Resolv Protocol Counters Speculation with Token Repurchase Amid Market Volatility
Resolv Protocol has recently addressed speculation surrounding internal token sales by revealing that it repurchased 1.6 million RESOLV tokens amidst heightened market volatility. Tim Shekikhachev, the customer success manager at Resolv, emphasized that the protocol’s foundation did not engage in any token sales during the recent downturn. In fact, Shekikhachev confirmed a $240,000 buyback of RESOLV tokens at around $0.15 per token over a 24-hour period.
Despite facing short-term turbulence in the market, Shekikhachev highlighted the protocol’s long-term focus on building value through product expansion. The current trading price of RESOLV stands at $0.1497, reflecting an 11% decrease in the past day and a 23% decline over the past week. The market cap of RESOLV has also dropped to $21.09 million, representing a 33% decrease from its all-time high of $31.4 million achieved on June 23.
Resolv is a decentralized stablecoin ecosystem that is backed by Ethereum and Bitcoin. The protocol recently launched its governance and rewards token, with approximately 17% of its total supply of 1 billion tokens currently in circulation. Furthermore, Resolv has over $368 million in total value locked, as reported by Dune Analytics.
In addition to managing the USR stablecoin and RLP insurance liquidity pool, Resolv has collaborated with partners such as ether.fi and P2P Validator to deepen integrations. The protocol has also introduced an ecosystem vault for USR, with Shekikhachev noting that staking incentives and vault fee buybacks could offset the projected annual inflation of $4 million in RESOLV token emissions.
Since its inception in early 2024, Resolv has expanded its presence across Ethereum, Base, BNB Chain, and HyperEVM. The protocol’s interoperability across these chains via LayerZero and Stargate has facilitated seamless operations. With $10 million in seed funding from investors like CyberFund and Maven 11, Resolv is positioning itself for growth in the decentralized finance (DeFi) space by focusing on infrastructure development rather than token speculation.
In conclusion, Resolv Protocol’s proactive measures, strategic partnerships, and commitment to long-term value creation position it as a promising player in the evolving DeFi landscape.