Launching soon, the first public Dropil buyback sprint!
Dropil will be offering limited public buyback programs as needed to ensure sufficient vault levels and market liquidity for the token. The first opportunity to sell Drops back to Dropil will take place on Tuesday, October 30th, at 3 PM PST (Pacific Standard Time) with a maximum of 800 million Drops being purchased. The buyback sprint will remain open until the 800 million maximum has been reached.
How to Participate
To partake in the buyback, users must have Drops in their portal wallet or in an active Dex profile. For users that participate, Drops that are not inside Dex will be applied to their sale first, and any Drops sold over the available balance of a user’s portal wallet will be taken from Dex. Any Drops taken from Dex as a direct result from selling during the buyback program will be treated the same as a normal withdrawal from Dex. This means the user is forfeiting a proportional amount of unrealized profit for their current cycle and will have a corresponding withdrawal timer associated with the withdrawal (click here for more info on withdrawal timers). Selling of Drops will take place within the Dropil portal via a dedicated popup accessible from the main left-hand menu (see image below).
All buyback sprints will be operated on a first come, first serve basis up until the point that the maximum (800 million Drops during the first sprint) has been reached. In the interest of giving all eligible users a fair chance at participation, the maximum number of Drops a single user may sell per buyback sprint is 10 million Drops.
Drops will be purchased directly from users and in return will receive BTC, and as such it is necessary to have a BTC wallet address ready to provide to complete the transaction. If participating, please check and double check that the wallet address you provide is correct and it is a wallet you have secure access to. Once the operation is completed, there is no ability for the Dropil team to reverse it. The responsibility to enter the correct receiving BTC wallet address is up to each user. Following the completion of the buyback program and internal audit, the BTC will arrive in the user provided wallet address within 5 days.
The value of the Drop tokens that will be used for all calculations during the buyback will be displayed in both USD and BTC in the popup for the buyback sprint. The value of the Drop tokens will be pre-determined and will not change during the buyback. All information (including but not limited to: amount of Drops being sold, price per Drop in USD equivalent, price per Drop in BTC, amount of BTC to be received) regarding the transaction will be provided to the user inside the popup before completing the sale.
When a user clicks the submit button labeled “Sell my Drops to Dropil,” the entered amount of Drops will become unavailable from the user’s portal wallet for withdrawal or use within the Dropil ecosystem. While the buyback is completed and during the internal audit period, the movement of these Drops will not appear on the blockchain; however, the in-portal lock of the Drops will be instant. Following the completion of the buyback program and internal audit, the Drops will be moved to the Vault. This entire process should be completed within 5 days of the completion of the buyback sprint.
U.S. Participation Disclaimer
Users logging in with IP addresses in U.S. territory are not currently eligible to participate in the buyback program. This exclusion is due to the increasing levels of regulatory uncertainty involving transactions by U.S. residents converting virtually any digital asset for another. We will work towards allowing U.S. participation as soon as guaranteed compliance is possible.
Thank you for taking the time to read about our buyback program and your continued support of Dropil.