In 2021 we had a collaboration with Gitcoin, a smart contract was deployed for the purpose of incentivizing the purchase and burning of $AKITA tokens through the purchase of $AKITA, for every $AKITA purchased, Gitcoin burned 10 $AKITA. Let’s bring this idea back!
Summary
As the title says, let’s bring back this idea. This time, we can implement it using the $HACHI tokens earmarked for the purchase and burning of $AKITA. 30% of every $HACHI buy , will be burnt in $AKITA .
Benefits
We incentivize the purchase of $HACHI while supporting the price of $AKITA by burning them, in theory the price of $HACHI should not be affected by the sales for the repurchase of $AKITA since, the same amount of tokens would be purchased as the tokens sold.
Timeframe
We can limit it to two months (January and February), at the end of this period we will count the amount of tokens purchased to use the same amount and sell them for repurchase and burn $AKITA.
Thanks for bringing this proposal up . Great idea . But i think same amount is too big , we should lower it . eg. 10%~30% of the buy amount makes sense for me
Want to point out that the $HACHI allocation here is for the purchasing of $AKITA. There is no obligation to burn this $AKITA. It should strongly be considered the value of the $AKITA burned and whether that is an acceptable amount of potential treasury funding to be burned and not utilized for the building of a larger $AKITA ecosystem.
But it can support the both tokens prices , we can use the unclaimed tokens to burn $AKITA . note that it’s only 30%(or less) from the buy amount . We can do it manually , 30% from HACHI buys , will be converted/exchanged to AKITA , and then burning .
When cryptocurrency was still new and the idea of burning tokens came about, I’ll admit it was fun and exciting but these days I find it to be a waste of funds.
The point of burning tokens is to lessen the supply, but in this case is doesn’t necessarily mean increasing the demand.
I think instead of a burn, we use those tokens for more listings, or even bridges and giving liquidity to those chains, look at our Avalanche chain, that could definitely use the liquidity as mentioned in other proposals as well
Well , if we are a DAO , i would like to let the community decide for that . I respect your opinion.
We have plenty of HACHI tokens , surely that will have good effects on both sides , increasing the price of HACHI while decreasing the CS suuply of AKITA
So is it till 30%?
HACHI price is ~10cents. So 1-3 cents from every HACHI for AKITA burning? Am I correct?
Currently 1$AKITA costs 0.000000169335$ (CHEAP AF)
0.01$=64978 AKITA
Actually this would be some serious burning.
And what’s the maximum Burn amount for AKITA?
i would love to see much more detailed information from this proposal.
Currently its “You buy 1HACHI and 30% of the price would be used for burning $AKITA”
So. This would be burning on free will.
Am i right? If its done manually by every buyer?
Because I still don’t see this mechanism:
1.You buy(probably by swapping) AKITA with HACHI
2.You got AKITA.
3. You send 1…30% AKITA to dead wallet?!
Honestly this proposal could go as our latest Proposal “XMAS Lottery” it was passed with not enough details.
This time i want that Author of proposal Writes all the details. All the possible expanses.
As for burning - there should some burning mechanism in future that works automatically and it also gives some benefits for the whole DAO and the Burner itself.
Currently this just sounds like a community initiative for Burning.
