As you know, Agora is a fair launch project with no privates, pre-ming, VCs or even team allocation.
The team has worked for free since the beginning of the project, with compensation only coming in the form of protocol fees and Metis gas rewards after months of hard work and bootstrapping adoption. Fees are only generated if people find Agora useful.
Despite this, the team has added all of its Metis rewards (900 Metis) to the Agora-Metis LP, and will be doing even more now to ensure Agora gets the valuation it deserves.
Why? Because we are long Metis, and we believe when Metis grows we are best placed to benefit from that growth by being the leading money market here.
Starting today, 100% of Agora’s protocol fees will go towards buy backs from the market and added to LP.
We will be doing regular buy backs of AGORA on a loose weekly basis (no set time to prevent front running). This will provide regular buy pressure.
The bought AGORA will then be added to the LP — thereby increasing our token’s liquidity.
After each buy back and LP addition we will make an announcement to the community with the transaction hashes. The community can also verify via the wallet addresses and cToken addresses where the protocol fund accrue.
All contract addresses can be found here: https://agora-defi.notion.site/Contracts-Audits-a0a0058d0fd0450bab43ffe9d1db9f5e
The first buy back has happened today and includes all Agora protocol fees generated since unlocks on the 29th of March.
88 Metis in fees. 44 Metis used to buy 32,465.91 AGORA from market.
44 Metis and 32,465.9 AGORA added to LP.
Fee harvest wallet: 0x7EBCE9a6fcb4552e59d85667391509A4EF1476D2
We may change this arrangement at a future date, but we will notify the community before doing so.
Edit — There was ~$200K in the admin fee wallet prior to unlocks from protocol fees and Metis gas rebates. These fees are used for team operational costs and development.