Where are the MINE buybacks going?

Hi there. I’ve been in and out of the Pylon ecosystem for a while now, but when I was staking $MINE recently, it didn’t seem as though my balance was actually increasing. I’ve seen this same thing discussed on Twitter as well, but no one seems to know exactly where those buybacks are going, especially as they’re now listing the buyback transactions in the site. My speculation is that the MINE buybacks are being redirected to the NFT project lottery pools, but I haven’t been able to get any confirmation on that. It seems like, if my speculation is correct, that MINE stakers should be able to choose where their yield goes: ape it into pools or keep the buyback yield.

Overall Pylon Protocol revenue from Pylon Gateway is at $6.5M/year right now, and that revenue is powering the buybacks. I personally feel that this is the most important aspect of being a MINE staker, so any adjustments to how yield is distributed should be communicated clearly, both when changes are made and in the app UI to show where the yield is going today. IMO, MINE is trading below its inherent value right now (and I can’t say that about much in crypto), in part due to the lack of communication on this topic. Everyone’s pointing their finger at token inflation (and rightfully so), but this is far more of an issue than inflation imo.

Wondering if anyone else has any thoughts on this?

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the buybacks are going to the pylon stakers. you can follow the money and check. im afraid thatyou speculated to much. the buybacks accures once a week(on mondays approximetaly). tkae a screenshot of your current amount and dont add/remove from it till the next buy back. you will see your sum increases.

everyone that ever aproached me in the tg group have been succsesfully recieved their airdrops including severl who said the same as you about twitter.

the buybacks and redestribuition of the MiNE from the buybacks is done by code, it doesnt excludes wallets, if you are staked your summ will increase once a week. be aware that for 10K staked you will get approximetly 30 MINE a week (this changes tho so dont take it as a correct number).

I have no idea where you got the idea that the buybacks goes to the lottery. they are most certenly do not! this is false. all of them is redirected to MINE stakers.

EDIT: if you are in contact with people in twitter with the same problem redirect them to the TG group and ill make sure everything is going as it should.

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Maybe you’re right. I looked through my wallet transactions for the stake/unstake transactions, and I was staked for less than a week apparently (could have sworn it was longer but I guess not). Thanks for clearing this up for me, and I will pass it along to others if I see it mentioned.

In case you’re curious, this is what a buyback transaction looks like on the chain:


You can see in that final message that we transfer $MINE from the Collector to Governance.