Arken Finance Announcing the Buyback Program of Its NFAs
Today, Arken Finance is announcing the buyback program of the recently launched NFA, Non-fungible Airdrop, which authorizes the platform to discretionally repurchase its native NFA in the open market periodically. The NFA buyback will commence soon and is expected to be completed within 3 months before the Airdrop Campaign Round 2.
Following the previous article on NFA, today, we are discussing the highly asked topic: “Arken’s NFA Buyback Pool”. In this article, we will disclose the details of the buyback program and discuss how NFA holders may benefit from it.
About NFA Buyback
Generally in both traditional and decentralized financial worlds, buybacks are often referred to as the time when a corporation (in traditional finance) or a protocol (in decentralized finance) buys back its existing assets, either in stocks or crypto, aiming to reduce its supply and increasing overall market value. Similarly, Arken Finance is planning to repurchase the existing NFAs in the market, aiming to support holders who wish to exit from the Airdrop V1.0 and randomly rounding up some NFAs back for the holder's benefits in the future.
Buyback Mechanics
Timeframe of the buyback program: June 2022 onwards
Backback Rounds: There will be a total of 3 buyback rounds, all happening before the second Airdrop. The detail of the precise time and date of rounds 2 and 3 will be disclosed soon.
Buyback Round 1 Date: 13th June 2022
Where: In each round of the buyback, Arken Finance will randomly buy back NFA(s) from TofuNFT. You can also visit Arken Finance’s Official NFA Account here.
How:
All of the 2,000 NFA(s) are categorized into 24 Tiers, grouping from the $ARKEN token locked in each NFA. Those rankings with the same amount of $ARKEN rewards will fall into the same Tier. Table 1, summarizes all the 24 Tiers of NFA. Winners can recheck their ranking and amount of $ARKEN received for each rank: here.
All 24 Tiers of NFA are, then, grouped into 3 groups, concurrent with the 3 rounds of the buyback program. There will be 43 NFAs to be bought back and the amount of the buyback pool in each group will be different. Please see below the Buyback Group details, including how many slots and the win rate.
Buyback Rules
Eligibility:
- Buyback is eligible only for NFAs that are minted before 12 June 2022 23:59 UTC.
- Only NFAs that are minted will be randomized
- In Rounds 2 & 3, NFA that has been bought back before, will not be randomized twice
- If there is a change in NFA holder during the Buy-Back, we will base the selection on the time of the Making Order.
Terms & Conditions:
Case 1: Not Minted → Not included in the randomization
Case 2: Minted, but not on sale (on TufuNFT) → Arken will make an order based on the prices set by Arken Finance
Case 3.1: Minted and on sale on TofuNFT (selling price is lower than Arken’s set price) → Arken will buy at the selling price set by the NFA owner
Case 3.2: Minted and on sale on TofuNFT (selling price is higher than Arken’s set price) → Arken will make an order based on the prices set by Arken Finance. NFA owners can decide whether he/she will sell at that price.
Case 4: Minted and set for auction on TofuNFT → Arken will participate in the bidding, based on the prices shown in the table below.
How NFA Holders Will Benefit From the Buybacks?
Active buyback from Arken Finance will strategically reduce existing NFA in the market, resulting in benefits to NFA holders directly. Meanwhile, this will make it easier for the NFA holders who wish to exit now; Arken Finance is happy to support getting those NFA back.
If you made it this far, thanks for reading, and let’s get ready for the 1st buyback round on June 13th, 2022!
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