Solana's Fragmetric Proposal Could Lead to Significant Token Buyback

According to Foresight News, the Solana-based re-staking protocol Fragmetric has announced the commencement of voting on the FIP-1 proposal. If approved, the proposal will allocate 4% of total earnings for the repurchase of FRAG tokens. Based on current metrics, the annual revenue is approximately $6.3 million, meaning the 4% allocation would amount to around $252,000. This would facilitate the buyback of approximately 9.71 million FRAG tokens in the first year, representing about 5% of the circulating supply. Should the proposal pass, the buyback is set to begin two weeks later, with weekly executions on the open market through TWAP orders. The entire process will be fully transparent, monitored via a dedicated Dune dashboard. Initially, the repurchased tokens will be stored in the foundation's treasury, with future considerations for a burn proposal based on market conditions. The voting period is scheduled to conclude in three days.