SOON releases recovery plan to destroy 3% of total supply of tokens

PANews reported on July 11 that the SOON Foundation tweeted that in response to recent price manipulation incidents, it is releasing a new governance proposal covering a series of measures aimed at restoring market confidence and easing supply pressure. Details are as follows:

1. Token Destruction Plan - 3% of the total supply. It will permanently remove a total of 30 million SOON tokens (3% of the total supply). About 7.7 million unclaimed $SOON (about 0.77%) will be destroyed in the next few days. The remaining 22.3 million SOON will be repurchased from centralized exchanges and destroyed in the next few days. This plan is designed to directly reduce the existing supply and maintain price stability amid recent market volatility.

2. In order to maintain transparency and open communication, an AMA event will be held on Twitter next Wednesday, with founder Joanna and marketing director Henry in attendance. The event will detail the full recovery plan and answer various questions from the community.

3. On-chain SOON buyback product (under development). At the same time, the team is building a new on-chain product that will enable the SOON Foundation to regularly buy back tokens directly from holders - a mechanism to further strengthen support and gradually reduce the circulating supply.

4. Launch $SOON governance. The team is preparing to launch the $SOON governance system, including funding allocation, protocol upgrades, and ecosystem grants.