Resolv protocol denies token gross sales, buys 1.6M RESOLV

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Resolv Protocol has pushed again in opposition to hypothesis of inner token gross sales, revealing it repurchased 1.6 million RESOLV tokens amid heightened market volatility.

In a June 27 assertion on X, Tim Shekikhachev, buyer success supervisor at Resolv (RESOLV), stated the protocol’s basis had not bought any RESOLV in the course of the latest downturn. “In fact, at current levels, we are strong buyers,” he wrote, confirming a $240,000 buyback at round $0.15 per token over 24 hours.

Regardless of short-term turbulence, Shekikhachev emphasised the protocol’s long-term concentrate on constructing worth by means of product enlargement. RESOLV is buying and selling at $0.1497 at press time, down 11% up to now day and 23% over the previous week. Its market cap has fallen to $21.09 million, a 33% drop from its all-time excessive of $31.4 million reached on June 23.

Resolv, a decentralized stablecoin ecosystem backed by Ethereum (ETH) and Bitcoin (BTC), launched its governance and rewards token earlier this month, with nearly 17% of its 1 billion whole provide presently in circulation.

At launch, 2% of circulating provide was distributed to Binance Coin (BNB) holders through an airdrop. The protocol now holds over $368 million in whole worth locked, in line with Dune Analytics information.

The protocol additionally manages USR, a delta-neutral, dollar-pegged stablecoin, and RLP, its insurance coverage liquidity pool. Latest initiatives from Resolv embrace deeper integrations with companions like ether.fi and P2P Validator, in addition to an ecosystem vault for USR. Notably, Shekikhachev claims that staking incentives and vault charge buybacks may utterly offset the projected annual inflation of $4 million in RESOLV token emissions.

The protocol, which quietly started improvement in early 2024, has since expanded throughout Ethereum, Base, BNB Chain, and HyperEVM. In response to a June 25 replace, RESOLV, USR, and RLP are actually interoperable throughout these chains through LayerZero (ZRO) and Stargate.

Backed by $10 million in seed funding led by CyberFund and Maven 11, Resolv seems to be betting massive on the modular, multi-chain way forward for DeFi, staking its progress on infrastructure, not token hypothesis.

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