To protect the meme token network and its overall ecosystem, the BabyDogeCoin team is on the verge of burning a massive amount of dormant BabgDoge on the Ethereum chain.
According to the team, this planned monumental token burn will ensure the long-term stability and safety of the Babydoge project as well as lower the cost of transacting the popular meme token on the Ethereum network to zero.
A proposal to burn a whopping 100 quadrillion Babydoge tokens on the Ethereum network — worth over $200 million at the time of writing — has been rolled out by the project development team. The recently submitted proposal also promises to reduce Babydoge transaction fee on the Ethereum network to 0% while also making provision for seamless token bridging.
“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,” the BabyDogeCoin team wrote. Notably, the 100 quadrillion BabyDoge in question has been dormant since the token launch on Ethereum.
According to the proposal, burning them will reduce every potential exploitation risk and also ensure the long-term stability and safety of the BabyDogeCoin ecosystem. “This means our community members can enjoy more efficient, and cost-effective transactions within the ecosystem,” part of the proposal added.
100 Quadrillion burn and 0% fee on ETH proposal is now live to be voted on by the DAO
Vote here: https://t.co/bTWRzcaLmf
Orhttps://t.co/ZEAKhKyJFgTo spread awareness of the proposal we will give $500 USDT to 1 winner who:
1. Retweets this tweet
2. Follows @BabyDogeCoin pic.twitter.com/ZzDfuMlG43— Baby Doge (@BabyDogeCoin) May 9, 2023
Voting on this proposal will end on May 16 while the burn is scheduled to happen on June 1 if the majority of the community shows support. However, the team noted that another official proposal will be drafted for the project Decentralized Autonomous Organization (DAO) to consider before enacting the burn.
“If we see overwhelming support from our incredible community, we will draft an official proposal for the DAO to consider,” the team said.
It bears mentioning that the expected burn event would most likely not affect Babydoge’s price performance as 100 quadrillion tokens are not part of the circulating supply of BabyDogeCoin. Recall that over 52 trillion Babydoge was taken out of circulation in late January.
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