Hello everyone,

Our CTO announced his departure from Intergalactic Ltd and Hydration last week. While there is no real drama associated with this event, token holders got concerned and started selling after the tweet thread that same evening, unfortunately.

In one of the tweets, Jakub was upfront and transparent about his other financial needs and obligations, which he started to materialise the next day via DCA orders. This led to more selling and even short selling - not through the perpetual futures markets, but via a combination of spot HDX borrowing on Interlay and selling, which is very rare for an asset with the market cap and liquidity of HDX, and also highly unfortunate given current timing and market conditions.

While I was not at my PC and away from work due to some family duties, me and other team members were getting panic messages from some of you. One came with an idea for a complete buyout via OTC for $150k, which I forwarded to Jakub and he accepted - but the DCA was already running.

Over the weekend I was trying to get feedback on this matter from multiple bigger token holders, as I can’t single handedly decide usage of the protocol treasury. They were supportive, as this situation is increasing uncertainty about HDX at a time when it really doesn’t need it.

As $27k of HDX was already sold on Friday, I re-confirmed this deal with Jakub on Sunday, adjusted by this number to $123k, which will be paid in 112,844.04 sUSDS for 136,998,000 HDX.

The Treasury has ~$420k of sUSDS earmarked for HDX buybacks - so I believe our Treasury should allocate some of these funds to neutralise this uncertainty and move on.

assetIn

assetOut

#285 OTC buyback of 136M HDX