Interlink Announces Phase 2 of ITL Reverse Auction Buyback
Interlink has launched Phase 2 of its ITL reverse auction buyback, following a successful Phase 1 in which 20,000 $ITL tokens were purchased using $USDT from community members.
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@Inter_link has kicked off Phase 2 of its reverse auction buyback program, building on a completed Phase 1 in which 20,000 $ITL tokens were acquired from community members.
How the Buyback Works
The mechanism operates as a reverse auction: community members who wish to sell their $ITL submit bids, and the project selects the most competitively priced offers within a 48-hour window. Payment to successful sellers is made in $USDT, sourced directly from the project's treasury. InterLink Labs conducts the buyback using its own treasury capital, and purchased ITL may be burned or redistributed to community contributors.
Participants who did not qualify in Phase 1 are expected to have their $ITL returned so they can submit a new bid in Phase 2. Those selected in Phase 1 should receive their $USDT payment within one week.
About Interlink and the ITL Token
Interlink Network is a human-centric Web3 blockchain that uses Proof of Personhood to verify real users and eliminate bots and Sybil attacks. Users complete a secure facial scan that generates an encrypted identity hash to become a verified node, with no biometric data stored on-chain as only a zero-knowledge proof confirms the user is a unique human.
The primary token, ITLG, distributes exclusively to verified users as a reward for identity validation and active participation, serving as both a utility instrument and governance mechanism. The secondary ITL token facilitates external transactions, institutional engagement, and exchange liquidity.
The project emphasizes deflationary mechanics, including token burns via activity and up to 100 halving events, alongside community DAO governance. The reverse auction buyback aligns with that approach by removing $ITL from circulation at community-determined prices rather than open-market purchases.
The project has surpassed 10 million verified users and thousands of ambassadors across many countries.
Sources:
InterLink Labs Reverse Auction Buyback Portal
KuCoin: Interlink Network (ITLG) Overview
Bitget Academy: What Is Interlink (ITLG)?
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UC HopeUC holds a bachelor’s degree in Physics and has been a crypto researcher since 2020. UC was a professional writer before entering the cryptocurrency industry, but was drawn to blockchain technology by its high potential. UC has written for the likes of Cryptopolitan, as well as BSCN. He has a wide area of expertise, covering centralized and decentralized finance, as well as altcoins.