The buyback is 100% programatic and non-discretionary. Every hour, the protocol collects all fee revenue and places 100 buy-side limit orders for $LIT from the current price down to -10%.
No human decides when, how much, or at what price. This runs 24/7 on a fixed loop.
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Since TGE, the Lighter protocol has programmatically bought back 12.5MM $LIT tokens, representing 5% of the circulating supply.