New burning supply topic

💡 Ideas
#1

Initial supply in circulation was 227 384 800 tokens . Today " officially " available supply is 259 348 201 tokens . The difference btw this 2 supply is an amount of plr that was exclusively use to pay influencers (then they dump in the face of ico holders .) Because the product today is totally different from the initial grey paper , there is no reason why ico holders go diluate so i propose to burn and go to 225 000 000 tokens in circulation (34 348 201 PLR to burn ) . Who support this idea ?

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#2

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Here’s the supply before the amount dedicate to the influencers .

You can read the grey paper too

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#3

This would be burned from DAO funds?

#4

Damn good question Dj :slight_smile: . What are the options ?

#5

We can burn this amount in the 80 M allocation for 2030 . Maybe can burn this 80 M . It could be a nice advertising for community run wallet . For now the votes are very softs . Was nice to reward cube but i m waiting for something more big and a reference vote .

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#6

Think 80M is too low

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#7

I’m for burning. It’s a good idea.

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#8

How did you arrive at the number of tokens to be burned and how does burning really help us? Aren’t we using the tokens from the DAO treasury to fund several of our initiatives (including CEX listing, DEX weekly rewards, etc), burning the tokens would mean we might run out of tokens to fund these proposals?

So before we make a decision on burning, we ought to discuss the pros and cons of the decision.

#9

Glad you’ve moved this discussion here, thanks @JayJay!

Just for the context: 80M allocation for 2030 + 120M allocation for Later Development constituted 200M that got split in half between Pillar Foundation and the DAO last July. Burning 2030’s allocation would mean there’s 40M less in the DAO budget for funding initiatives that @zincoshine mentioned.

Let’s keep discussing and analyzing the options we have.

#10

you very welcome !

thanks to clarify about the 200 M tokens !

About pillar foundation , can you give me example how this 100 M could be use .

We used to talk many often how we can use plr tokens with DAO funds but not the foundation

What is your opinion Jack ?

It could be nice to reduce the supply from 260M to XXX M PLR

Off topic :By the way it could be very helpful to have more informations about the foundation because i heard that many of us are confuses . It could be very helpful to have an article of what the people of foundation are doing etc and it could be positive that they come to community to present themselves

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#11

I’m agree with you Partha we need to find a just middle .

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#12

I support your idea to burn some tokens Jay. Let’s find a fast way to agree on an amount. Here are some examples of other DeFi projects burning tokens.

DeFi Exchange PancakeSwap’s Token Jumps 15% Amid Burn Event

Pundi X token reduction, token burn, token buyback explained**

How the Shiba Inu coin burn is attempting to rekindle a meme’s magic

and another article on Token Burning, Explained

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#13

@Aldin can you share on the forum your point of view and how you see the things ?

#14

So burning is a double edge sword, it allows to create scarcity but also makes tokens useless, there are arguments for and against it.

I have always wanted to consider a low level burn mechanism, meaning we burn an X amount of tokens based on any buy pressure. Consider this, if we create a in-app swap fee capture, we use the fee capture to buy PLR tokens off the market and into the Pillar treasury but based on this fee capture, we burn PLR tokens based on a 1:5 ratio for example. It’s a low level burn that is based on adoption which acts as a double whammy.

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#15

This is a great idea!

#16