Announcing the 24 Million SOY Tokens Burn and the End of the Weekly Auctions

Why 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.

Up to 24 Million $SOY to be Burn

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 24,000,000 SOY tokens will therefore be burned (960,000 x 25).
Each week the tokens allocated to the weekly auction will be sent to the Callisto Network burn address.
Of the 90 million tokens assigned for the IDO, a total of 24,960,000 have been allocated to the weekly auctions. The burn of 24,000,000 SOY tokens will, therefore, reduce the number of tokens available in the IDO to 66 million, as well as reduce the maximum token supply.
The total amount of tokens allocated directly to investors remains unchanged at 21 million. Investors wishing to buy SOY tokens over-the-counter can contact the team directly at [email protected]
Note: In case private-sale interest is high, and the total amount of tokens assigned directly to investors is reached, a part of the tokens allocated to the weekly auctions may be also sold to fulfill investors interest.
Document revised on 29/12/2021.
Last modified 23d ago