Dear Bgogo users,
We want to extend our gratitude to the global support and participation the Bgogo platform has received from everyone successfully trading newly-listed BGG trading pairs. In response to inquiries regarding daily repurchases, Bgogo has decided to brief the public on its repurchasing strategy.
The Bgogo platform conducted Genesis Mining for 24 hours from September 15th, 2018, 20:00 (UTC+8) to September 16th, 2018, 20:00 (UTC+8). During this time Bgogo generated an equivalent of 2095 ETH in trading fees.
As mentioned in the whitepaper, Bgogo will conduct repurchases of either market orders or limit orders in the secondary market. Repurchasing began September 16th, 2018, 20:00 (UTC+8) and will continue until September 17th, 2018, 20:00 (UTC+8). The total of 2095 ETH is being utilized for repurchasing during this 24-hour period.
In addition, in response to user's active participation, Bgogo has decided to utilize 2000 ETH from its own fund to conduct additional repurchases from September 16th, 2018, 20:00 (UTC+8) to September 17th, 2018, 20:00 (UTC+8).
The trading fees that the Bgogo platform collects from the initial 24 hours of BGG trading pairs publicly listing will be used for the next 24-hour repurchasing period.
Bgogo has generated 1976 ETH in trading fees during the initial 16 hours of BGG trading pairs listing. Therefore, Bgogo will be utilizing at least 1976 ETH for repurchasing during the next 24-hour period, in addition to the remaining generated fees for this 24-hour period. As our BGG buyback mechanism states, all repurchased BGG will be sent to a burn address and made public.
Thank you again for your support!
Bgogo Team
2018/9/17
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