Ethereum

Uniswap

Aevo

Read

Aevo has experienced a notable surge in price after the Paradigm-backed decentralized derivatives layer 2 platform announced it completed the repurchase of 1 million tokens.
On Sept. 4, the Ethereum (<a rel="noopener noreferrer nofollow" href="https://crypto.news/price/ethereum/">ETH</a>)-based crypto options and perpetuals trading platform revealed its August buybacks, totaling 1 million Aevo (<a rel="noopener noreferrer nofollow" href="https://crypto.news/price/aevo/">AEVO</a>). The price of AEVO saw a slight increase, jumping nearly 5%, from lows of $0.29 to highs of $0.33.
You might also like: <a rel="noopener noreferrer nofollow" href="https://crypto.news/cftc-uniswap-allowed-illegal-digital-asset-derivatives-trading/"> CFTC: Uniswap allowed illegal digital asset derivatives trading </a>
<h2 class="wp-block-heading" id="aevo-s-repurchase-program">Aevo’s repurchase program</h2>
The Aevo team shared on X that the project has begun its buyback process. For its token repurchases in the past month, it reacquired 1 million AEVO at an average price of $0.317, with these transactions taking place on Sept. 2 on the Binance crypto exchange.
All repurchased tokens were sent to a treasury multisig, part of a program that the derivatives L2 platform plans to execute monthly until December 2024.
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
 “With the supply of AEVO almost fully vested and the ongoing buybacks, we believe this is a good starting point to create long term value for $AEVO tokenholders.”
 Aevo on X.
</blockquote>
<h2 class="wp-block-heading" id="what-happens-to-repurchased-tokens">What happens to repurchased tokens?</h2>
Aevo committed to a buyback of its native token in an update on its tokenomics in June.
In the <a href="https://aevo.mirror.xyz/sf8XAgRzl1cQ-GD6ZFwIryLDu22ndkl60w2wVDnxjcc" target="_blank" rel="noopener noreferrer nofollow">blog post</a> on June 26, the DEX platform noted that a portion of its revenue would go into buying back AEVO. The weekly buybacks happen on-chain, with transactions randomized to prevent frontrunning.
Tokens sent to the treasury’s multisig will require a governance vote by AEVO holders before being used in rewards programs, token burns, or other adjustments to the tokenomics.
AEVO has a circulating supply of 870,377,904 as of September 4, 2024, while the total supply is 1 billion tokens.
Read more: <a rel="noopener noreferrer nofollow" href="https://crypto.news/binance-to-pay-1-7m-to-brazilian-regulator-for-violating-derivatives-laws/"> Binance to pay $1.7m to Brazilian regulator for violating derivatives laws </a>

AEVO price gains after 1m token repurchase

Table of Contents

crypto.news

Other articles published on Sep 4, 2024

Samsung Next Invests in Startale Labs Amid Blockchain Partnership with Sony

Ripple and SEC agree to stay $125M judgment, hinting at appeal

Russia to Test Cryptocurrency for Cross-Border Payments Amid Western Sanctions

Floki's Valhalla Partners with OG Esports as Official Jersey Sleeve Sponsor

Crypto Sell-Off Leads to $100 Million Liquidation

Scammers Delete Tokens from Solana Wallets

Join our free newsletter for daily crypto updates!