Oct Logo
Search Icon
Oct Logo
Search Icon
Bitcoin iconETH
$0000
arrow icon0.61%
DAO Rejects $XCHNG Burn Proposal Amid Community Debate

DAO Rejects $XCHNG Burn Proposal Amid Community Debate

The Chainge DAO community has rejected the $XCHNG Burn Mechanism proposal. With 73% voting against it, the deflationary tokenomics strategy will not be implemented.

Image of Tanishq BodhTanishq BodhNews

Aug 18, 2024

Image of Tanishq Bodh

Tanishq Bodh

Voting Results Announced on XCHNG Burn Mechanism Proposal

The Chainge DAO Snapshot platform recently held a vote on a proposed $XCHNG Burn Mechanism, and the results are in. After three days of voting, the proposal was rejected, with 73% of participants opposing the suggested changes.

Background and Proposal Overview

The proposal, introduced by a DAO community member, aimed to adjust XCHNG tokenomics by introducing a deflationary model. The key changes proposed included:

  • 75% Profit Sharing to DAO Stakers: A reduction from 80% to 75% in staker profit sharing, reallocating 5% to fund a buyback and burn mechanism.
  • 5% Buyback and Burn Mechanism: This mechanism would use 5% of quarterly profits to buy back and burn XCHNG tokens, gradually reducing the circulating supply.
  • 20% Company Retention: Maintaining the current 20% profit allocation for operational sustainability and growth.

Intended Benefits of the Proposal

The proposal aimed to balance immediate profit sharing with long-term growth by introducing a deflationary supply model. The buyback and burn mechanism was designed to add value for long-term holders while sustaining a strong profit distribution for DAO stakers.

The Community’s Verdict: Proposal Rejected

Despite the proposed benefits, 73% of the community voted against the burn mechanism. Concerns centered on reduced immediate returns and doubts about the deflationary model’s long-term effectiveness.

What’s Next for XCHNG?

With the proposal rejected, the current tokenomics model will remain in place. The community’s decision underscores the importance of collective input in shaping the future of XCHNG, highlighting the diversity of priorities within the DAO.

The Chainge DAO team expressed gratitude for the active participation and reaffirmed that every vote—whether in favor or against—drives the project forward.

Trusted

Our Crypto Talk is committed to unbiased, transparent, and true reporting to the best of our knowledge. This news article aims to provide accurate information in a timely manner. However, we advise the readers to verify facts independently and consult a professional before making any decisions based on the content since our sources could be wrong too. Check our Terms and conditions for more info.

In this article

Voting Results Announced on XCHNG Burn Mechanism Proposal

What’s Next for XCHNG?

Hero Image
Share with your community!
FacebookXLinkedIn
Fetching related reads...
Hero Image
Share with your community!
FacebookXLinkedIn
Fetching related reads...

Fetching related reads