[IDP3] Proposed Purchase and Burn of ID Tokens

Overview

  • 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.
117 Likes

I am in favor of this proposal.

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.

15 Likes

w.o.w great idea, cool !

6 Likes

I agree perfectly. I will watch this ecosystem develop more and more regardless of token prices.

4 Likes

Good idea!!strong text

3 Likes

Good idea…I agree perfectly

3 Likes

i agree with you , good idea

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.

2 Likes

Great solution. I believe that the community will embrace it.

1 Like

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 :fire: :fire: :fire:

2 Likes

Yep. I wait SPACE ID

We do need a token burning mechanism and hope we can make use of the DAO treasury funds to take space ID to the next level.

It will be best for team and community?

1 Like

seems like good idea

Very good dission. I think this will work

2 Likes

good proposition, I support

2 Likes

i agree with you , good idea

2 Likes

good idea nice I agree

2 Likes

It is the right and rational decision. I agree and support it.

2 Likes

great idea, totally agree

2 Likes