LABS 7 Big News Series — Token Buyback and Burn
Dear Community, today we are sharing more details on the buyback and burn token model. LABS Group has decided to improve its token model to buyback and burn, which is a more aggressive and direct model in order to support the value of LABS Token.
Here is how it works. In the new model, the entire LABS ecosystem profit, which is going to be 80% governed for the first year, will be used for open market buy back and burn. Like Binance, we will publish the buyback and burn result and share to the public. Then we will burn them by sending them to a null address. This will lead to a drop in the token supply and provide significant support to the price. The goal of the first phase will be a 50% of buyback. And the community will have an opportunity to vote for the new model, or stick to the original buyback and redistribution model via DAO.
As you may all know, LABS Token are Ecosystem tokens (Utility tokens) with our special G.A.I.N.S. model, which refers to Governance, Access, Incentives, Nomination and Staking (for rewards) respectively. Governance, by everyone that all of our token holders can vote on important matters of interest. Access, to real estate projects with preemptive opportunities that the ecosystem introduces. Incentives, for LABS token holders should they decide to get involved in our projects on our ecosystem. Nomination, by LABS token holders to projects they wish to be launched on our platforms and be rewarded. Staking the tokens by token holders to get appealing rewards. Now, we have even more, the buy back and burn mechanism and the governed permanent liquidity lock mechanism.
“The new model is a change and improvement to our ecosystem. By taking out at least 20% of the ecosystem profit and burning the buyback tokens, the reduction of the market supply will support our tokens’ development in the right direction,” said Yuen Wong, CEO of LABS Group. “What we’ll do next is out of every deal on our crowdfunding platform, we’ll take 10% of that and send them to the liquidity pool and lock them on a permanent basis. We hope to boost backers’ confidence, double boost liquidity and make it better for everyone of us.”
Dear Community, LABS Group have decided that as for each future crowdfunding sale, 10% will be utilised for long term liquidity pool lock to boost confidence and liquidity. So, stay tuned!
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About LABS Group
LABS Group Limited (https://labsgroup.io), the world’s first end to end Blockchain powered real estate digital investment platform that provides access to fractionalized property and business ownership. It is taking a proactive role in spearheading the Esports hotel business, capitalising on current GameFi and Metaverse trends.
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