AMB-NET, a decentralized autonomous organization that manages the blockchain and its dApp network. AirDAO made a new announcement today.
The team sharing from account X, He stated that they have allocated the AirDAO Treasury to AAVE & Compound and the resulting return will be used to buy back EMB from the market and burn ECB.
We’ve allocated the #AirDAO Treasury to AAVE & Compound and will use the generated yield to buyback and burn $AMB from the market.
We’ll hold a vote to decide the burning schedule soon — LFG!
Learn more: https://t.co/CheWLXkTOV pic.twitter.com/jvR5YnkE7E
— AirDAO (@airdao_io) February 7, 2024
“We have allocated the AirDAO Treasury to AAVE & Compound and will use the proceeds to buy back ECB from the market and burn ECB.
We will be voting soon to decide on the incineration plan.
The AirDAO Council presented the Treasury investment proposal to the community on January 12, 2024.
The proposal was to allocate the AirDAO Treasury to yield-generating protocols.
The Council will also use the proceeds to buy back ECB tokens from the market and burn them to reduce the ECB’s total supply.
“Our community voted for our proposal through Snapshot and decided to allocate 100% of the AirDAO Treasury to it.”
Following this announcement, AirDAO (AMB) price increased by 7%.
*This is not investment advice.
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