In response to an unilateral and unauthorized liquidation of NIL tokens by a former market maker , we previously communicated our intention to structure a buyback program to help restore orderly market conditions for the NIL token over the long term (see our post on X). Today, we confirm the implementation of this program and outline its key objectives and conditions.
Program Objective
This initiative aims to support a sustainable recovery for the Nillion ecosystem and the NIL Token market liquidity, as an integral part of it. It is not intended to engineer price movements. We are working closely with our market-making partners at Flowdesk to ensure that any measures taken are implemented in compliance with applicable market rules, in a measured and methodical manner, and with a clear focus on avoiding the creation of any additional market instability.
Program Conditions
Following the publication of this announcement, the Nillion Association will use a part of its treasury to implement the buyback program. This program aims to partially counterbalance the unexpected and unauthorized injection of NIL tokens and to reduce the overall token supply to a sustainable level. The buyback program will continue until harmonized and balanced market conditions have been restored and will be carried out in a careful and coordinated manner.
Disclaimer
The buyback program and this announcement do not constitute a legally binding offer to purchase NIL tokens from you and do not entitle you to sell NIL tokens to us. The timing and venues of any buybacks will be determined by us at our sole discretion. We are under no obligation to conduct any buyback of NIL tokens. Any decision to buy back NIL tokens will be made at our sole discretion, and we may choose not to conduct any buyback at all and/or we may stop the buyback program at any time and without prior notice.