SIP-65: SPA Token Burn From Treasury
Author(s): Sperax Community Reference: SPA, Treasury Created: July 16th, 2024
Summary
Burn 20% SPA token of total supply from treasury
Motivation
We propose a 20% token burn to enhance SPA’s value and scarcity.
Increase Value: Reducing the total supply of SPA tokens can help increase value.
Boost Investor Confidence: Demonstrates our commitment to long-term growth and sustainability.
Market Dynamics: A lower supply can create upward price pressure, benefiting all holders.
Overview
When should we burn the tokens: Proposed Date: September 1, 2024 How should we burn the tokens: The burn will be executed in a transparent and verifiable manner.
There are around 1.8 billion tokens left with the treasury. If 1 Bn tokens are burnt then we can face issues concerning future incentives. Burning may not impact the current token as the proposal suggests because the burning will happen from the reserves that are not in supply.
Technical Specifications
Burn 20% SPA tokens i.e. 1 Billion SPA tokens from Treasury. Voting
For
Approve 1 Billion SPA token burn from treasury
Against
Reject 1 Billion SPA token burn from treasury
| Voter | Cast Power | Vote & Rationale |
|---|---|---|
 0x56bb...9BA887 | 38.363M | Against |
 0xcDc4...679cEa | 36.827M | Against |
 0xD410...a9618C | 29.555M | For |
 0x28aa...AD0108 | 19.942M | Against |
 0xC7DE...b59000 | 15.605M | Against |
VOTE POWER
Proposal Status
- Thu August 01 2024, 07:04 pmVoting Period Starts
- Sun August 04 2024, 07:04 pmEnd Voting Period
Current Results
1-Against
143.754M
2-For
41.259M