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Solana has officially announced that it will remove 11.365 million SOL from the market within 30 days

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Airdropped $100,000 of BNB to users who make pro rata SOL transactions on the currency mount.

According to beat BlockBeats, Solana issued an official announcement saying it plans to reduce its current supply by removing 11,365,067 sols from the market over the next 30 days after communicating with the market makers of coinan and Solana. After the supply is removed, Solana's goal is to destroy the token.

According to the announcement, based on the total volume of transactions between 4:00 AM (UTC) on April 9, 2020 and 4:00 AM (UTC) on April 28, 2020, Solana will airdrop $100,000 of BNB to users who make a proportional SOL transaction on the currency. All these operations will be audited by security.

Solana said it would continue to discuss with the coon team the steps to develop the action plan.

Here is the full text of Solana's official announcement:

Today, there was a lot of confusion about how an account could have a $13 million +SOL balance. The confusion stems from the fact that Solana's stated initial circulating supply is equal to the number of tokens allocated through its CoinList auction in late march, plus a handful of Binance airdropped campaign tokens, which add up to about 8m.Some members of our community did a lot of work building tools to look at token balances and found an account with a total of 13,527,651 tokens.

Results: we are in the Pacific standard time in the afternoon when issued a notice (https://t.me/solanaannouncements/45). In accordance with standard industry practice, the Solana foundation contracts with market makers (through CoinList) to provide liquidity in the aftermarket and to ensure that buy and sell orders are satisfied regardless of macro conditions, seasonal or daily fluctuations in trading volumes. Market makers are the criteria for any listed token program, as well as for traditional financial markets that meet liquidity requirements, and play an important role in our goal of reducing friction, promoting the growth of the SOL token ecosystem, and bringing Solana to every wallet in the world. As part of the agreement, the Solana foundation agreed to lend 11,365,066.9 tokens to market makers for six months.Here's the thing: during the CoinList auction and the subsequent Binance listing, we didn't make this information public or to Binance, along with the size and nature of the loan.

We apologise for any confusion this may have caused. It is painful to see the dissonance and disruption this oversight has caused to our global community of more than 150,000 members. After two years of hard development, the Solana community remains strong, so transparency and respect for the community are our highest priorities.

To get things right again, we are taking two steps to ensure full transparency about past and future token issues.

First, we need to clarify what happened.

The following represents all unlocked tokens that are not directly controlled by Solana Labs or the Solana foundation:

◎ 8,261,584 SOL were distributed through CoinList auction and Binance airdrop

Eight million sols were initially allocated through the CoinList auction

Due to a glitch in CoinList's Dutch auction clearing mechanism, 19,721 sols were distributed to some CoinList auction participants whose bids were cancelled

The 236,363 sols were distributed as part of Binance's initial airdrop campaign

In Binance's international community, 5,464 SOL were distributed as part of the AMA

◎ 11,365,067 SOL (from foundations) are lent to market-making companies for liquidity provision

Market makers provide liquidity by offering bid-ask spreads in pairs, such as SOL/BTC, SOL/BUSD and SOL/BNB (and future trading pairs on other exchanges); This ensures that market participants have a price at all times on which they can buy and sell large or small amounts of tokens

Market makers are non-directional and help to make markets more efficient by reducing price volatility, facilitating fair price discovery, and preventing market manipulation

Nothing has changed since the CoinList auction and the launch of Binance.

In addition to the foregoing, the foundation has not issued or sold any other tokens to the market.

The tokens did not come from Solana's team or from Solana's private equity investors.

The team and the private equity investor's tokens are 100% locked in.

Neither the Solana team nor the Solana foundation profited from the sale of the tokens.

As of April 27, the foundation had no plans to bring more tokens to the market. Any plans to do so will be publicly disclosed in advance.

No other tokens will be allocated to the liquidity supply without public disclosure.

In light of recent feedback, we will always include market-maker loan tokens in our discussions of circulating supply. These tokens are unlocked when lent to market makers and are not under the control of the foundation, but it is important to note that no employee or manager of Solana Labs or Solana foundation has or will profit from the sale of these tokens.

Second, we are reducing the supply in circulation.

After communicating with Binance and our market makers, we plan to reduce the circulating supply by removing 11,365,067 SOL from the market over the next 30 days. After removing this supply, our goal is to destroy the tokens.

In addition,Airdrop $100,000 of BNB to a user who makes a proportional SOL transaction on Binance based on the total transaction volume between 4:00 AM (UTC) and 2020/04/28:00 AM (UTC) on April 9, 2020.All of these operations will be reviewed by Binance. We will continue to discuss with the Binance team the steps to develop this action plan.

We will also restructure market-making agreements in a more transparent manner. In order to understand the implementation of the plan in time, please make sure to join announcement cable group (http://t.me/solanaannouncements). As the plan unfolds, we will release updates there, as well as in all our usual channels.

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To understand the implementation of the plan in time, please make sure to join announcement cable group (http://t.me/solanaannouncements). As the program unfolds, we will release updates here and on all regular channels. If you have any other questions, please send us a message in the telegram (http://t.me/solanaio) chat. We are ready to communicate and clarify any confusion.

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