[DISCUSSION] Buyback and burn $bit regularly by using the part of income donated from bybit


Proposal Title:

Create a pool and use part of the income donated by bybit to buyback and burn $bit regularly

Author: louis

Date:10/12/2021

How will your proposal, if activated, benefit BitDAO?

Allowing $bit holders to feel that the treasure is not just a number staying there, but can directly feed back to bitdao members to enhance their sense of identity with bitdao. Make the $bit token have the possibility of deterministic growth, attract more investors focus and build bitdao, and be more competitive in future token swaps with other potential projects.Part of the funds is used for instant feedback, and the other part is used to build an ecosystem around bitdao for long-term development. I believe this meets most people’s expectations.

What are the projected outcomes?

$bit holders immediately feel the feedback of bitdao’s growth and have a stronger sense of identification with bitdao. At the same time, it will attract more people’s attention. Bitdao is a very good, powerful and promising project, but we have to say that we still get very little attention now.

How long will it take to complete your proposed changes?

It depends on the development speed of bitdao R&D center. Because the simple use of money to buy back $bit on sushiswap will have a huge impact on the price, and it is very likely that arbitrageurs will profit from it.

Who is involved?

All people related to bitdao now and in the future

What are the milestones?

Specifications:

  1. Timeline

None

  1. Budget

1/3 or 1/4 of the donated income from the bybit

  1. Add technical details and/or links to source documentation

There is a more reasonable buyback and burn mechanism is to refer to Pilot. details as follows:

Set up a pool and deposit funds into it at regular intervals. During this period, anyone can deposit the token of the project. At the end, everyone who deposits the token will take away the deposit from the treasure proportionally, and the contract automatically burns the deposited tokens.

  1. Include any other relevant details on how this proposal will be accomplished

Next Steps? If this proposal is accepted, what are the immediate action items?


Review Process

The BIT Community and delegates might discuss and verify the following before considering proposals.

Personnel

  • Is the team credible?
  • Are they qualified to do this work?

Technical

  • Does the proposal make sense technically?
  • Does this fit into, or compliment, other projects in the BitDAO ecosystem?

Temperature Check Poll

Would you like to see this proposal go to vote?
  • Yes
  • No
  • Needs work

0 voters

7 Likes

Thank you very much for the support of so many people, but it would be better to be able to write down your own opinions :rofl:

1 Like

like why you support or against that

Totally agree with what you proposed, we need a burning mechanism to boost the ecosystem

1 Like

Great proposal, thank you for being active in this project with the community!

1 Like

Burn is good, I think it should happen at specific milestones or not, whatever, I vote yes

4 Likes

IMO the focus of these first proposals should be on coordination and collaboration with other DAOs and projects. I don’t see an urgency for buybacks and token burns at this point

4 Likes

I’m in favour- I believe that seeking mechanisms to perpetuate value for the community is a wonderful use of our Governance platform. It demonstrates very early that we can collectively make a tangible impact on the protocol.

I’d like to suggest merging my proposal in with this one. Mine relates to tokens sent mistakenly to the contract address. I believe that distributing 90% back to the individual who made the error, with, after gas-fees, 5% going to a developer fund, and 5% going to the treasury, would benefit the community as a whole. It would also demonstrate some mercy to those of us who were absent-minded enough to make the mistake! :wink:

5 Likes

Coherent with another proposal of token return, I agree.

2 Likes

Agreed. While buybacks and token burns could be a potential future strategy. The current priority of BIitDAO should be establish our reputation and network as a major advocate of Defi. This would require establishing close relationships with the market leaders and invest in innovative projects. Honestly, this would be a costly and time-consuming process but beneficial in the long term.

5 Likes

I agree with your proposal very much.
We can also use bitdao to participate in some game projects as their operation tokens.Players need bitdao to join games.

3 Likes

Bit token Holders must be compensated.I think this will help boost bit holders conviction.Along with this we should also add holders of bit tokens getting compensation in fees on trading at bybit exchange.This will create flywheel effect as bit token Holders will be more likely to trade on bybit as well as bybit will get more users which will then help grow BitDao treasury.

1 Like

Burning $bit will be good for holder. We must see the potential price don’t go down when more token will release.

1 Like

No dip in price after the massive Bybit airdrop :slight_smile:

1 Like

I’m newer to the community so please excuse me if I’m missing important information.

In a general setting, I can understand why introducing mechanisms to reduce the supply of a token can be useful, especially when token also has separate inflationary mechanisms. There are also benefits like seeing the price of the token go up in value, which tends to be what happens when supply goes down.

In the context of BIT though, unless I’m missing something, the supply is fixed. I would be hesitant to introduce something like this proposal in that situation without more controls around how long the burn would take place for (i.e. buy back tokens up to 1/4th of bybit income up to 10M per quarter for the next 4 quarters, at which point we will revisit this mechanism to evaluate its success).

What do others think about that?

5 Likes

Absolutely- it does seem inherently important to consider restrictions that would ensure that this does not result in any imbalance.

With that said, I don’t believe that the current number of tokens sent to the address is significant enough to cause any obvious issues.

1 Like

I think we need to seriously consider this problem
Bit’s current activities seem beautiful. In fact, they only support short-term holding.We must introduce a combustion mechanism to ensure the significance of long-term holding.
We may be able to use bit as fuel to draw the blind box,or we can use bit as transaction deduction fee.

In fact, they only support short-term holding

I object to this (with a smile though! :sweat_smile: )

There are active, accessible, and transparent efforts within the community that are not only showing promising results, but seem to be increasing exponentially. If you hop into the Discord, and you check out the discussions happening in Governance, I think you’ll get why I feel optimistic.

I had previously vocalized my own concerns, probably upwards of a month or so ago (you can find the post if you’re curious!). That post resulted in a clear, concerted, and immediate effort towards finding a solution. I should really go back and update that post to reflect this.

As I said, hop into the Discord! There hasn’t been a single shred of short-term speculative talk about gains, and only discussions concerning how the community can improve the community, as well as how BitDAO can support value-building initiative(s).

1 Like

I agree with your proposal !
we should happen at some stage, it means a lot to us :slightly_smiling_face:

we must discuss this detail if necessary, burn BIT has been in the spotlight.

1 Like

Incineration of BITDAO used in voting is one of the numerous ways.