PandaDAO

Treasury held 970298157$ PANDA till now, more than half of the total circulation. Therefore, we hereby issue a proposal to destroy part of the total tokens of the treasury after adding the expected repurchase and ensure that the necessary expenditure budget is adequate.

The positive effects of destroying an appropriate amount of tokens are as follows:

1. From the perspective of market expectations, Treasury holding PANDA flows into the market in a large amount in the short term in any way, which is easy to cause the currency price to fall without sufficient new funds to replenish. A moderate amount of burning can reduce market expectations of selling pressure.

2. For the same type of start-up projects, the current full circulation market value corresponding to the project valuation is on the high side. Destroying some tokens can lower valuations and further stimulate new capital inflows.

The limitations of excessive token destruction are as follows:

1. From the perspective of Token & NFT Holders, we need to make a long-term and rational allocation of treasury tokens to bind the interests of contributors and value investors to the community for a long time. If too many tokens are destroyed, it will depress the space for long-term allocation of tokens, and there is no room for flexibility.

Considering the advantages and disadvantages of destruction, the specific destruction plan we put forward is as follows:

1. The total amount of Treasury tokens is about $1.09 billion PANDA.

2. The reserved portion is estimated to be $540 million PANDA, including possible future expenditures and incentives.

3. The total destroyed portion amounts to $550 million PANDA, and the expected total amount of tokens will be destroyed except for the reserved portion.

目前，国库拥有970,298,157 个 $PANDA，已经超过总发行量的一半以上。因此，我们在此发布提案，对国库已有加上预期回购后的总代币在保证必要支出预算充足的情况下进行销毁。

适量代币销毁的正面效应如下：

1. 从市场预期角度来看，国库持有PANDA以任何方式短期大量流入市场，在没有充足新资金补充进来的情况下，易造成币价下跌。适量销毁能降低市场对抛压的预期。
2. 对标同类型初创项目，当前全流通市值对应项目估值偏高。销毁部分代币能降低估值，进一步激励新资金流入。

过量代币销毁的局限性如下：

1. 从Token & NFT Holders的角度看，我们需要对国库代币进行长期合理配置，将贡献者和价值投资者的利益与社区长期绑定。如果销毁代币量过多，将压低对代币进行长期配置的空间，且缺乏灵活变通的余地。

综合销毁的利弊，我们提出的具体销毁方案如下：

1. 国库代币总量约10.9亿$PANDA；

2. 预留部分预计5.4亿$PANDA，包括未来可能的支出和激励发放；

3. 销毁部分总计5.5亿$PANDA，代币预期总量除去预留部分都进行销毁。