Nym To Buy Back $1M Worth Of NYM Tokens And Launch NymVPN On December 12
In Brief
Nym plans a $1 million NYM buyback to strengthen its treasury and use the funds to enhance the Nym network ahead of its upcoming launch.
Decentralized privacy-preserving platform Nym announced its intention to conduct a $1 million token buyback of NYM token from the market. This strategy is aimed at strengthening the Nym treasury while the price of NYM is favorable, with the goal of using the funds to enhance the Nym network before its upcoming launch. As payments for NymVPN are anticipated to be live from December 12th, the buyback will become a continuous process tied directly to the demand and usage of the application.
A token buyback occurs when a company or organization purchases its own tokens from the market to reduce the total supply, which can help boost the value of the remaining tokens. At present, there is an excess of NYM tokens on the market, causing the price to not fully reflect its true demand and usage.
Ahead of the NymVPN launch, a decentralized service offering privacy protections through a community of incentivized operators, Nym will execute the buyback over the month leading up to the release. This move is designed to replenish the company’s treasury, supporting the application’s development, the growth of the network, and the involvement of operators.
Over the course of the next month, Nym plans to buy back up to 20 million NYM tokens, which will be used for several key objectives. These include marketing efforts to raise awareness of NymVPN, rewarding network operators to improve the infrastructure of the Nym network, and providing advanced privacy services to individuals such as journalists and activists who require strong privacy protections.
The buyback process in December will serve as a key step in establishing a long-term, ongoing buyback mechanism linked to NymVPN payments. All payments made for NymVPN services will be converted into NYM tokens through buy orders. By reducing the token supply, this strategy aims to align the price of NYM more closely with actual demand and usage.
Nym: What Is It?
Nym offers strong network-level privacy protection against advanced end-to-end attackers, as well as anonymous access control through the use of blinded, re-randomizable, and decentralized credentials. The platform is designed to help developers create new applications or enhance existing ones by integrating privacy features that are not typically available in other systems.
Recently, Nym introduced a free beta testing phase, giving users the opportunity to explore and experience its Virtual Private Network (VPN) technology.
Disclaimer
In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.
About The Author
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
More articles
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
