Waves (WAVES), a blockchain platform centered around a multi-currency wallet with a decentralized exchange, may soon see a reduction in the circulating supply as CEO Sasha Ivanov is currently considering a token buyback.
Shall we announce a $waves buyback?
— Sasha Ivanov (@sasha35625) July 5, 2019
The idea was recently put forward in a Twitter poll by Ivanov, with a fairly positive response from the Waves community — the poll currently has 69% for the buyback and 31% against.
The reasoning behind the proposal is undoubtedly the poor performance of WAVES over the last year or so. While the price has traded down roughly 20% against the dollar, the value in bitcoin (BTC) has plummeted. The current market cap has slid to roughly $210 million, despite the project launching its mainnet earlier this year.
Additionally, Waves released its purpose-designed programming language RIDE on its mainnet last week — enabling global developers to create fully-fledged decentralized applications on the Waves blockchain. This is another major step toward further adoption of the Waves blockchain, which has notably focused on gaming applications in the past.
Time will tell whether Ivanov decides to implement the buyback program and what exactly he plans to do with the repurchased tokens.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.