When an exchange announces a buyback, it usually ends one of two ways: the tokens go into a treasury and stay there, or they’re actually burned. Grvt chose the latter this time.
On October 20, Grvt’s official announcement and a Chainwire press release confirmed that the token issuer had completed its first public-market buyback, purchasing and permanently burning 1.1 million $GRVT tokens—about 0.96% of the circulating supply at the time and 0.11% of the total supply. The amount purchased, the amount burned, and the on-chain hash can be verified on the buyback dashboard on the official website. The token contract’s burn() function carried out the burn, and the tokens cannot be recovered. Further buybacks are planned monthly, but the issuer will decide the size and timing of each round, with no fixed amount promised.
This is the first of five steps toward “Grvt 2.0.” Official timeline: launch an upgraded Earn product in late October (backed by cash flows from tokenized assets, with a target yield of up to around 11%, not guaranteed); launch perpetuals with stable funding rates in November (commodities/stocks/forex/indices, planned zero trading fees and daily funding payments); test “using Earn balances as margin while continuing to earn yield” that same month; and bring these features together in a revamped self-custodial app by the end of November. The platform currently has around 200 perpetual markets and aims to expand to 1,000+ by year-end. CEO Hong said an earlier survey found that 60% of respondents had at least a quarter of their funds sitting idle on the platform.
Important caveats: $GRVT does not represent equity and confers no right to a share of platform profits; buybacks affect supply, not the rights structure. Yield figures are targets, and product terms and risk parameters have not yet been fully finalized.
Sources: @grvt_io (October 20 post), Chainwire press release, The Block repost, grvt.io/exchange/buybacks dashboard, help.grvt.io (The road to Grvt 2.0). Not investment advice.