The foundation of HDAO (HKD.com DAO) announced to rolling out of a new burning mechanism aiming to destroy 50% of the total amount of HDAO tokens.
The burning mechanism was introduced following unanimous approval from stakeholders in the hope that to have a better development by rising its values in the future.
In other words, the total amount of tokens will be eliminated to 5 billion from 10 billion.
The objective of burning is to reduce its supply in circulation, bringing scarcity to the market. All burnt tokens will be destroyed and can be examined on the chain. The ratio of distribution after burning and the time limit remain unchanged. The token distribution allocation in accordance with the burning activities is as follows:
(The amount of burning HDAO takes half of the total amount issued)
(The distribution rules remain unchanged after burning)
According to the decision of the burning protocol, the foundation of HDAO will conduct a buyback of 100%. Token-burns of HDAO would be used by the monthly income from the transaction fees. The burnt record can be reviewed on the chain.
Reportedly the income from transaction fees in March was 423,909 USDT. All incomes from the transaction fees have been used for buyback and token-burnt purposes of HDAO. 1,086,946 HDAOs have been burnt in total.
Thanks to the rising trading volume on HKD.com in April, the platform received 602,930 USDT income from transaction fees, and all the relative incomes have been used for buyback and token-burnt activities of HDAO, accumulating 1,545,974 tokens of HDAO to be burnt.
Its burning record is as follows:
0xa6dc25851c18db97d4af05dbea56ceaaf6bda0ee
All burning records for the foundation of HDAO can be reviewed through this address.
Meanwhile, after the systematic upgrade for HKD.com, the number of HDAO application scenes would potentially increase, including:
Currently, the latest token contract of HDAO is under review by a well-known international auditing company to improve its transparency and credibility.
It is believed that the deflation nature of HDAO would be strengthened under the implementation of the burning mechanism, and also boost the confidence of the community.
Thanks to favourable factors under the burning mechanism, HDAO’s price has hit $0.484 (trading at $0.392 during the intraday), surging over 56% over the past 12 hours after a part of the HDAOs have been burnt. The accumulating volume on HKD.com has been recorded to be over 10 million USDT.
HDAO is expected to be run by DAO mode, allowing users to decide the direction of development through voting so that both sides can be connected to fulfil the ambition of DAO governance.
Source: blockchain.news