🔥 CGPT Token Burn Event - Let's Vote!

Summary

We propose hosting a CGPT Community Burn Event to foster community engagement, promote token utilization, and enhance the utility of CGPT tokens within the ChainGPT AI ecosystem. The event aims to encourage voluntary token burning without the expectation of profits or financial gains. Participants who choose to burn CGPT tokens will have the opportunity to earn non-monetary rewards, limited edition ChainGPT NFTs, increased voting power, early access to premium AI tools, and more. Each burnt CGPT will grant participants a "Burn Ticket". The CGPT treasury has allocated a budget of $32,000 in USDT to support the event and provide these rewards.

Event Details:

Burn Goal:

The community's target is to burn 600,000 CGPT tokens.

CGPT Treasury Contribution:

The CGPT treasury commits to burn an extra 20% of the total CGPT tokens burnt by the community. For example, if the community burns 600,000 CGPT, the treasury will buy and burn an additional 120,000 CGPT tokens.

"Burn Tickets":

Participants will earn one "burn ticket" for every CGPT token they burn during the event.

Prize Distribution:

• 10 Random Burn Winners: Each winner will receive 3,000 CGPT tokens, and a limited edition ChainGPT NFT (collection launching Q3-Q4). The more burn tickets a participant has, the higher their chances of winning.

• Top #1 Burner: The top burner will receive 30,000 CGPT tokens, a 2x voting power boost for 90 days, and 5x limited edition ChainGPT NFTs.

• Top #2-#3 Burners: The second and third top burners will each receive 6,000 CGPT tokens, a 2x voting power boost for 30 days, and 2x limited edition ChainGPT NFTs.

Budget Allocation:

The CGPT treasury has allocated $32,000 in USDT for the event, which will be utilized as follows:

• $20,000 to facilitate the voluntary burning of CGPT tokens.
• $12,000 to develop and deliver the non-monetary rewards and exclusive experiences to participants.

DAO Proposal and Options:

Once the terms of the event are finalized, we will open a DAO proposal offering multiple options to the ChainGPT community. The options will include different burn caps, such as NO EVENT, 150,000 CGPT cap, 300,000 CGPT cap, 600,000 CGPT cap, and so on. The community will have the opportunity to vote on the preferred burn cap for the event.

Burn Tracker:

To foster transparency and engagement, we will implement a "Burn Tracker" on our website. The tracker will display the number of CGPT tokens burned by the community as a measure of ecosystem involvement. The tracker will not track individual financial investments or any expectations of profit. It will solely serve as a tool to showcase the collective contribution towards token utilization and ecosystem growth.

By hosting this CGPT Community Burn Event, we aim to promote token burning, reduce the token supply, and encourage active participation within the ChainGPT community.

---

Pick your preferred option

Option 1: No Event

• This option entails not hosting a burn event.
• No tokens will be burned, and no utilities, or NFTs, will be distributed.
• The current token supply will remain unaffected.
• The treasury will not allocate a $32,000 budget towards this event.

Option 2: 150,000 Cap

• Burn event cap: 150,000 $CGPT tokens
• Treasury burns additional 20% of tokens burned by the community
• Participants earn burn tickets based on tokens burned
• Random burn winners and top burners receive limited edition NFTs, ecosystem prizes, and unique premium access to utilities
• Prizes reduced by 75% from the original 600K burn event

Option 3: 300,000 $CGPT Cap

• Burn event cap: 300,000 $CGPT tokens
• Treasury burns additional 20% of tokens burned by the community
• Participants earn burn tickets based on tokens burned
• Random burn winners and top burners receive limited edition NFTs, ecosystem prizes, and unique premium access to utilities
• Prizes reduced by 50% from the original 600K burn event

Option 4: 600,000 $CGPT Cap

• Burn event cap: 600,000 $CGPT tokens
• Treasury burns additional 20% of tokens burned by the community
• Participants earn burn tickets based on tokens burned
• Random burn winners and top burners receive limited edition NFTs, ecosystem prizes, and unique premium access to utilities
• Full budget allocated from the treasury of $32,000 USDT

Note: The community members will have the opportunity to vote for their preferred option, and the option with the highest number of votes will be implemented. The burn event will proceed based on the chosen option, and the treasury will allocate the budget accordingly.

---

Disclaimer:

The information provided is for informational purposes only and should not be considered legal, financial, or investment advice. Participants should consult professionals and conduct their own research before engaging in any activities. The project team and organizers are not responsible for any financial losses or legal consequences. Participation in this DAO proposal and potential event is restricted for residents of the following countries: USA, Canada, Tunisia, Qatar, Nepal, Morocco, Iraq, Egypt, China, Bangladesh, Algeria. Participants should not expect any profits or increased value of the utility token CGPT from this event.