced the Buyback program. But with no start date given, many are curious when it will begin. A refresh on the program:
Off the back of strong profits arising from IOST-related businesses (B2B project collaborations and profits from incubated projects) in 2019, which substantially exceeded internal company estimates, IOST plans to channel these excess funds towards executing Token Buyback Exercises across 2019 and 2020*. Through these token buyback exercises, the IOST Foundation hope to further strengthen the hearts and minds of our team and community, and also embolden investors’ confidence in IOST.
Then on April 29th there were 362,157,164 IOST sent to the IOST Incinerator address:
Did the IOST Buyback program start? While we’re waiting on the official announcement, we’re going to speculate this is not the start of the Buyback program, but rather part of the process required for swapping ERC-20 tokens for mainnet tokens. This includes burning the old ERC-20 tokens.