As has been discussed on the forum recently, it is the intent of the Liquidity Operations team to support the USNBT price on an ongoing basis through market making and arbitrage trading operations. Funds for trading will be raised principally through NSR sales. Trading profits are expected to grow the fund. 0.1% of the fund will be used each day to purchase US NuBits (USNBT) on the open market and then burn them. In this way the price of USNBT will be supported and the quantity of USNBT in circulation will be reduced.
We hope to have a much larger fund soon as a result of large NSR sales to large investors such as BarterTrade and others. A much larger trading fund means both larger profits and larger USNBT purchases and burns. Using this method, the team believes restoring the USNBT peg is quite practical.
For now, as a manual process, weekly purchases and burns will be conducted. 0.7% of the trading fund will be used each week to purchase and burn USNBT. Here are the first week’s numbers. I expected to publish these figures each week, in USD.
Total value of trading fund: $142,125 (as of May 3)
Value of funds used for USNBT purchase (0.7%): $994.88
Number of USNBT purchased and burned: 16,700.4308
Average price per USNBT: $0.05957
Burn transaction ID: d4ba9061ff7f562dfe16708998a217f17e805a712a686414eb804c33d84b4ec4
View burn in block explorer