🚨🚨GENX PRICE RECOVERY PLAN 🚨🚨
Due to recent token price fall we are entering to Burning phase earlier than we planned. We would like to share with you our Emergency Price Recovery Plan, that will be started to be implemented this TODAY. It consists in a series of actions that will reduce our daily emissions to increase the effect of daily buybacks, that will also be implemented.
1- STOP STABLE FARMS AND POOLS
The first measure we’re going to take is to cut the stable and pool farms. Those farms only benefit the ones who are less committed to the protocol and generates selling pressure. It’s the first step to reduce our GENx emissions
2- REDUCED EMISSIONS
Since we are really close to our 5MM max cap, we decided to significantly reduce our emission rates. It will give us a bigger capacity to influence GENX price with daily buybacks, that will be also implemented during this week. The emissions will be reduced to 0,02 in both BSC and MATIC.
As an effect, the farming will be also reduced. However, we understand that the holders will have benefit more from token valuation than from current APRs. Also, with a better chart, we will have a higher probability to attract new investors.
3- HSC FARMS CLOSURE
Partnership with HSC didn’t succeeded as planned, so we decided to stop HSC farms in order to reduce emission and focus on BSC and MATIC chains. HSC GENX holders will be able to bridge their tokens.
4- ELASTIC BUYBACKS
We will start to implement dailies buybacks and burns using our bridge fees. The amount of GENX burned will be directly related to the current GENX price, following the formula below:
price < 1$ — Buybacks = 2x emission
1–2$ — 1X emission
2–4$ — 0.5X emission
4–8$ — 0.25X emission
8–16$ — 0.125X emission
16$+ — 0.1 Emission
The burn txs will be shared with community on a daily basis, at the announcement channel.
5 — TOURNAMENT V2 (GenX burning)
With the improved tournament battles, we will have a full play to earn experience, where players evolve and earn tickets in daily arenas and compete for USDC prizes.
After this release, we believe we will be able to attract and retain new players while we develop the planned roadmap. We are planning to release new loot boxes and other mechanisms to increase GENx burning.
6 — NEW PRODUCT (GenX burning)
We are also finishing the development of a new and promising product. Part of its revenue will be also used for buybacks and burns so we can raise GENx price even further