[Pyme09] - PGP-T-001 - Focusing on Kikx, Pyme burns

Abstract

Minting of all remaining Pyme tokens and immediate burn along with a burn of all Supapowr Accelerator allocation to support the long term potential of Pyme token.

Pyme LLC to take over control of MM and waiving of all previous voted on fees in return for previously allocated liquidity tokens.

Allocation Requested

252,370,409.6 $Pyme

Category of Vote

Treasury

Timeline

To be done as soon as the vote passes

Rationale

This would significantly change Pyme long term operationally to allow the core team to focus on delivering Kikx. It is clear that the Pyme vision communicated before launch is not supported by the majority of the community.

This will reduce Pyme token permanent supply by over 30%, thus rewarding all long term Pyme token holders.

Additionally, Pyme LLC will continue to run MM and write off a significant amount owed to it by the DAO in return for the liquidity tokens previously issued at exchange listing launch as voted on in Pyme03 community vote. This carries a significant loss for Pyme LLC.

Pyme DAO Benefit

Over 30% reduction in permanent circulating supply of Pyme token. Pyme token holders receive long term Kikx allocation for holding Pyme token.

Risks

There is a risk to Pyme in losing all support and token holders. We have considered this risk and balanced it with the proposal to significantly reduce total token supply and write off payments owed to Pyme LLC.

Steps to implement:

1. Mint all remaining $Pyme tokens and send to the burn address. Core team to waive its right to 10% from the burn.
2. Core team to implement a burn of Supapowr Accelerator tokens as they are vested.
3. Pyme LLC to continue to run MM while trading volume remains above an average of $10k per day on a 30 day period.

Proposed By

SPMTCH