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Dear BinaryX Community,
This is our message and our promise to you — we are not going anywhere. We did not sell any tokens, we have answers, and we have a plan.
What caused the price to fluctuate?
We cannot emphasize this enough — there was no foul play from the team. Rumours that the team sold our tokens is entirely unfounded and outright false. We have never taken any liquidity from the liquidity pool, and the liquidity that we added a year ago is still in the pool, untouched.
For full transparency, you may check the movements of our liquidity wallet to verify our statement: 0xd34f9d1b649c7cd5efc355c1cb6b1a481234616d
Upon our assessment, the token price is going through fluctuations because of market panic and speculations brought about by the upcoming pledge unlocking of tokens. This was transparently communicated to the community and the public from the start. It is normal investor behavior at play.
We are most concerned with providing feasible solutions to the issue as soon as we can, and this is what we have been working on since the rumours broke.
What is our plan?
Introducing our Buy-Back Plan:
BinaryX team has taken the current situation into consideration and will fulfill our promise to all users. We are going to launch two rounds of DAO voting to decide on the Buy-Back solution.
DAO Vote 1 — Open to all BNX hodlers
How it works:
BUSD revenue from heroes auctions amounting to 6,500,000 BUSD will be used to buy back BNX token to stabilize the token price.
Here are two options for the Buy-Back Plan:
Option 1: The team will gradually buy back BNX on the secondary market based on market conditions and all purchased tokens will be burnt.
Advantages of Option 1: No adjustments will be made to our previous proposals. The buying back process will be simple.
Option 2: Using 6,500,000 BUSD to buy back all BNX which will be unlocked after 9 Dec 2022 in advance. All purchased tokens will be burnt and the users will get BUSD in return.
Advantages of Option 2: It can quickly and directly address the key concern of token unlocking, which resulted in the price fluctuation. It also enables the users whose BNX are still in the lock-up to unlock their token in advance.
*Since Option 2 might have an impact on the interests of locked-up users, it will be adopted only after the DAO Voting held among users whose BNX will unlock after 9 Dec 2022 is passed.
DAO Vote 2 — Open to all BNX Holders Whose BNX will unlock after 9 Dec 2022
BUSD revenue from Heroes Auction, 6,500,000 BUSD will be used to buy back all BNX which will be unlocked after 9 Dec 2022 in advance. All purchased token will be burnt and the users will get BUSD in return.
To reiterate, only users who have BNX to be unlocked after 9 Dec 2022 will be eligible to participate in this DAO voting.
*Note: The Buy-Back of BNX unlocked after 9 Dec 2022 will happen only if the voters in DAO Vote 1 chooses Option 2, and if the voters in DAO Vote 2 vote for the option to be passed.
When is the DAO vote happening?
The two DAO voting rounds will be announced on our Twitter in the next few days. Please stay tuned.
Meanwhile, all suggestions and feedback from the community about the Buy Back Plan are welcomed before the official start of DAO Voting.
Reasonable suggestions might be added into one of the choices in DAO Voting.
What are our other plans during this recovery phase?
Many of you have also been asking for updates on our future plans. We had already planned to release some announcements regarding this over the course of December. However, we felt it necessary to share whatever we could with you as soon as possible.
Launch of IGO website: We just launched our landing page for our IGO platform. This is extremely significant as our team has been actively supporting the launch of games by promising projects in the GameFi space. The website will be used as a bridge to connect projects in our pipeline to more investors and vice versa.
Cyber Incubation Fund: In relation to our IGO platform, we will also launch a fund that will be used to incubate new blockchain games.
CyberLand: We are working on some exciting announcements for CyberLand as well. While we are not able to share them right now as it is not yet ready, further plans will be revealed very soon. Please continue to watch our social media space for updates.
This is not our first rodeo.
A dip like this has happened before.
As you may remember, earlier this year, the market experienced a crash. The price of BNX was affected back then, tanking to a low of $15.80. As a team, we evaluated the situation seriously and explored our solutions. We activated a DAO vote to involve the community, to make a decision that would be pivotal to the revival of our token. We have been going strong ever since then, with the support of our community rallying us forward.
We really hope our communities, players, and holders can stand with us and believe the possibilities of Web3 are endless despite what has happened lately. We want to thank everyone who got us this far. We want to thank investors, partners, and holders who hold faith in us. But more than anything else, we want to thank everyone who inspires us to push harder and become the best that blockchain gaming has to offer.
We beat it once, we can beat it again.
WAGMI.
*End of Article*
Welcome to follow us on social media and join our community to get the latest updates & giveaways.
