Whopping 100 Quadrillions Token Burn Proposed By BabyDoge Team
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- Some tokens, however, will be set aside to ensure compatibility as a bridge to ETH.
- There have been 4,812 votes cast thus far, with 96% favoring a burn.
To improve the safety and reliability of its platform, BabyDoge seems certain that it has found a workable solution. The deflationary token platform apparently wants 100 quadrillions of BABYDOGE on the Ethereum blockchain to be burned, as suggested in a Twitter poll post.
Exciting News: A Proposal to Strengthen Security with a 100 Quadrillion Token Burn on ETH and fee reduction to 0%
We’ve been listening to your concerns and have come up with an innovative solution to further enhance the security and integrity of our project. As these 100…
— Baby Doge (@BabyDogeCoin) May 6, 2023
Some tokens, however, will be set aside to ensure compatibility as a bridge to ETH. It’s anticipated that once this plan is fully implemented, transaction costs on the protocol will drop to zero. The BabyDoge team has responded to community concerns by bringing up this proposal.
The company said that it plans to burn 100 quadrillion tokens since doing so would “reduce potential exploitation risk associated with them.” These tokens have been lying unused since its launch on Ethereum.
Formal DAO Proposal Expected Shortly
Meme coins often burn millions of their tokens, with Shiba Inu standing out for this practice. BabyDoge, to its credit, is dedicated to serving its community with efficiency and economy. Therefore, it is necessary to fortify the initiative and tighten up security. Users are able to conduct transactions on the ecosystem at a low cost and with increased efficiency.
There have been 4,812 votes cast thus far, with 96% favoring a burn and 4% asking that everything be kept the same. Those who have yet to cast a ballot have around 23 more hours to do so.
Although this vote is not binding, the protocol has committed to creating a formal proposal for the DAO when the time is right. This would happen after the existing idea has received unanimous backing from the community who are impacted. Recent developments suggest a formal proposal will be sent out shortly.