Rain Protocol Foundation Commits $23 Million to Buy Back and Burn $RAIN in First DAO-Executed Settlement
Rain Protocol's DAO voted to have the Foundation buy back and burn $23M in $RAIN tokens to resolve Credit Refund claims.Summary
Rain Protocol executed its first DAO governance vote, where the Rain Foundation committed $23 million in USDT to purchase and permanently burn locked $RAIN tokens. This resolved the Credit Refund claims program, addressing coordinated activity by participants exploiting the $5,000 per-user cap. The buyback occurred at a fixed rate of $0.0031 per token, 10x the pre-sale valuation, with all acquired tokens burned to reduce supply. The vote excluded Foundation and team wallets, ensuring independence. Roy Shaham, CEO, emphasized the governance process's success. Eligible participants can claim settlements via Gems Launchpad. Rain Protocol, built on Arbitrum, focuses on decentralized prediction markets with scalable infrastructure.
(Source：Newsfilecorp)