I agree with this proposal, but I would consider changing the measure that affects the staking fund.
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So glad to see so much engagement around this - thank you all!
The Foundation team are reviewing this and will revert on a more granular response.
A few starting comments:
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QRDO and its ecosystem will continue!
What this means is - to be clear - QRDO as a utility and governance token will continue for the foreseeable. This may require public goods, or tokens originally planned for validators. The"burn it all" concept is exciting, but we need some nuance here to reflect the need for some flexibility in continuity. -
The upcoming WARD airdrops, and Fusionchain plans
The Warden Protocol team are finalising their airdrop eligibility criteria, to be published soon. Additionally, the FusionLabs team, per the recent press release, are finalising their approach to a token swap - before we “burn everything” there could be an interesting distribution/reward strategy for existing holders to look at.
Idea/thoughts very welcome!
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I like the essence of the approach but I think it is necessary to fine-tune the proposal thinking about the coming years of the project.
Must burn a lot, everything that can be burned … but NO more !!
The utility is now as an airdrop token. The Qredo Ltd is in administration and fusion labs are taking over the project. Things such as protocol fees are to be announced at a later date. These tokens are SURPLUS to requirements
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The whole model needs a complete reboot which is coming. For now if you see that even at this high yield it’s still less than the vesting issuance - so yous re being diluted.
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Yes off course. What I meant to say is that once everything is burned but the Staking funds, people who stake wouldn’t get dilluted and that would be an incentive to keep the token staked.
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Dear Josh,
I respect your perspective and welcome any corrections if I misunderstand.
The essence of decentralized governance lies in harnessing the collective intelligence and not depending solely on the viewpoint of an individual. The overwhelming support for the current proposal is evident.
Your remarks about the ongoing use of QRDO as a utility and governance token, alongside the potential need for public goods or previously allocated tokens for validators, lack clarity.
This vagueness recalls the challenges we’ve faced before, characterized by excessive supply and significant inflation issues. Given Qredo Ltd is now in administration, there’s no visible justification for dedicating ecosystem and public goods funds towards projects intended for its development.
The community is dissatisfied with the imbalance between the high yield from “staking” and the actual issuance rate, which notably exceeds the promoted 5-20% APY, coupled with a 21-day “lock-in period” that remains in effect despite not transitioning to the Cosmos chain and continuing to use a synthetic model.
This situation is further exacerbated by the absence of any external validator nodes under your leadership at Qredo, despite previous assurances dating back to September 2021.
Proposing the use of these tokens for alternate purposes, when they are evidently not needed, fails to provide a compelling reason against their elimination. It’s peculiar that you, as the former COO of Qredo Ltd, now facing administration, hold the authority to determine whether this matter proceeds to a vote within the decentralized governance forum.
Additionally, your suggestion to explore an alternative distribution or reward strategy for existing token holders before considering a complete burn lacks transparency. This proposal has garnered significant attention over the past week. It might be prudent to present it for a community vote to truly gauge the collective sentiment.
Kind regards,
Crypto V
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Agree with this proposal, all unnecessary tokens should be burned. Dilution has been one of, if not the single largest contributors to this tokens demise. Further dilution also remains as one of the largest headwinds going forward - understanding that the Qredo foundation is nothing without a strong token price should place burning of extraneous tokens as a top priority.
One consideration would be to keep the staking fund, as this promotes use / security of the network.
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Like i said before ,you need to do it .And you need to arrange it good.So go for it.