Fragmetric: Voting for the FRAG buyback plan is now open; if approved, approximately $252,000 will be used annually for buybacks.
Foresight News reported that Solana restaking protocol Fragmetric announced that voting for the FIP-1 proposal is now open. If passed, 4% of total earnings will be used for FRAG token buybacks. Based on current metrics, the annual revenue is approximately $6.3 million, so a 4% allocation would equal about $252,000. This will support the buyback of approximately 9.71 million FRAG tokens in the first year, accounting for about 5% of the circulating supply. If the proposal passes, buybacks will begin in two weeks and will be executed weekly on the open market through TWAP orders. The activity will be fully transparent via a dedicated Dune dashboard. The repurchased tokens will initially be stored in the foundation's treasury, and subsequent proposals regarding token burning will be considered based on market conditions. Voting will end in three days.
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