🔥Buy & Burn

Note: $uprewards are the rewards from mining, distributed to the community. $uptreasury is the holding point for rewards for treasury, and $upburnis for the buy & burn incentive. Lastly, $upteam is for all vested team tokens ad rewards.

Why Buy and Burn $UP?

Buy and Burn is designed to enhance the value and appeal of the $UP token. By strategically reducing the token supply, this process aims to drive up the token’s market value and reward long-term holders. It's mechanism serves several critical purposes:

• Increased Token Value: Reducing the total supply as well as the circulating supply of $UP tokens increases scarcity, potentially driving up the market value of each remaining token.

• Incentive for Holders: Regular buy and burn events create an incentive for holders to keep their tokens. On top of the daily rewards.

• Market Confidence: Demonstrating a commitment to reducing supply can boost investor confidence and attract new participants to the $UP ecosystem.

How will it function?

1. Periodic Purchases: At regular intervals, a portion of the project's revenue will be allocated to purchase $UP tokens from the open market. This creates buying pressure, contributing to upward price momentum.

2. Burning Tokens: Purchased tokens will be permanently removed from circulation by sending them to the burn address, reducing the total supply of $UP tokens.

3. Reward Distribution: 90% of the rewards from mining will be sent to $uprewards and distributed to token holders. The remaining 10% will be sent to $upburn.

4. Treasury Utilization: Rewards in $upburn will be used initially for buying and burning 50% of the total supply of $UP. Once this goal is achieved, the focus will shift to expansion, diversification, and the addition of mining machines to the farm. This will be guided by an internal proposal system similar to that seen of Catalyst. Given that mining machines have a lifespan of at least three years, this approach ensures a balanced and sustainable strategy.

5. Schedule: Buy and burn events will occur every three months. This allows some time for the coins mined to potentially appreciate and have a bigger impact.

6. Transparency & Progress Updates: Regular updates on the number of tokens purchased and burned, as well as the remaining supply, will be provided to ensure transparency and community trust. As well as a historical record kept in the Platform. All Buy & Burn events will be broadcast via our Twitter account @upcardano.

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Summary

The Buy and Burn mechanism is one of the numerous strategic initiatives aimed at increasing the value of the $UP token by reducing its supply. This method not only creates a deflationary effect but also aligns with the interests of long-term holders and investors. By periodically purchasing and burning tokens and strategically using treasury funds, we aim to foster a thriving and valuable ecosystem and tight nit community to build on into the future.