Since lots of voting on WIP-07 for “keep 10M”, just because they are afraid at WING will be distributed in short term which hurt the project, and impact the WING value finally.
Maybe we should vote this again for adjusting Supply and Distribution rate in same time, and keep distribution peroid in 10 years.
Wing finance management is getting dumb
They don’t seem to have any way to save this project. Slow and steady this project is getting near to its THE END.
I don’t think that people as WING holder will object to adjusting supply. I saw the message people think if we distributed all token in short term will finally hurt project and let the project lost all value. So I suggest adjust distribution rate in same time and vote again. That is a fair voting. And last chance to have consensus. PLEASE PLEASE team to set that voting again.
Those who make an offer should have a policy to protect Wing Coin. It’s a pain to watch lose a good project.
Not a bad idea. But do you have any detail distribution rate?
My idea is add more value to WING coin. (both short term and long term). That’s why I suggest adjust supply and distribution rate in same time. I am not a tech guy. So, maybe dev team or other tech guys can propose a detail proposal for that.
That’s a good solution to solve the situation. If the max supply reduced without the change of distribution rate, WING will be distributed out in just one year. I would recommend to burn half of the rest undistributed WING and slow down the distribution rate 50%. 500K community fund should also be burnt. Alll these actions will stop WING price dumping. Let’s have a vote on this! PLEASE!!!
Lets do it. Mfs please it is important.
Be more cautious in adjusting the distribution rate and max supply. The key is not to harm the interests of current holders, but also to keep the project stable.
I agree. WING distribution rate should be lowered. Nobody wants to see all WING distributed within a couple of months. Rooting for WING
This is an interesting idea. Why not burning the half of that have not been distributed?
The coin burning event is a very old relic of the past. Does an event like this make sense in the market right now? The wing coin should make the basic base solid and organic. I am in a position against burn. The idea that the price increases just by burning coins is a very one-dimensional idea.
I agree with this offer. But again, it’s scary that the malicious whale is likely to give despair in the last few minutes.
Can’t you see the serious situation right now? What you are saying is that a decline can only be a normal decline. Now it’s being dumped on a daily basis and it’s time to do anything to turn it around.
I also proposed to burn 50% undistributed WING. And 50K community fund. That’s the same thing.
I respect your opinion. I am not an employee of Wingcoin either. But so is this my opinion. Looking a little longer, the price just now could be an opportunity.
Since the vote is for lowering the distribution rate, there could be one to highering it back in the future. We need to set some rules to avoid this changing too frequent
I think 1 per 6 months is a good frequency since our community fund is unlocked every 6 months.
For the contracts’ security reasons, the Wing contract does not allow modification of the max supply of WING tokens. To change the max supply, a new contract is required, which means all services providers who are currently connected to assets on WING, including exchanges, would need to upgrade the contract address. This would cause a huge inconvenience to all service providers.
In terms of the community proposal to reduce the max supply, a reasonable way may be to adopt the “proportional destruction” approach.
Wing was designed to allow multiple financial product pools to compete for the profit sharing of WING distribution. The current Flash Pool is an overcollateralized lending product, whereas the subsequent IF pool is a credit lending product.
In response to community proposals, Wing’s technical solution is to pre-register a “virtual pool” for the destruction of WING tokens based on the original Wing governance contract. According to the destruction rules, the WING tokens transferred to this pool will automatically enter a black hole address to achieve the goal of cutting the max supply by half.
In total, 50% of the WING max supply will be destroyed.
50% of the daily distributed WING will be destroyed, meaning that the total amount of WING rewards for mining will be halved.
600k+ WING has already been distributed. When WING’s total supply reaches 5m (50% of previous 10m max supply), all the remaining WING generated afterwards will be sent to the destruction pool.
500k WING from the 2m WING in the Wing Community Fund will be sent to the destruction pool. The usage of the remaining community funds will be determined by WING token holders via community proposals.
That’s the feasible solution from tech side. And usually takes around 2 weeks to get it done.
How about the buyback procedure? We already decide to burn 1M thru buyback. I would say we lower the distribution speed to 60% and continue the buyback procedure. That could benefit the supplier/borrowers and the WING holder.