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RevaultRevaultby0x48aA99515A8cAC86bF4A59fA19Ed7d8CbD5852870x48aA…5287

Motion to replace Revault transaction tax with an alternative deflationary mechanism to support multi-chain integration and CEX

Voting ended about 4 years agoSucceeded

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:

  1. Centralized Exchanges do not support transaction taxes
  2. Bridging tokens with transaction tax is a challenge and require a massive work
  3. Enforcing transaction taxes and distributing them on new chains is a big challenge

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:

  1. AGAINST, Keep tax at 0.5% - Keep tax at 0.5% on every transaction and delay multi-chain support and exchange listing
  2. FOR, implement - Reduce transfer tax from 0.5% to 0% and implement suggested alternative
  3. FOR, DO NOT implement - Reduce transfer tax from 0.5% to 0% DO NOT implement suggested alternative
  4. ABSTAIN

Off-Chain Vote

AGAINST, Keep tax at 0.5%
0 0%
FOR, implement
73.16K 87.7%
FOR, DO NOT implement
10.27K 12.3%
ABSTAIN
0 0%
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Timeline

Feb 07, 2022Proposal created
Feb 07, 2022Proposal vote started
Feb 09, 2022Proposal vote ended
Oct 26, 2023Proposal updated