Dear BinaryX Community,
This is our message and our promise to you — we are not going anywhere. We did not sell any tokens, we have answers, and we have a plan.
What caused the price to fluctuate?
We cannot emphasize this enough — there was no foul play from the team. Rumours that the team sold our tokens is entirely unfounded and outright false. We have never taken any liquidity from the liquidity pool, and the liquidity that we added a year ago is still in the pool, untouched.
For full transparency, you may check the movements of our liquidity wallet to verify our statement: 0xd34f9d1b649c7cd5efc355c1cb6b1a481234616d
Upon our assessment, the token price is going through fluctuations because of market panic and speculations brought about by the upcoming pledge unlocking of tokens. This was transparently communicated to the community and the public from the start. It is normal investor behavior at play.
We are most concerned with providing feasible solutions to the issue as soon as we can, and this is what we have been working on since the rumours broke.
What is our plan?
Due to the recent market’s fluctuation, BinaryX team has taken the market condition into consideration and will fulfil our promise to all users.
BUSD revenue from the Hero Auction, 6,500,000 BUSD will be used to buy back BNX to stabilize the token price.
Here are four options for the buyback plan.
*One thing you must know before the voting: The execution of each proposal will have two phases: Voting Phase and Enrollment Phase. Once a proposal is passed, all users with BNX unlocked after Dec 9, 2022 will be eligible to enroll in the proposal. The proposal passed will apply to users who have enrolled voluntarily and other users will be unaffected and will have their tokens back in time.
Proposal 1: Buy Back BNX on Secondary Market
The team will utilize BUSD revenue from the Hero Auction to progressively buy back BNX on the secondary market. The buyback will be based on market conditions and team’s discretion. All repurchased tokens will be burnt to help with stabilizing the token price.
Proposal 2: CyberLand Land Allocation
In this proposal, eligible users will have their BNX unlock in 10 equal parts, over the next 10 months. Revenue from the Hero Auction, 6,500,000 BUSD, will be spent on buying back BNX on the secondary market progressively based on market conditions and team’s discretion. All repurchased tokens will be burnt to help with stabilizing the token price.
Additionally, 200 plots of land from CyberLand will be provided as a prize pool for a lucky draw to all eligible users. The lucky draw will occur when CyberLand is online. The more BNX you have in the locked-up, the higher the chance you win the lucky draw.
*Eligible Users: Users whose BNX will unlock after 9 Dec 2022 and enrolled for this proposal during Enrollment Phase. Users who voted for this proposal will be automatically enrolled.
Proposal 3: Extend the Locked-Up Period
In this proposal, the locked-up period will be extended by 6 months. Upon which, it will be unlocked in 6 equal parts, over the next 6 months. An additional 15% of annual interest, derived from the team’s past revenue, will be awarded for the extended period. Revenue from the Hero Auction, 6,500,000 BUSD, will be spent on buying back BNX on the secondary market progressively based on market conditions and team’s discretion. All repurchased tokens will be burnt to help with stabilizing the token price.
Additionally, 50 plots of land from CyberLand will be provided as a prize pool for a lucky draw to all eligible users. The lucky draw will occur when CyberLand is online. The more BNX you have in the locked-up, the higher the chance you win the lucky draw.
*Eligible Users: Users whose BNX will unlock after 9 Dec 2022 and enrolled for this proposal during Enrollment Phase. Users who voted for this proposal will be automatically enrolled.
Proposal 4: Buyback Offer from Locked Users
Users whose BNX will unlock after Dec 9, 2022 and those who agree to the buyback plan can give our team an offer to buy back all his locked tokens in private.
The team will have the final say on whether to proceed with the buyback. In the case of a buyback, the team will announce a final buyback price.
All users whose offer price is lower than the final buyback price will have their token bought back at the user’s offer price. While users whose offer price is higher than the final buyback price or who haven’t provided an offer price for their Iocked tokens will not participate in this buyback.
Any remaining funds at the end of the process will be spent on buying back BNX in the secondary market, based on market conditions and team’s discretion. All repurchased tokens will be burnt to help with stabilizing the token price.
*In order not to violate the principle of self custody, all forced buyout proposals are ruled out.
When is the DAO vote happening?
The DAO voting has be announced on our Twitter within the week. Please stay tuned.
Meanwhile, all suggestions and feedback from the community about the Buy Back Plan are welcomed before the official start of DAO Voting.
Reasonable suggestions might be added into one of the choices in DAO Voting.
*Update on 7 Dec, 4PM UTC +8: The DAO vote has just been announced. Please place your votes if you are a hodler of BNX!
What are our other plans during this recovery phase?
Many of you have also been asking for updates on our future plans. We had already planned to release some announcements regarding this over the course of December. However, we felt it necessary to share whatever we could with you as soon as possible.
- Launch of IGO website: We just launched our landing page for our IGO platform. This is extremely significant as our team has been actively supporting the launch of games by promising projects in the GameFi space. The website will be used as a bridge to connect projects in our pipeline to more investors and vice versa.
- Cyber Incubation Fund: In relation to our IGO platform, we will also launch a fund that will be used to incubate new blockchain games.
- CyberLand: We are working on some exciting announcements for CyberLand as well. While we are not able to share them right now as it is not yet ready, further plans will be revealed very soon. Please continue to watch our social media space for updates.
This is not our first rodeo.
A dip like this has happened before.
As you may remember, earlier this year, the market experienced a crash. The price of BNX was affected back then, tanking to a low of $15.80. As a team, we evaluated the situation seriously and explored our solutions. We activated a DAO vote to involve the community, to make a decision that would be pivotal to the revival of our token. We have been going strong ever since then, with the support of our community rallying us forward.
We really hope our communities, players, and holders can stand with us and believe the possibilities of Web3 are endless despite what has happened lately. We want to thank everyone who got us this far. We want to thank investors, partners, and holders who hold faith in us. But more than anything else, we want to thank everyone who inspires us to push harder and become the best that blockchain gaming has to offer.
We beat it once, we can beat it again.
WAGMI.
*End of Article*
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