Announcing the 23 Million SOY Tokens Burn and the End of the Weekly Auctions
The weekly auctions were originally designed to meet the needs of venture capital and large investors. It allows them to enter the SOY Finance IDO with substantial funds, while benefiting from an attractive average bid price.
After discussion with our partners, however, it appears that the weekly auction structure does not meet their needs and that they wish to purchase the SOY tokens directly over-the-counter (OTC).
In light of this request and the lack of sustained demand for the weekly auctions, we decided not to pursue this format after the end of the current auction.
In light of this request, and due to the lack of sustained demand for the weekly auctions, we have decided not to pursue this format and terminated it on 1 December 2021.
We will maintain daily auctions, and investors who participated in the first round of the weekly auctions will benefit from the conditions previously announced, namely:
· 30% of the purchased tokens will be available to bidders at the end of the auction.
· 70% of purchased tokens will be locked for 12 months.
· 25% bonus locked for 12 months.
Since the weekly auctions are discontinued, and for greater transparency with long-term investors, we have decided to burn the SOY tokens allocated to the weekly auctions. Considering that 960,000 tokens are allocated to the weekly auctions, a total of 23,076,900 SOY tokens will therefore be burned (923,076 x 25).
Of the 90 million tokens assigned for the IDO, a total of 24,000,000 have been allocated to the weekly auctions. The burn of 23,076,900 SOY tokens will, therefore, reduce the number of tokens available in the IDO to 66 million, as well as reduce the maximum token supply.
Document revised on 21/03/2022.