Aevo saw a notable surge in price after the Paradigm-backed layer-2 decentralized derivatives platform announced it had completed a buyback of one million tokens.
On September 4, the Ethereum (ETH)-based crypto options and perpetual stock trading platform revealed its August buybacks, totaling 1 million Aevo (AEVO). AEVO’s price saw a slight increase, jumping nearly 5% from a low of $0.29 to a high of $0.33.
Aevo Buyback Program
The Aevo team announced on X that the project has started its buyback process. For its token buybacks over the past month, it has repurchased 1 million AEVO at an average price of $0.317, with these transactions taking place on September 2 on the Binance crypto exchange.
All repurchased tokens were sent to a treasury multisig, as part of a program that derivatives platform L2 plans to run monthly through December 2024.
“With the AEVO supply nearly fully vested and buybacks underway, we believe this is a good starting point to create long-term value for $AEVO token holders.”
Aevo on X.
What happens to redeemed tokens?
Aevo committed to buying back its native token in a tokenomics update in June.
In a June 26 blog post, the DEX platform indicated that a portion of its revenue would be dedicated to AEVO repurchases. Weekly repurchases take place on-chain, with transactions randomized to avoid frontrunning.
Tokens sent to the Treasury multisig will require a governance vote from AEVO holders before being used in rewards programs, token burns, or other tokenomics adjustments.
AEVO has a circulating supply of 870,377,904 as of September 4, 2024, while the total supply is 1 billion tokens.
