After holding a community vote on curbing Wing Maximum supply, We propose that the team should make a proposal a vote on setting the max supply to 2 Millions.
This will help (Holders) getting the confidence back regarding this project, and help make it successful.
It will stop the daily quantitative rewards which gets dumped on the market causing the price drop sharply.
It will help investors get value rewards rather than quantity rewards.
It will improve the Tokenomics and also help the team focus on dev rather than helping stabilising the coin price which up till now didn’t work with the previous passed proposals.
Once all the tokens are minted/farmed, the project will have a different growth path, and the value of Wing would rise considerably and reward holders and investors at once rather than one party is getting a rewards and the other suffering the consequences of the distribution.
I think that the biggest reason this makes sense for me is that coingecko, CMC, and binance all reported it with the 2M number rather than 10M true total, which will create fud if it’s not the case, so I’m in agreement with this proposal.
I have spoken to many people from the community and they all think that huge Supply doesn’t play a good role anymore, I think we should focus on quality of the project rather than the quantity of Token supply/minted.
From a financial stand point I think this project is suffer from an early hickup because of the minting/farming, and the team did a huge effort to change thing but i don’t think it’s going to materialise immediately.
Also, the coin burn will take years for a supply of 1 million based on my calculation i will take about 65 years.
All people think that 10 millions is a lot, 2 millions is appropriate, and it will become a long term investment for holder even if we are going to farm till we reach the mark.
2M and 10M supply is confusing people mind during their investment process. 2M is positive supply but when they check out 10M they move away from investment. Should max 2M supply clear and net! Thus we can catch successfully long term investors too.
10m is over the course of 10yrs at a decreasing rate, which stretches out the inflation.
Yes, burning 8m will cause a short term pump. CREAM did this and it worked well pumping their token for a day. Just like burning all future bitcoin and stopping mining rewards would cause Bitcoin to pump.
But then price returns to average and now the project is left with no more community funds nor mining rewards to incentivize long term users.
Mining rewards are helpful until the APY can sustain itself, which could take years.
I would prefer vesting to prioritize long-term investors.
I do not agree with this because max supply is not related with mining rewards. Lets say if max supply is reversed to 2 million and wing token price hits $100 per token. Arbitrary rewards can be 0.20 instead of 1. Distribution can also be adjusted accordingly per year wise. On the other hand 2 million maximum supply will attract attention for the investors. Best way to attract attention in todays market is to increase price. For instance take a look at YFII and YFII2 projects very limited supply huge price action. Many new incomers thinks that wing finance is scam coin we need to prove them otherwise. Binance used small coins like wing, flamingo, bell and some others to boost the price of their native coin bnb by hurting reputation of small coins including wing. Some people bought at $100-$200 range and they blame wing for it!
One other way to make this proposal work is to increase the total wing in Buyback plan to a higher number. Lowering max supply to 1/4th of initial plan may just create a bubble over the value of wing in short time and harms wing reputation in market if it falls again. But increasing total wing in Buyback plan (Lets say total of 3M wings) will create a self-made long-term loyal BUYER by the community, who always demands wings and available to buy it on monthly bases.
Vesting will scare off investors, because every liquidity provider (lender) has to get his reward in the end of the day, The only solution i think of to make this ecosystem work for both lenders borrowers investors and holders is reduce the supply, offer wing as liquidity for borrowing with a nice APY, Also I think Pair liquidity providing is also a nice idea which I will explain:
Lenders Can offer any available token along with Wing token as a pair, the token ratio can be adjusted but the lenders has to offer at least 1%wing.
The possibility to reinvest Wing token Earned from lending for a good APY
This way Wing will be used more compared to the current model which exclude wing from the ecosystem as we use it only for reward > dump = no user case.
I don’t see the point of continuing mining WING for another 10 Years, since a Hefty amount has been minted I think that should be the max and with the buy back and burn i believe wing can benefit from it in the short and long term and we all think it’s a great idea and the way forward, the community wanted this to happen and i think we should offer a vote and let the community decide.
If you made calculations based on how many fees are being collected each day and each month about 5.5k to 6000 Wing decreasing each month till 50% we will be able to burn 1 million in 65 years + well I am 100% sure it’s not going to have a impact on the price especially to increase significantly. I don’t see vesting lenders reward is an option, the only way we can see this going forward is for WING to be used, farming rewards to decrease in quantity but not value and of course the Adjustment of the max supply which most community members don’t agree with.
I think whatever we decide on as far as the total supply, we also need to keep in mind and not forget to consider the minting/distribution rates need to be adjusted as well. I had proposed a x0.25 rate adjustment which would have a near as well as long term affect, which could allow a buffer space if a short term ‘bubble’ were to form.
Now, the reason I used the 5M figure is because there’s already 2M set for the Wing DAO Community Fund and I think it would be easier to make any adjustments in the Liquidity and Margin Incentives pool, also since that pool has already been tapped into as far as distributing tokens. We could just cut from there and leave, say, 3M. Hence my 5M max total value.
At the end of the day, I’m not set on any hard numbers, but I can definitely agree with you’re view on this in general. I’m glad this is catching traction. I still see huge potential and promise in this project. Conversations like this is proof to me. Cheers @Mr.Jamesbond
The current revenue for this month is almost $36k and this is made while the total locked amount was averagely around $150k~$200k with %5 commission rate. Consider we get into where COMP is standing now (Above $2B ), with %15 commission, The total years to rebuy wings will be much lesser than 56 years. As I stated in my first comment I am “agreed” with what you are proposing as we share the same concern on this project. What scares me is, What if do so and we fail again!