OGN DAO has announced plans to buy back OGN tokens from the market using over $3 million of DAO treasury assets. This decision was unanimously supported by the community.
Buy Back Plan for OGN Tokens
According to the statement, the new management proposal containing this plan was unanimously accepted by the community. Over the next 12 months, assets from the DAO treasury will be used to buy back OGN.
Support Mechanism for the Token
The DAO is transitioning to a model where token supply is halted and instead supported by protocol revenues and real returns from the DAO's assets. A previous proposal directed 100% of protocol revenues to OGN buybacks.
Market Reaction to DAO Decision
Following the announcement of the buyback, the OGN price rose by approximately 7% in a short time but later retreated. This indicates market volatility in response to the news.
The plans of OGN DAO to buy back OGN tokens represent a significant shift in the strategy to support the token and may influence its price dynamics in the future.
