Nine Chronicles Ltd., the community-driven Web3 game company known for its popular idle MMORPG Nine Chronicles, announced a buyback program on November 25th with plans to repurchase 300,000 USD worth of WNCG (Wrapped Nine Chronicles Gold) token, taking up over 4% of the currently circulating supply. WNCG is an ERC-20-based token, and 1:1 pegged to NCG (Nine Chronicles Gold), the native in-game token for Nine Chronicles.
The buyback by Nine Chronicles Ltd. will be implemented strategically to minimize the risk of initiating abnormal effects on the marketplace and to provide added stability ahead of the rollout of the next phase of ecosystem growth. The decision for the program was made to stabilize and protect the ecosystem of Nine Chronicles from the widespread fluctuating cryptocurrency market conditions in addition to factors including the macro and micro landscapes, as well as community feedback. Funds used for the buyback come from stablecoin reserves held by Nine Chronicles Ltd. secured previously from strategic partners, and will be strictly limited to spot purchases directly from the market (CEX) to minimize market volatility. Moreover, all WNCG purchased via the buyback will be burnt. More detail about the buyback initiative will be shared in the coming days.
“Our decision to execute this buyback program is a reflection of our ability to act readily with the changing market conditions and also a sign of our strong liquidity position,” commented Kijun Seo, CEO of Nine Chronicles Ltd., “We are continuously evolving and enhancing our tokenomics and look forward to providing this added stability as we dive into the next phase of growth.”
Along with the announcement, Nine Chronicles Ltd. published a November monthly report showing the current performance and metrics of Nine Chronicles. According to the report, the monthly average user (MAU) pool increased by nearly 40% in October, with over 180,000 NCG being burnt by the users every month; this number is predicted to increase in the coming months. The game economy has also continued healthy growth, with the amount of staked WNCG increasing by 27%, reaching over 13.2 million WNCG and 25 million when combined with NCG. Also, the vAPR that users are able to receive from AURA Finance staking reached an all-time high at 96.1%. Nine Chronicles consistently ranks in the top 10 blockchain games on the DappRadar with more than 20,000 daily active wallets. The Nine Chronicles team is also planning a major announcement on the next phase of ecosystem growth is expected on December 19th, 2022.
About Nine Chronicles
Nine Chronicles is a decentralized, open-source, free-to-play MMORPG based on Norse mythology and the first title to be developed with Libplanet. Nine Chronicles is run on a peer-to-peer network of players without requiring any centralized server to host. The entire game, from crafting an item to complex battles, takes place fully on-chain. Nine Chronicles is governed by its community and supported by a complex economy where supply and demand are the greatest currencies.
To learn more about Nine Chronicles, visit Nine Chronicles’ Twitter, Discord, and Medium.
Contact Information
Email: [email protected]
SOURCE: Nine Chronicles
Learn more here https://www.accesswire.com/728981/Nine-Chronicles-Ltd-Announces-a-WNCG-Buyback-Initiative-and-Delivers-Promising-Growth-Metrics-for-October-2022
