QRDO Supply Slash - QPIP to be voted on

General
1

In light of today’s news regarding the launch of the qredo.org Foundation website and the announcement of the new wardenprotocol.org project, supporting QRDO - I would like to make a proposal for the community.

Qredo as we know it is changing - the custody protocol is being redeveloped as an open chain cosmos based protocol. Anyone who has delved into the Qredo · GitHub can see the commits to “Fusion” and I for one am VERY excited about this direction.

I have made it clear on a number of occasions that the legacy tokenomics supply surplus was an underlying issue for me that was hindering the progress of the tokens price appreciation.

Due to this new restructuring that is underway and the fact that QRDOs future is changing… with a now added utility as an airdrop origin token for Warden as well as the existing utility implemented - I would like to make a proposal.

Qredo Foundation is managing many QRDO tokens that have been pledged to multiple different funds - such as the public goods fund and the ecosystem fund. I would like to put forward a new QPIP to remove ALL unnecessary QRDO tokens from the supply to help the token flourish in this new light.

We have always needed a drastic supply shrinkage - I will outline below how this will benefit QRDO holders.

EXAMPLE:

As a QRDO holder, lets say you own 0.05% of the total supply of QRDO. If we were able to reduce the supply by 50%, you would now own 0.1% of the total supply of tokens.

Not only this, but the current circulating supply is only approximately 50% of the Total Supply. A lot of the tokens I propose to burn are unvested, meaning that the percentage of tokens in circulating supply will increase to approx. 80%.

As a QRDO holder, you will be eligible for an airdrop of WARD token. This will likely be linked to numerous eligiblility criteria, with one of them being the % of tokens of QRDO you hold in relation to circulating supply.

In this regard, the Qredo Foundation team would be directly supporting the Qredo Team who manage the Custody Protocol as they are clearly a larger hodler of the QRDO token. As well as QRDO community members - we are all in this together for the future of Fusion and QRDO.

THE PROPOSAL -

QREDO FOUNDATION (QFL) TO BURN

According to up to date info on https://www.qrdo.info/

We have:

Ecosystem Fund - 293.892 M QRDO

Staking Fund - 96.272 M QRDO

Public Fund - 24.637 M QRDO

MY PROPOSAL IS TO BURN THE LOT - everything except QFL treasury which sits at 50 M QRDO.

Rebuild sentiment with the community and pledge this token burn - let’s improve the narrative, the sentiment and remove everything that’s not needed.

I suggest we do this burn in the build up to the launch of Fusion

16 Likes
2

I agree, before when there was acrossover between tne tokenomics and the platfrom i undedstood the tokenokmics.

In light of this change i agree this is well needed there is no issue or need to have that many tokens now as alotta the systems that where initiated in the orginal tokenomics papaer will be implemented.

It aslo discourages new holders having a huge total supply, lets work with what we have and what in cir supply now and rebuild the community.

Like fc said keep the treasury

4 Likes
3

Bit step ahead.

Burn baybe burn :fire::fire::fire:

2 Likes
4

Agreed…it’s great restoration and shows the foundation gets it…let’s hard cap this now by removing all unnecessary funds

3 Likes
5

I like this proposal as it will help revive the value of the tocken and equity as well and attract more investors from current traders or new joiners.

If such proposal has been implemented, Qredo would hit 10 birds with one stone. this proposal should be implemented before. NOW, it’s second best time. I hope Qredo Team listens us this time very well

3 Likes
6

I fully agree!! Burn the tokens!

3 Likes
7

Hey FC,

I like your proposal but wouldn’t burning the Staking Fund weaken the token’s utility ?

3 Likes
8

The community needs to see this measure brought for a vote. Holders would not only see increased percentage of ownership, but that will bring much needed positive market sentiment. Thanks @fathercryptmas for bringing that up!

5 Likes
9

I always wondered about this additional supply and the bad influence and uncertainty it caused on top of the other issues. I certainly like this proposal! Thanks for putting this together.

2 Likes
10

I like the proposal. I say: “Do it!”

3 Likes
11

Totally agree, It is necessary to do so so that the project does not continually bleed

1 Like
12

Agree. Absolutely needed.

1 Like
13

Yes I agree with this proposal :point_up_2:

1 Like
14

I am supportive of this proposal. The lack of growth casts doubt on the real world requirement for the tokens which were earmarked for development etc. The tokenomics have been one of the main reasons for poor performance of the QRDO token. We should reduce the necessary supply as suggested.

2 Likes
15

Yes and we can always vote on lower fees if tokens are getting scarce.

1 Like
16

Fully agree
This need to be fixed

1 Like
17

Fully agree, like Josh said, let’s turn this ship around.

1 Like
18

Let’s set the place on fire

1 Like
19

full agreed, lets burn it all

1 Like
20

I agree, since this has wide ranging support from the community this needs to go to a vote to prove that it has decentralised governance.

3 Likes