Proposal To Buy-Back & Burn 200K CGPT | DAO #3 Update Suggestion

Intro

On May 20th, 2023, a DAO proposal was introduced, suggesting a burn event with specific objectives. The proposal aimed to burn 600K CGPT tokens by the $CGPT community, with an additional 20% (120K) to be burned by the team. Moreover, to incentivize community participation, 72K CGPT tokens were allocated as rewards for the top burners. The burn event commenced on May 29th and was scheduled to conclude on June 12th at 2 PM (UTC). Unfortunately, the current commitment from the community stands at less than 6K CGPT tokens. Considering the prevailing market conditions, we believe that this type of event is not well-suited.

Proposal

Instead of allocating more CGPT tokens towards rewards rather than burning, we propose canceling the community burn event, resulting in the burning of 6K CGPT tokens. In its place, we suggest a buy-back and burn strategy, whereby 200,000 $CGPT tokens will be repurchased and subsequently burned. All participants in the event will receive a refund of CGPT tokens equivalent to the amount they initially contributed.

To review the original DAO proposal (#3), please visit:

https://dao.chaingpt.org/#/proposal/0xa4cd3c3c1a32ff13f6caf2dc4d2b76e71122f027a253e6db3788ad82bf04d56f

The Burn Event Page:

https://chaingpt.org/burn

Voting Options:

• Burn 200K CGPT & Cancel the Burn Event
• Do Not Burn 200K CGPT & Do Not Cancel the Event (currently 6K CGPT to be burnt).

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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.