Dear BinaryX Community,
This is our message and our promise to you — we are not going anywhere. We did not sell any tokens, we have answers, and we have a plan.
What caused the price to fluctuate?
We cannot emphasize this enough — there was no foul play from the team. Rumours that the team sold our tokens is entirely unfounded and outright false. We have never taken any liquidity from the liquidity pool, and the liquidity that we added a year ago is still in the pool, untouched.
For full transparency, you may check the movements of our liquidity wallet to verify our statement: 0xd34f9d1b649c7cd5efc355c1cb6b1a481234616d
Upon our assessment, the token price is going through fluctuations because of market panic and speculations brought about by the upcoming pledge unlocking of tokens. This was transparently communicated to the community and the public from the start. It is normal investor behavior at play.
We are most concerned with providing feasible solutions to the issue as soon as we can, and this is what we have been working on since the rumours broke.
What is our plan?
Introducing our Buy-Back Plan:
BinaryX team has taken the current situation into consideration and will fulfill our promise to all users. We are going to launch two rounds of DAO voting to decide on the Buy-Back solution.
DAO Vote 1 — Open to all BNX hodlers
How it works:
BUSD revenue from heroes auctions amounting to 6,500,000 BUSD will be used to buy back BNX token to stabilize the token price.
Here are two options for the Buy-Back Plan:
Option 1: The team will gradually buy back BNX on the secondary market based on market conditions and all purchased tokens will be burnt.
Advantages of Option 1: No adjustments will be made to our previous proposals. The buying back process will be simple.
Option 2: Using 6,500,000 BUSD to buy back all BNX which will be unlocked after 9 Dec 2022 in advance. All purchased tokens will be burnt and the users will get BUSD in return.
Advantages of Option 2: It can quickly and directly address the key concern of token unlocking, which resulted in the price fluctuation. It also enables the users whose BNX are still in the lock-up to unlock their token in advance.
*Since Option 2 might have an impact on the interests of locked-up users, it will be adopted only after the DAO Voting held among users whose BNX will unlock after 9 Dec 2022 is passed.
DAO Vote 2 — Open to all BNX Holders Whose BNX will unlock after 9 Dec 2022
BUSD revenue from Heroes Auction, 6,500,000 BUSD will be used to buy back all BNX which will be unlocked after 9 Dec 2022 in advance. All purchased token will be burnt and the users will get BUSD in return.
To reiterate, only users who have BNX to be unlocked after 9 Dec 2022 will be eligible to participate in this DAO voting.
*Note: The Buy-Back of BNX unlocked after 9 Dec 2022 will happen only if the voters in DAO Vote 1 chooses Option 2, and if the voters in DAO Vote 2 vote for the option to be passed.
When is the DAO vote happening?
The two DAO voting rounds will be announced on our Twitter in the next few days. Please stay tuned.
Meanwhile, all suggestions and feedback from the community about the Buy Back Plan are welcomed before the official start of DAO Voting.
Reasonable suggestions might be added into one of the choices in DAO Voting.
What are our other plans during this recovery phase?
Many of you have also been asking for updates on our future plans. We had already planned to release some announcements regarding this over the course of December. However, we felt it necessary to share whatever we could with you as soon as possible.
Launch of IGO website: We just launched our landing page for our IGO platform. This is extremely significant as our team has been actively supporting the launch of games by promising projects in the GameFi space. The website will be used as a bridge to connect projects in our pipeline to more investors and vice versa.
Cyber Incubation Fund: In relation to our IGO platform, we will also launch a fund that will be used to incubate new blockchain games.
CyberLand: We are working on some exciting announcements for CyberLand as well. While we are not able to share them right now as it is not yet ready, further plans will be revealed very soon. Please continue to watch our social media space for updates.
This is not our first rodeo.
A dip like this has happened before.
As you may remember, earlier this year, the market experienced a crash. The price of BNX was affected back then, tanking to a low of $15.80. As a team, we evaluated the situation seriously and explored our solutions. We activated a DAO vote to involve the community, to make a decision that would be pivotal to the revival of our token. We have been going strong ever since then, with the support of our community rallying us forward.
We really hope our communities, players, and holders can stand with us and believe the possibilities of Web3 are endless despite what has happened lately. We want to thank everyone who got us this far. We want to thank investors, partners, and holders who hold faith in us. But more than anything else, we want to thank everyone who inspires us to push harder and become the best that blockchain gaming has to offer.
We beat it once, we can beat it again.
WAGMI.
*End of Article*
Welcome to follow us on social media and join our community to get the latest updates & giveaways.
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