World Liberty Financial (WLFI) has received significant support for its token buyback and burn initiative less than 24 hours after the proposal went live.
Token Buyback and Burn Program
The WLFI proposal earmarks 100% of the fees generated from liquidity on Ethereum, Binance Smart Chain, and Solana for open-market purchases of WLFI tokens. These tokens will be permanently removed from circulation, resulting in increased scarcity. WLFI stated that fees collected from the community or third-party LPs would not be impacted by this proposal.
Voting Results
As a result of the voting initiated by WLFI, 3,871 token holders participated, with 99.68% in favor of the buyback and burn program. Meanwhile, 0.25% abstained, and 0.07% voted against it. Voting was activated yesterday and will continue until September 18.
Current Market Conditions for WLFI
Following the proposal launch, WLFI's price dropped by over 1%, trading at $0.1975. This decline came after the token managed to rise over 6% in the past week, though the overall drop over the month has surpassed 13%. WLFI is now down over 50% from its all-time high of $0.46.
The support for WLFI's buyback and burn initiative reflects the prevailing sentiment in the community that reducing token supply may positively influence price dynamics.
