The project is announcing the purchase of up to 3 million X8X in the open market with the purpose of obtaining sufficient reserves of its utility token for completing the listing of the same token on a new cryptocurrency exchange.
EXCHANGE LISTINGS STRATEGY (X8X)
To activate the listing of the utility token on a decentralized exchange, an amount of X8X needs to be placed into the exchange’s mechanism, which provides liquidity to buyers and sellers.
The project is aiming at supporting at least 3 quality listings for the X8X utility token in the medium term. Because of the minimum viability necessary for each listing, the X8 project currently holds insufficient reserve of the X8X utility token to be able to complete such high-quality listings of X8X; however, this will be necessary for the project to actually grow.
REPURCHASE AMOUNT AND TIMELINE
The project will begin purchases of up to 3 million X8X in the open market on Bancor and will use the purchased utility tokens for the technical implementation of the listing on Uniswap exchange. The amount for the repurchase will equal 2% to 3% of total X8X utility token pool.
The program starts on 23rd Aug 2021. The time during which the project intends to complete this plan is 1 month. The program will allow the project to increase the reserve of the X8X utility token sufficiently to then be able to follow the strategy for utility token listings.
The project is aiming at providing liquidity levels for the X8X utility token that would be acceptable to potential new audiences when contemplating the viability of holding or trading the X8X token. Decentralized exchanges are the most compatible selection for the X8X utility token. The project plans to incrementally select from a small group of cryptocurrency exchanges that will serve the purpose in the long run.