Andrey Didovskiy
Source: https://www.chaingpt.org/blog/dao-proposal-cgpt-community-burn-event
A wildly popular method of driving economic activity, burning has become an effective driver of attention and scarcity in the world of cryptocurrency.
“The finest steel has to go through the hottest fire.”
~ Richard M. Nixon
🔥 We’re about to crank up the heat! 🔥
Already a part of the $CGPT tokenomics, where a portion of application utilization transaction fees are burned, ChainGPT has come up with a unique new way of incentivizing the community to contribute to burning.
$CGPT is about to go through its first community burn event!
A community burn event is where members gather to contract circulating supply by sending portions of their token balance to the infamous 0x000000 address. Once sent, they can never be recovered!
So why would anybody in their right mind burn their valuable $CGPT?
Two reasons, rewards and buybacks.
The Burn event shall begin through a proposal that will be submitted for the community’s consideration through the ChainGPT DAO on May 20, 2023. For 72 hours, members will vote on one of the following four potential voting options:
1) No Event
2) 150,000 $CGPT
3) 300,000 $CGPT
4) 600,000 $CGPT
📅 Voting Begins: May 20, 2023 @ 11:44pm EST
📅 Voting Ends: May 27, 2023 @ 11:44pm EST
The option garnering the most votes shall pass. Depending on which one passes, the potential rewards and treasury buyback shall be proportionally implemented.
For every $CGPT token burned, the user receives a burn ticket. The more burn tickets a user acquire the more likely they are to earn one of the participation rewards.
The CGPT treasury has allocated up to $32,000 in USDT for the event, which will be utilized as follows:
$20,000 to facilitate the buybacks and burning of $CGPT tokens.
$12,000 to develop and deliver the non-monetary rewards and exclusive experiences to participants.
There will be a total of 13 rewards that are based proportionally on the outcome of the burn allocation. The following reward structure is based on the max potential Burn Target of 600,000 $CGPT.
#1 Burner — $5,000 worth of $CGPT + 2x voting power boost for 90 days + five (5) limited edition NFTs.
#2 Burner — $1,000 worth of $CGPT + 2x voting power boost for 30 days + two (2) limited edition NFTs.
#3 Burner — $1,000 worth of $CGPT + 2x voting power boost for 30 days + two (2) limited edition NFTs.
10 random burners — $500 in $CGPT with odds based on contribution + one (1) limited edition NFTs.
The ChainGPT team will match 20% of the communities total final contributions. If the community burns 600,000 $CGPT then ChainGPT buys $20,000 worth of $CGPT back from its exchange venues and sends it into the infinite void of cyberspace. In the event of a 300,000 $CGPT burn, ChainGPT will buy back $10,000 worth of $CGPT and all the like, if 150,000 $CGPT are burned then $5,000 will be contributed to the buyback and burn by ChainGPT.
In honor of this event, ChainGPT will provide a Burn Tracker Dashboard 👀
In the dashboard you will be able to track your personal contributions and view the global state of activity taking place. Everything from the total amount burned, the chances of successfully claiming rewards, the leaderboard, and tracking tickets.
🏛 DAO members, please join us for voting on the proposal here 🏛
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