SKT Buyback And Burn Plan Update
Sukhavati Labs announced the Sukhavati Network (SKT) Weekly Buyback and Burn Plan in January 2022. Since then, the Sukhavati Mainnet has come online and is running steadily. As the $SKT farming goes on, the magnitude of the buyback and burn program will be further expanded and the buyback burn cycle will be adjusted.
Additional buyback funds:
The Sukhavati team has harddrives that have been used for network testing. We will earn some additional income through harddrive mining, like the $SKT generated during the testing, and the additional $XCH (Chia token) income generated by co-farming with Chia. All of this income will 100% be used for the $SKT buyback and burn plan.
Increasing frequency of the burn cycle:
The $SKT buyback burn cycle will be changed from once every two weeks to once every week. The next $SKT buyback & burn time will be August 16, 2022, and weekly thereafter.
The buyback program now has three fund sources:
1. 50% of the revenue earned by the Sukhavati Foundation for providing technical services to partners and customers will be directed towards $SKT token buying on the open market;
2. The Sukhavati Foundation will use additional treasury funds to acquire the $SKT token.
3. 100% of the income from the Sukhavati team’s harddrive mining, including $SKT farmed during the testing, and $XCH gained by co-farming with Chia.
As the protocol grows, we will also strive to increase new buyback funds and expand the size of each buyback and burn. We will of course keep our community updated.
About Sukhavati Network
Sukhavati Network is a decentralized cloud network service that is focused on storage. The network is built on hardware-based Trusted Execution Environment (TEE) and the Substrate framework to inspire and incentivize improvements on distributed storage ecosystems.
Sukhavati creates a decentralized gateway that covers both Web 3.0 and Web 2.0 storage services. It allows unified data storage, retrieval, and management on Web 3.0 applications.
Website: https://sukhavati.io/
Twitter: https://twitter.com/Sukhavati_N
Discord: https://discord.gg/aPmKWUBvR7
Telegram Channel: https://t.me/SukhavatiNetwork
Telegram Announcement Channel: https://t.me/SukhavatiN
Medium: https://medium.com/@Sukhavati
