Burn That Arc!

It’s time for your favorite game show, Burn That Arc! All joking aside, the Archly team has been working hard behind the scene to bring some new and exciting developments to the Archly Fam. One of these developments is an Arc Buyback program. The goal of this program is to keep the team’s Arc reserves at a decent level for operational purposes (Arc Collector funding, partnerships, prize pools, and other things), make room in our total supply to support expansions, and help the community reach our average 80% lock rate goal across all of our chains.

At the time of this article, Arc has a total supply of about 628M and a circulating supply of 310.5M. That’s a little over 50% of all Arc in existence locked in veArc across all of our chains. Velodrome’s VELO token, a competitor of Archly’s Arc, in comparison has a total supply of about 982M and a circulating supply of about 250M for a 75% lock rate on Optimism alone. To put that into perspective, if Archly had a 75% lock rate, then the circulating supply of Arc would be 160M! So we have a bit of an incentive to get to a lock rate of 80%. At this level, we have a very long runway to continue our expansion to other chains in a sustainable fashion. The great news is that we are already two-thirds (2/3) of the way there already!!!

So to accomplish this, the team’s funds will start to be used to buyback Arc and burn Arc to help reach and maintain the 80% lock rate as well as have a healthy amount of Arc available to the team. To keep the Arc buyback program simple, we will do the following:

• Buy Arc from the open market and use the Arc to carry out operational tasks or burn.
• Create bribes using project tokens to encourage locking of Arc and voting.

That’s it. Short and simple!