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- However, some tokens will be reserved to maintain compatibility as a bridge to ETH.
- A total of 4,812 votes have been cast so far, with 96% supporting a burn.
In an effort to enhance the security and dependability of its platform, BabyDoge appears confident that it has identified a viable solution. The deflationary token platform is reportedly seeking to burn 100 quadrillions of BABYDOGE on the Ethereum blockchain, as indicated in a Twitter poll announcement.
Exciting News: A Proposal to Strengthen Security with a 100 Quadrillion Token Burn on ETH and fee reduction to 0%
We've been listening to your concerns and have come up with an innovative solution to further enhance the security and integrity of our project. As these 100…— Baby Doge (@BabyDogeCoin) May 6, 2023
However, some tokens will be reserved to maintain compatibility as a bridge to ETH. It is expected that once this initiative is fully executed, transaction fees on the protocol will be reduced to zero. The BabyDoge team has addressed community concerns by introducing this proposal.
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The organization stated its intention to burn 100 quadrillion tokens, as this action would “reduce potential exploitation risk associated with them.” These tokens have remained unused since their introduction on Ethereum.
Formal DAO Proposal Expected Shortly
Meme coins frequently burn millions of their tokens, with Shiba Inu being notable for this practice. BabyDoge, for its part, is committed to efficiently serving its community. Thus, it is essential to strengthen the initiative and enhance security. Users can perform transactions within the ecosystem at a low cost and with improved efficiency.
So far, there have been 4,812 votes cast, with 96% in favor of a burn and 4% requesting that everything remain unchanged. Those who have not yet voted have approximately 23 more hours to participate.
While this vote is not binding, the protocol has pledged to develop a formal proposal for the DAO when appropriate. This will occur after the current idea has garnered unanimous support from the affected community members. Recent updates indicate that a formal proposal will be issued soon.
