While expanding our protocol to support additional blockchains and discussing listing with several centralized exchanges, we conclude that keeping the current tax mechanism will cost a lot of resources and precious time due to the following reasons:
Taxes are meant to create a direct relationship between volume and protocol value appreciation by distributing fees to the protocol revenue stream and strengthening $REVA price by burning and reducing the original 18,181,818 MAX supply.
Revault tax adds an important deflationary dimension to the project, and it is essential to maintain it. Therefore, we propose to reduce the transfer tax from 0.5% to 0% while creating an alternative way to distribute the same REVA - Instead of collecting on each transaction, we will aggregate the total REVA transferred every month and manually mint and distribute new REVA as it was supposed to be distributed by the transaction tax.
Example:
REVA monthly transfer volume : Pancakeswap - 4M REVA transferred in total Quickswap - 1M REVA transferred in total Spookyswap - 1M REVA transferred in total Future CEX - 2M REVA transferred in total Total monthly REVA transferred = 8M Total tax (0.5%) of 8M = 40,000 REVA will be minted and distributed as the original transfer tax: 10,000 REVA will burn 10,000 REVA will be distributed to stakers 10,000 REVA will be distributed to liquidity providers 10,000 REVA will go to the treasury
Vote options: