Enhance Token Marketing and Reduce Circulating Supply

Background

Currently, BAG DAO allocates 100% of weekly casino profits to purchasing wBTC. We use the wBTC as collateral to borrow 30%, which is then utilized to buy back BAG tokens. This strategy has allowed us to accumulate wBTC and maintain liquidity while also reducing the circulating supply of BAG.

Proposal

I propose to increase the percentage of borrowed funds used for BAG buybacks from 30% to 50%. This means that 50% of the value of the wBTC collateral will be borrowed and directed towards repurchasing BAG tokens. Additionally, we will give discretion to the team to execute the buybacks on any day of the week, rather than being restricted to Mondays. This flexibility will prevent upfront purchases and allow the team to take advantage of more favorable market conditions. The team may also choose to split the buybacks over two or more days within the same week if deemed beneficial. All buyback actions will be logged on the corresponding transparency channels to ensure accountability.

Rationale

BAG's current price is significantly undervalued compared to its intrinsic value and long-term potential. This presents a strategic opportunity to remove a substantial portion of the circulating supply at a discount, enhancing the value of remaining tokens. Moreover, token price plays a critical role in shaping the market perception of our project. A healthy and stable token price serves as a powerful marketing tool, creating positive first impressions and signaling strength to both current and potential investors. As the token price has recently suffered, increasing buybacks will help stabilize and strengthen BAG's price, benefiting the entire ecosystem.