WIP-04 Token burn mechanism (Passed)

Discussion
1

WING DAO will buy back WING tokens from the open market monthly based on 50% of DAO revenue and burn those purchased tokens via a smart contract. As a result, the price of the WING token should continuously grow over time.

Initially, DAO will spend 50% of monthly profits — calculated as lending profit less operating costs — to buyback-and-burn tokens. The token’s smart contract includes a commitment to buyback-and-burn 50% of the total amount of tokens issued, which is expected to have positive short-term and long-term effects on the WING token’s price appreciation.

6 Likes
2

Yup, burning will increase the value of Wing

3

please burn %95 supply,
0.5k each day wing…

1 Like
4

Dear Andy Ji,

It’s a good proposal. We can burn from open market purchases and at time you need wing to incentives for future expansion. Rather buyback and reduce the circulation. Keep it as an authorised share capital, release when there is a next big partnership like an equity sale.

5

Yup we can more voting rights for WING holders

6

Couldnt agree more
Burn asap

8

Please burn, project don’t need that kind of supply if price reaches low prices

10

Good idea. When this is voted?

11

this wips should be avaible as soon as possible

12

UPDATE： set the max burn amount as 50% of the total supply.

1 Like
15

make sense. It looks like a curve

16

Agree.

Governance + Equity

20

I think supply should be burned. You got all my votes.

22

Calm down man. We are already here, and things can only be better

24

TVL fluctuations will change APY. Wing mining is more efficient right now

In long term, as long as the value of WING is stable, the pool will surely attract more capital. That’s why we have this proposal, right?

25

Removed WIP-03 from title as per the new Proposal Draft submission guidelines - namely to avoid confusion and multiple proposals with the same name.

26

It has been passed as WIP-04, check detail here at https://wing.finance/vote