Buy & Burn Program
The Buy & Burn is a program where fees are collected and used to purchase $FIDA. After the purchase has occurred, the $FIDA bought will be burned and therefore removed from the circulating supply.
FIDA buys and burns are decentralized and permissionless. All fees are collected by a pool that can only do two things: buy $FIDA and burn $FIDA. Anyone can make the pool buy or burn $FIDA. All the trades happen on FIDA/USDC Serum market.
The image does not reflect the total $FIDA burned, visit the website for an accurate number.
The UI will show the total amount of $FIDA ever burned, the current amount of USDC available in the pool to buy FIDA as well as the amount of FIDA available to burn.
This image does not reflect accurate numbers
When you click BUY, the pool sends a market buy order on FIDA/USDC. The USDC used to execute this trade comes from the USDC balances of the pool. After clicking this button, you will have to approve the transactions in the wallet pop-up.
When you click BURN, the pool burns a fraction of the FIDA it contains. 10% of the $FIDA burned is sent to on-chain $FIDA stakers. After clicking this button, you will have to approve the transactions in the wallet pop-up.
- 30% of all fees generated from the on-chain perpetual swaps go to $FIDA buys and burns
- Close to 100% of the fees generated from the Solana Naming Service go to $FIDA buys and burns
Buy & Burn occurs at the end of every day at a specific time. Burns are twapped. Therefore, there is a maximum amount that can be burned daily.