Buyback & Burn
Last updated
Last updated
With $RUST token out in the world, fully transparent and immutably locked from the revocation of ownership of the token smart contract, the RRCC introduced the first of many buyback and burns on the 25th November 2023 resulting in the burning of 243,802 $RUST tokens at a market value of $510.44 USD (at time of burn).
A buyback occurs when the RRCC uses project SMR funds to buy $RUST on the open market and then burns those tokens by removing them from circulation.
The buyback involves a token purchase at market price that results in a rise in the price of the token, helping to improve the current token standings.
The burn removes tokens from circulation by calling the burn function of the token smart contract to permanently reduce the max supply of the token, creating scarcity and increasing demand for the remaining circulating supply.
The first buyback was a special event to celebrate the launch and first week of the token being out in the world. The RRCC used 100% of the royalties the project had received from secondary market sales of RRCC NFTs on the ShimmerSea NFT Marketplace and exchanged them for a total of 243,802 $RUST. This $RUST was then burned, permanently reducing the supply of the token, forever.
The first buyback was unique as the RRCC used 100% of the previously received royalties from secondary market sales of NFTs. In the future a percentage of all royalties from secondary market will be burned along with percentages from all royalties, fees, and income the RRCC make from new website features, products, and other defi revenue streams. With regular buyback and burns, each event will add value to the $RUST economy.
As the RRCC grows, so will the royalties and fees generated across the different areas of the project. Every single one of these burns is permanent and can not be undone, meaning the supply of $RUST will become scarcer over time. As token demand grows and each buyback nudges the price a little upwards, with every burn making the token more scarce, every buyback and burn will create a positive impact on the token.
Ensuring the future stability and growth of the $RUST token has been a priority at the RRCC. The introduction of buyback and burn with the first burn of 243,802 $RUST now adds regular positive price impact and token scarcity to the mix.
RRCC Burn Wallet