- AAX has just announced its plans for a vast token buyback program on AAB.
- AAB will also be listed on SushiSwap to increase liquidity and access.
- The number of active users on AAX has increased 20-fold since January 2021.
AAX Exchange, powered by the LSEG Millenium matching engine, has just announced its plans to execute a vast token buyback program of AAB, the exchange’s utility token.
The buyback will take place in several different phases. In that sense, they expect only 30% of AAB circulating, equal to 2.25 million tokens, currently with $1.46 million. Along with that, SushiSwap will also list AAB in a trading pair with USDT. This will give holders liquidity and expand AAB’s availability.
Notably, AAX exchange recorded tremendous growth in 2021. Its local deposits reached a daily average of $10 million in April. Now just this, but they expect to post 30% month-over-month growth in the future. In line with that, the number of accounts opened by VIP clients has tripled. Also, the number of monthly active users increased 20-fold since January 2021. This was partly due to a successful campaign to entice inactive users into experiencing the exchange’s upgraded products.
About this, CEO of AAX Thor Chan stated, “Despite its very strong recent uptake, we believe AAB is still deeply undervalued compared to its utility and the AAX exchange’s results.” He further added, “We decided to take a page out of Wall Street – with their constant stock buyback announcements – and conduct a token buyback directly from the secondary market, which we think will send a very strong signal of strength.”
AAX includes useful integrations with the AAB token. Most importantly, this includes its 20% discount when paying trading fees with it. Other than that, holding AAB also makes users eligible to buy tokens with a 50% discount, receive spontaneous airdrops and benefit from a trading volume booster during trading competitions. To add further, AAB holders enjoy preferential withdrawal fees and a high percentage of referral commission debates. As the deep-liquidity crypto exchange grows, it will add more uses.
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