Cryptocurrency loan protocol Alchemix Financedecided to purchase some of the cash they had saved for important occasions in ALCX, the project’s native token, in order to increase efficiency.
As a result of the voting by the Alchemix Finance DAO team behind the project. “yield farm” with one-third of the income from its activity ALCX It was decided to buy a token.
The description of the proposal prepared by Scoopy, one of the lead developers of the platform, is as follows:
“We get 15% return on the investment we spend in yield farming activity in Alchemix. We turned one of our biggest expenses into income.”
The developer stated that it basically aims to support the project’s alAssets product with the token buyback. According to Scoopy, more crypto users will want to take advantage of the platform as revenues will increase once the offer goes live.
The voting process, which lasted over the weekend, received a positive response. 81% of DAO members accepted the proposal, while 18% abstained. Only 1% of people reject the bill.
After the approval of the token buyback offer today, the price of ALCX rose 20% from 5 pm to 6 pm to reach $ 24.50. However, the upward move was not permanent, with ALCX price falling to $21 within minutes.
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