On August 2, the Algorand Foundation officially announced that it would offer early refund options for early auction participants. Users who purchase tokens in the first auction can return tokens to the Foundation's designated wallet address from 8:00 (SGT) to August 9th on August 2nd. The Foundation will refund 85% of the price ($2.04) settled by the investor at the first auction within 7 days from August 23.
The Algorand Foundation said in a notice released that the repurchase was made in advance to promote the long-term stability and success of the Algorand public chain and Algo.
“We offer an early repurchase opportunity for those involved in Dutch auctions to redeem refunds that exceed the current Algo value. In response to market feedback, the Algorand Foundation is seeking to strengthen the long-term viability and equity of the Algo market, To attract participants who focus on long-term development and want to contribute to the Algo platform."
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After the announcement of the news, ALGO suddenly rose sharply. According to the Global Market of Fire Coin, ALGO quickly rose in the short-term, and rose to 0.85 USDT and then fell back. It is now reported at 0.76 USDT, with a daily increase of 45.28%.
On August 1st, the Odaily Planet Daily reported that Algorand would not conduct a token auction in the third quarter, and the Netherlands would take a refund policy or adjust it. In addition, the Odaily Planet Daily also reported that the Algorand Foundation is considering redesigning the auction rules and has negotiated with the private investors to extend the lock period, but the move was rejected by investors.
Algorand also announced a number of positives to reduce market demand before reducing supply. Including Tether will issue the stable USDT on the Algorand network; Algorand will become a member of the International Swap and Derivatives Association (ISDA); in cooperation with the Singapore Insurance Company (Singapore Assurance), the audit of the reserve refund reserve has been completed.
This series of self-help operations began with the previous plunge.
At 6 pm on June 19, the first Algo token Dutch auction was started by Algorand. The final transaction price of 25 million Algo tokens was $2.4, and the private placement price was 48 times that of $0.05.
At 10 am on June 21, Algo launched the fire coin, which quickly rose to a maximum of 3.3 US dollars from the opening price of 2.37 US dollars, an increase of 39.2%.
The next morning, Algo prices began to go down. As of July 29, Algo's lowest price was $0.58, which was about 75% lower than the highest point. Many retail investors have been locked up in the secondary market, and many people even look for Algorand officials to defend their rights.
Some retail investors are not very satisfied with the Algorand Foundation’s arbitrarily more rules.
"Foundations always focus on their interests and the rules change."
"The Foundation will not pull the secondary market in order to reduce the cost of repurchase. This can be seen from the fact that they have no support before."
"This coin rule says that it will be changed. Now the repurchase is only for the withdrawal of the coin. After the coin is refunded, the two dogs (Algo) will be arrogant, and the secondary market will not be able to return 2 knives." In addition, according to the block rhythm report, this rule also led to a 100% increase in the return of the ALGO on some exchanges, and a 73% increase in the return of the Algorand. In this regard, some investors said that “the right to withdraw coins is only a small circulation, and most people’s right to withdraw coins is still in their own hands. So the two dogs (Algo) rose to more than 1.5 knives before the end of the withdrawal. possible."
Source: Planet Daily
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