Propose to allocate 50% of the total revenue generated on the SPACE ID platform from 2023-03-23 to 2023-06-23 (the 3 months post TGE), to purchase and burn ID tokens.
Scope
The platform revenue includes all those gained from domain registrations, renewals, Gift Card purchases, and SPACE ID marketplace fees.
50% of the platform revenue shall be used to purchase and burn ID tokens.
The remaining 50% of the platform revenue is allocated to the DAO Treasury, which is governed by all eligible ID token holders.
Implementation
Propose to set up a DAO foundation (a Cayman entity), and let SPACE ID operating team donate all the platform revenue to the DAO foundation.
The purchase of ID tokens shall be conducted publicly on-chain via DEX.
Following the decision made by DAO, the elected DAO multi-sig signers should review and authorize a smart contract, which shall execute the on-chain purchase.
Estimated Timeline
Proposal voting period: the week of June 19th.
Execution period: the 2-3 weeks following the voting result, subject to market conditions.
Expected Outcomes
After completion of the purchase and burn, a summary of all the transactions and results shall be published to the community.
More tokens will unlock in the future at certain intervals. There will be sell pressure in the future.
For the ID price to sustain it is important to have buying pressure.
Team Using revenue to buyback and burn is a great step to support the price of the Token for long term.
I think the proposal aims to create a positive impact for ID token holders by potentially increasing the value of their tokens and providing governance opportunities.
Token burning is a measure taken by the project to maintain and develop the economic model, increase the value of tokens, and establish trust within the community
