$LONDON IS BURNING

$LONDON has been created in the spirit of burning. Burning Ethereum was the raison d'être ofcourse, but why not extend it towards $LONDON itself? SInce EIP-1559, Ethereum is now becoming ultra sound money, it is in the transition to become a deflationary asset. LONDON is a homage to EIP-1559; it is a logical conclusion that it should be deflationary.

For this, I propose a "Hard Fork" or a additional contract. With this addition, LONDON Gift NFTs can be burned to create different and new LONDON Gifts. Hard to imagine how that would work? Let me introduce to you the Framergence Project (https://framergence.art/).

In Framergence you can burn your NFTs - which makes it a deflationary NFT. You engage the contract with a number of N Framergence NFTs and you receive N-1 new Framergence NFTs back (Like rerolling). The same kind of mechanism could be employed for London Gifts: Burn N Gifts, receive N-1 new Gifts back.

Since the contract is fixed, we can only make a new one - how would that fit into the EIP-1559 story? Well, it is a hard fork ofcourse. The new contract can migrate "old" Gifts (this can also be considered as a wrapper, to allow the remigration to the old contract for historic value of the "original" Token).

Some additional burn/reroll mechanics could be implemented to include the current gas costs or base+mining fee, the stats of the NFTs, or the need to supplement the NFT burning with $LONDON - which would be burned ofcourse, and a) increase the value of the token and b) give the token additional utility. This could be similiar to Ethereum: It would be a store of value, a utility token for governance and burning, and a currency for NFTs and burning. Just like Eth has three usecases.

In the end, London will (and kinda already did) take Ethereum to the next level - the first step in many. And $LONDON should reflect that.

[This is a Temperature Check. Given a positive outcome of this proposal, the community would - together with POB - explore this idea and how to implement and deploy such a contract, and decide upon the features and mechanics of the Burning.]