Numerai, the decentralized hedge fund leveraging crowdsourced machine learning, has announced a strategic $1 million buyback of its native token Numeraire (NMR) from public markets. This initiative aims to reduce circulating supply and reinforce confidence in NMR's value proposition as the project experiences substantial growth.
The buyback coincides with Numerai's assets under management (AUM) surging from $173 million to $441 million over the past year, with monthly trading volumes exceeding $1 billion across 30+ global markets. CEO Richard Craib emphasized NMR's critical role, stating: 'The success of our Stake-Weighted Meta Model speaks for itself: it's outperformed every individual model over the past year'.
NMR's fixed supply cap of 11 million tokens creates inherent scarcity, with only ~3 million remaining in treasury. The gradual, transparent buyback seeks to maintain economic stability amid growing ecosystem participation, where data scientists stake NMR as collateral for prediction models – earning tokens for accurate forecasts and losing them for incorrect ones.