The post Key Part of Aavenomics Revamp appeared on BitcoinEthereumNews.com.

The first phase of the AAVE BuyBack program has started with USDT expected to be pulled from the collector Contract.  $4 million has been approved to buy back tokens from the secondary market over an approximate period of one month.  AAVE DAO has taken the initial step towards updating its tokenomics as it approves a $4 million token buyback. According to the report, the community solely took this decision with 99.63% of its eligible voters giving a “thumb up” to this proposal. Fascinatingly, this follows the plans highlighted in the Aavenomics Part One Proposal to initiate a “Buy and Distribute” program to increase the token acquisition from the open market and allocate it to the Ecosystem reserve. With the official approval, the Aave Finance Committee (AFC) is reported to be working towards the initial phase of the buyback program with an approval of $4M in aEthUSDT. The program ensures that $1 million is used for the buyback each week. This implies that the $4 million would allow a buyback exercise of up to one month. Meanwhile, the program is expected to continue for six months. According to the founder of the AAVE Chan Initiative Marc Zeller, the six months may be extended if the program tends to go as planned. Buybacks are forever; the rate is just the one the DAO has voted for for the next 6 months to start slow & at a conservative rate. Just like Merit, we started for 6 months, and now we are celebrating the 16th Month of the program; it will get renewed. In a detailed report, the AAVE team explained that the initial phase would “buy time” to finalize and launch its much anticipated Aave Swapper contract. According to them, this would be used for the buyback by securing treasury operations with…

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Filed under: News - @ April 10, 2025 12:23 am