SIP-65: SPA Token Burn From Treasury

Author(s): Sperax Community Reference: SPA, Treasury Created: July 16th, 2024

Summary

Burn 20% SPA token of total supply from treasury

Motivation

We propose a 20% token burn to enhance SPA's value and scarcity.

Increase Value: Reducing the total supply of SPA tokens can help increase value.

Boost Investor Confidence: Demonstrates our commitment to long-term growth and sustainability.

Market Dynamics: A lower supply can create upward price pressure, benefiting all holders.

Overview

When should we burn the tokens: Proposed Date: September 1, 2024 How should we burn the tokens: The burn will be executed in a transparent and verifiable manner.

There are around 1.8 billion tokens left with the treasury. If 1 Bn tokens are burnt then we can face issues concerning future incentives. Burning may not impact the current token as the proposal suggests because the burning will happen from the reserves that are not in supply.

Technical Specifications

Burn 20% SPA tokens i.e. 1 Billion SPA tokens from Treasury. Voting

For

Approve 1 Billion SPA token burn from treasury

Against

Reject 1 Billion SPA token burn from treasury