Regarding Buyback

Hi everyone,

I was very impressed when I saw that 0.05% of the fees will be used to buyback png.
I think for many investors this will be the very first reason why they should be holding png.

While i understand that the concept of png buyback is not clear yet, I thought that I may be sharing some ideas on this.

I think we should create a sort of single staking pool for png, where 0.05% fees to be bought for png should be distributed to the stakers. It is kind a similar approach with penguin or joe. Once we get to the pool, our coins will be swapped to a different Png coin (Call it Xpng) and xpng will gradually increase over time compared to Png. This increase will be done by png buyback.

There should also be a X% withdrawal fee and maybe Y% entrance fee which will also be distributed to Xpng holders.

I just hope this idea will find png holders well and we can come up with a better solution than this.

3 Likes

I agree with this approach. That would be one of the main reasons to hold PNG.

2 Likes

Hey!
And thanks for youre feedback on this!
I think we all agree on that Staking is a feature that we need to have, so the plan is to use the 0.05% for buyback as you mentioned. Not sure about the details, but there will have to be a proposal and a vote on this, before it will go live.

Is staking like this confirmed in near future? Beacause IL on my PNG/AVAX really hurt. I love PNG, but adding liquidity to this pair is really painfull. PNG need more utility.

Yes, staking of PNG will continue with PNG rewards after the Avalanche Rush funds are finished.

1 Like

PNG’s performance is worrying. Is there a future? Where is the reason for Holders? At the moment, frustrating

i think we can use the 0.05% fee to buyback png to destroy, and then set up a withdraw fee(like 2%-5%), the fee can also buyback png to destroy or give the holder.