KLAY Buyback Complete, 69M Burnt from Circulation

TL;DR

• A total of 69,280,654.8 $KLAY was purchased from CEX spot markets & burnt over 6 days, from 21 to 26 Oct
• Klaytn will continue to explore tokenomics optimisations, protocol enhancements and buybacks to maintain ecosystem stability

On 10.24, the Klaytn Team announced that a market buyback of KLAY was in progress; conducted with the intent of managing risks derived from the actions of certain entities at the time.

The market buyback has been completed, and as previously stated, the buyback was strictly limited to spot purchases directly from the market (CEX) and was strategically executed to minimize volatility.

The details of the buyback is as follows:

• The buyback was conducted over a period of 6 days, from 2022.10.21 to 2022.10.26.
• A total of 11,447,823 in stablecoins (USDC + USDT) were used to fund the buyback. 
• A total 69,280,654.8 KLAY was purchased from CEX spot markets.
• As previously stated, all 69,280,654.8 KLAY has been sent to a burn address (0xb808689a5557fd806dd4f4329c733c3968ce176b9759eee608ea892963a1ad07).

To elaborate, the buyback took place between 2022.10.21 and 2022.10.26 and no other market buys or market activities of any kind were conducted after this period. Any market movement post 10.26 is being and should be attributed to new market participants, most likely stemming from the recent global media coverage of the protocol updates for 3Q and resulting increase in awareness of the Klaytn ecosystem.

The buyback was conducted with the primary objective of maintaining ecosystem stability, with additional strategic factors (macro landscape, tokenomics optimization etc.) also taken into consideration.

The entire Klaytn Team is wholly dedicated to the sustainable growth and development of Klaytn’s ecosystem and its community, and promise to continue planning and deploying initiatives that directly benefit both builders and holders. 

We will continue exploring tokenomics optimizations, protocol enhancements and  buyback as needed, to remain the de-facto Web3 ecosystem of choice for builders looking to take the metaverse mainstream.

[3Q Klaytn Ecosystem Update]
The 3Q Klaytn ecosystem updates will cover key initiatives the Klaytn team is currently undertaking in our continued efforts to achieve an optimal and sustainable Klaytn ecosystem.