Well you have all waited patiently and we have finally reached the apex, Kineko has now begun the buybacks. As 14:57:02 PM +UTC we executed the first of the eternal buybacks for the Kineko protocol.
To kick off the buybacks we used 33% of our combined January and February ETH earnings and bought back $65,000 worth of KKO on the open market, in the future these buybacks will be TWAP'd shortly after the monthly report with an announcement to follow on the amount.
We decided on 33% as this will allow the treasury to continue growing, whilst also giving us enough firepower to materially improve the token’s trading price, once governance is online this value will be able to be voted upon if holders see fit. If luck strikes us, who knows maybe we will buyback more?
At current estimates we expect buybacks to amount to $390,000 worth of KKO per annum. This is based upon current volumes with no more marketing efforts or growth, as you know this is a huge focus for us anyway so strap in.
The total amount of the first buyback sums to 344,905.37 $KKO, you can see the purchase linked in the transaction below.
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