Lepricon Begins Official Buyback Program
- 500,000 L3P transferred to dedicated public buyback wallet
- Buyback wallet officially recognised as out of circulation
- Regular buybacks every two weeks from now
- Minimum amount 500,000 L3P each buyback
A core feature in Lepricon’s tokenomics has always been the buyback and make model, where Lepricon uses its income to buy L3P on the open market. This L3P is then taken out of circulation and placed in a publicly announced wallet. Later, this L3P can be transferred to the master L3P wallet to replenish staking and rewards pools.
Now that Lepricon has launched Leprichain and its first dApp, Lucky Wheel, we will begin a predictable and regular buyback process for L3P. The funds to do this have come from capital gains and the yield on Lepricon’s investments.
Today at 4:24 am UTC, we transferred 500,000 L3P from one of the company’s hot wallets to L3P-buyback.eth. This was all L3P purchased on Uniswap. The current holdings in the destination wallet now amount to approximately 1.7 million L3P, including the first buyback in July.
Every two weeks, we will transfer a minimum of 500,000 L3P from assets we have purchased on Uniswap on the open market to the following wallet:
This wallet is known to CMC and CoinGecko as being outside of our public circulation. The L3P held in this wallet will remain untouched until we deem it necessary to transfer it back to the master L3P wallet.
We will make future buyback announcements on our social media channels.
Lepricon is reimagining the possibilities for entertainment through blockchain technology and seeking to establish the general acceptance of player-owned economies in games. We believe that gaming can and should be the first killer-on ramp to mainstream adoption, and Lepricon’s stated mission is to catalyse this outcome.
Our activities break into three distinct tracks; technology, entertainment and DeFi.
At the core of this strategy is Lepricon’s own high-speed, gas-less Ethereum-compatible side chain, Leprichain. We are developing software solutions in the form of SDKs, which will empower mainstream game development studios to incorporate blockchain technology into their games. These solutions are built upon and powered by Leprichain, with the intent to create a drag and drop blockchain solution for mainstream game developers.
Lepricon is developing several in-house entertainment activities that operate on Leprichain, including our collection of arcade and carnival games at Lepricon City. The first games are straightforward, but we will develop more complex games that demonstrate Leprichain’s capabilities over time. We will leverage these demonstration games to encourage third party dApp developers to deploy on Leprichain.
Leprichain and all of the dApps that run on it are powered by our ERC-20 utility token, L3P. Lepricon’s DeFi portal will enable L3P holders to manage their tokens, participate in governance, and benefit from advanced yield-earning activities. Lepricon’s DeFi portal will launch towards the end of the fourth quarter of 2021.
For further information, please visit https://www.lepricon.io.
$L3P Contract: 0xdeF1da03061DDd2A5Ef6c59220C135dec623116d