What is financial reporting?
Financial reporting is the process of documenting and communicating financial activities and performance over specific time periods.
Companies use financial reports to organize accounting data and report on current financial status. Financial reports are also essential in the projections of future profitability, industry position and growth.
How does Lanify operate off-chain?
Lanify exemplifies the hybrid nature of this emerging DePIN sector. DePIN primarily serves as a bridge, facilitating the transition from Web2 to Web3, and can be thought of as part of a Web2.5 category.
Lanify operates in a similar fashion to other DePIN protocols, seamlessly integrating elements of both Web2 and Web3. The platform is designed for user-friendliness, allowing users to easily navigate and interact with the system. Apart from this, we offer a range of services, including the sale of static residential proxies and dedicated datacenter proxies.
However, the transactions on Lanify are not yet fully integrated into the Web3 ecosystem. Currently, these transactions typically occur off-chain, meaning they are not recorded on a blockchain. This is because Lanify has not yet developed its own marketplace, a feature that would enable fully on-chain transactions.
In essence, Lanify represents the ongoing evolution of the internet, blending the user-friendly aspects of Web2 with the decentralized, trustless nature of Web3.
Off-chain financial report
What is the purpose of LAN buyback?
The initiative involves allocating 25% of the gross off-chain income to repurchase LAN tokens. This monthly allocation is a significant move, demonstrating our commitment to enhancing the token value and the overall ecosystem.
The buyback process is straightforward yet impactful. We use a portion of the gross income to buy back LAN tokens from the open market. These repurchased tokens are then locked in our rewards contracts, where they will be gradually released back into circulation as users collect their rewards.
This month we exchanged 1.73 ETH (approximately $6,655.8) for 532,522.87 LAN tokens. This move not only demonstrates our financial strength but also dedication to maintaining the token value.
Tx: https://etherscan.io/tx/0x46faf365edd6f85ce2d0de76762f65effc838a39c99d7a4fcf90066227484f11
Lanify’s buyback program serves multiple purposes. Firstly, it provides a mechanism for the protocol to manage the token economy effectively. Secondly, it signals a strong commitment to the long-term success of the Lanify ecosystem, which can instill confidence in token holders and attract new investors.
In conclusion, LAN’s buyback program is a strategic move that aligns with our growth strategy and ensures a sustained amount of available LAN rewards.
Lanify Team.
