As we have announced in our recent Community Livestream, we are excited to share we will be executing the buyback and burn with 20% of the fees we earned from helping make the ConsensusAI crowdsale happen. Mothership Foundation has received its payment for the provided services, which can be seen at the following address.
We engaged an Estonian law firm and utilized our internal legal expertise to identify the best practical way to conduct the buyback. One of our goals was to ensure that all regulatory requirements are taken into account. Based on our lawyers’ opinion, we decided to provide you with a more detailed description of the buyback procedure. The procedure is based on our whitepaper.
Details
Out of the 1485.7198 ETH that was earned by Mothership Foundation, 58.5443 ETH was the consulting fee and reimbursement of expenses for various third party services like smart contract security audits. The remaining 1427.1755 ETH is eligible for 20% buyback & burn — 285.4351 ETH.
With this sum we will buyback MSP and burn it. This amount was transferred to a separate wallet.
Since two major MSP markets are Cryptopia (MSP/BTC) and HitBTC (MSP/ETH), we have decided to take the average volume distribution between these two markets and execute the buyback in the same proportion. 75% of the buyback fund was exchanged to 15.59991061 BTC (after all exchange & transfer fees) and deposited to Cryptopia. The remaining 25% were kept in ETH and deposited to HitBTC.
We will be placing market buy orders on both exchanges throughout the week. As we buyback the whole sum, we will withdraw MSP to a single address, and execute the burn. We will then publish the transaction id as well as a spreadsheet with every buy order we placed to acquire the burnt MSP.
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